Schwazze (OTCMKTS:SHWZ) Stock Gains Momentum After The News

Schwazze (OTCMKTS:SHWZ) was up 2% after the company announced the closing of an acquisition of Smoking Gun LLC and Smoking Gun Land Company LLC assets.

Market Stats

On Tuesday, SHWZ stock jumped 2.10% to $1.93 with 24k shares, compared to its average volume of 52k shares. The stock has moved within a range of $1.8700 – 1.9300 after opening trading at $1.87.

Schwazze Closes Acquisition Of Assets Of Smoking Gun, Llc & Smoking Gun Land Company, Llc

Upon closing, the company paid $4 million in cash for the acquisition plus 100,000 common shares. The Smoking Gun assets sit on a prime retail space in Colorado Blvd, Glendale, within the Denver metropolis. Notably, this acquisition is part of the company’s ongoing retail expansion in Colorado, including the announced acquisition of New Mexico, taking the company’s total dispensaries to 32.

The company has since April last year announced expected acquisitions or acquired 32 cannabis dispensaries that include ten R. Greenleaf dispensaries in New Mexico. Additionally, this year the company announced the anticipated acquisition of seven facilities, including four in New Mexico and three in Colorado –Star Buds, Brow2 LLC, and SCG Holdings LLC. The New Mexico assets include a manufacturing facility, Element Kitchen & Laboratories LLC. So in the coming week, SHWZ is worth watching.

Traders Corner

SHWZ stock is trading below the 20-Day and 50-Day Moving averages of $1.98 and $2.04 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.22.