Reports: Medically Correct Terminates Deal To Be Acquired By Schwazze

Medically Correct, a Denver-based maker of cannabis-infused edibles, has decided to terminate its acquisition by Schwazze, according to reports.

Bob Eschino, President of Medically Correct, has reportedly informed Schwazze of the company’s decision to terminate the deal and instead, focus on the development as well as national expansion of its new brands such as Quiq, Nove and Clear Creek Extracts.

Founded in 2010, Medically Correct owns a range of CBD and THC brands featuring edibles, chocolates, vapes, concentrates and gummies. Medically Correct, LLC created MC Brands LLC, the parent company of the Incredibles brand, and was founded by Bob Eschino and Rick Scarpello.

However, some other acquisition deals by Schwazze, also based in Denver, have fallen apart recently.

Earlier this year, High Country Supply, which owns recreational cannabis dispensaries under the Colorado Harvest Co. name, and dispensary group Strawberry Fields terminated their deals to be acquired by Schwazze.

Schwazze, formerly operating as Medicine Man Technologies Inc., went on an acquisition spree in 2019. Earlier in July, the company said it terminated its deals to acquire two marijuana businesses in Colorado due to key business and valuation issues.

Schwazze said it terminated the acquisition of Dabble Extracts, a cannabis concentrates company, and Los Sueños Farms, an outdoor and greenhouse cannabis cultivator.

At that time, Schwazze had said it was continuing negotiations with its previously announced acquisitions of Roots Rx, Medicine Man, MedPharm, Canyon Cultivation, and Medically Correct.

Source: Read Full Article