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Also known as: Medicine Man Technologies · SHWZ

Schwazze

Publicly traded cannabis operator focused on Colorado and New Mexico markets.

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Schwazze is a real, publicly traded US cannabis company operating in two state markets. Its financial condition and asset ownership have shifted over time due to debt, consolidation, and wholesale price pressure—typical of the US cannabis industry. Don't assume store names or product brands stay with Schwazze forever; cannabis retail is volatile. Always check state regulator records and current SEC filings before trusting investor or marketing claims.

What it is

Schwazze is the operating name of Medicine Man Technologies, Inc., a publicly traded cannabis company headquartered in Denver, Colorado [1]. The company rebranded from Medicine Man Technologies to Schwazze in 2021; the name references a cultivation defoliation technique used in Colorado growing circles [2]. Its common stock trades on the OTCQX market under the ticker SHWZ [1].

The company is structured as a vertically integrated operator—it owns or controls assets across cultivation, manufacturing/processing, and retail dispensaries in states where it holds licenses [1]. It is not a subsidiary of a larger company; Schwazze itself is the public holding company that owns operating subsidiaries in Colorado and New Mexico [1]. Like all US cannabis companies, it cannot list on major US exchanges (NYSE, Nasdaq) because cannabis remains federally illegal under the Controlled Substances Act [3].

Markets and operations

Schwazze operates in two state markets: Colorado, where both adult-use and medical cannabis are legal, and New Mexico, which launched adult-use sales in April 2022 [4][5]. The company owns or has acquired multiple dispensary banners including Star Buds, Emerald Fields, R.Greenleaf, and Everest Apothecary, subject to change [1]. It also operates cultivation and manufacturing facilities supplying its own stores and the wholesale market [1].

This focused, two-state strategy contrasts with larger multi-state operators like Curaleaf or Trulieve, which operate across many states. Store names, brands, and ownership structures change frequently in cannabis retail due to acquisitions, divestitures, and restructuring [1]. The Colorado Marijuana Enforcement Division and New Mexico Cannabis Control Division maintain current public licensee lists; those records are more reliable than any third-party profile [4][5].

Financial condition and going-concern issues

Like most cannabis multi-state operators, Schwazze has faced material financial pressures. These include heavy debt loads from acquisitions, declining wholesale prices in Colorado's mature market, and IRS Section 280E, which prevents cannabis businesses from deducting ordinary operating expenses on federal taxes [3][6]. The company has disclosed going-concern and liquidity considerations in SEC filings.

Before investing or drawing conclusions about the company's stability, consult the most recent 10-Q (quarterly) or 10-K (annual) reports filed with the SEC on EDGAR. SEC filings are the only public record of material events, restructuring, and financial condition for this company.

Awards and reputation

Individual stores and product lines acquired by Schwazze have won various Colorado cannabis competitions and regional cup awards over the years Weak / limited. Cannabis "cup" awards are typically paid-entry contests with limited methodological rigor and should not be read as independent quality certifications or guarantees Weak / limited. They reflect participation, judge preference, and entry fees—not rigorous comparative testing.

How to verify before relying on claims

Before trusting marketing, investor-relations statements, or product claims from Schwazze (or any cannabis operator), independently verify:

  1. License status: Check the Colorado Marijuana Enforcement Division and New Mexico Cannabis Control Division public licensee lists to confirm a store or operation is still licensed and operated by Schwazze [4][5].
  2. Financial health: Consult the most recent SEC filings (10-Q, 10-K) on EDGAR for going-concern language, debt levels, and material events.
  3. Store ownership: Dispensaries get sold, rebranded, or divested. Do not assume a store you see still belongs to Schwazze; ask on-site or check the regulator's current records [4][5].
  4. Product testing: Request a certificate of analysis (COA) for any specific product SKU before purchase. COAs should be available on request at point of sale and should show cannabinoid potency, microbial testing, and residual solvent analysis from an accredited laboratory No data.

Cannabis cannot legally be shipped across state lines under federal law, regardless of state legality. All Schwazze purchases must be in-person at licensed Colorado or New Mexico dispensaries with valid government-issued ID [3].

For comparison, see profiles of other multi-state operators: Curaleaf, Trulieve, Planet 13, and Cansortium (Fluent). Each operates under different regulatory and financial constraints and serves different state markets.

Sources

  1. Government US Securities and Exchange Commission. EDGAR filings for Medicine Man Technologies, Inc. (Schwazze, ticker SHWZ, CIK 0001622879).
  2. Reported Marijuana Business Daily. 'Medicine Man Technologies rebrands as Schwazze,' 2021.
  3. Government US Drug Enforcement Administration. Drug Scheduling and Controlled Substances Act.
  4. Government Colorado Department of Revenue, Marijuana Enforcement Division. Public records and licensee database.
  5. Government New Mexico Regulation and Licensing Department, Cannabis Control Division. Licensee records and regulations.
  6. Government Internal Revenue Service. Section 280E guidance on cannabis business deductions.

How this page was made

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Oct 31, 2026
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Oct 31, 2026
Fact-check pass — raised 7 flags
Jun 8, 2026
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Jun 8, 2026
Initial draft

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