Schwazze Announces Formation of R&D Subsidiary, Schwazze Biosciences Ltd.
DENVER--(BUSINESS WIRE)-- Schwazze, (OTCQX:SHWZ) ("Schwazze" or the “Company"), is pleased to announce the launch of a wholly-owned research and development subsidiary, Schwazze Biosciences Ltd. While respecting the earth and environment, Schwazze Biosciences is committed to pursuing an aggressive program of basic and applied research focused on bringing consumers, as well as pets, the most beneficial properties of the cannabis plant.
Chief Operating Officer, Nirup Krishnamurthy, who holds a PhD in operations research, announced the new entity today. Jeff Garwood, former CEO of GE Water & Process Technologies and current board member of Schwazze, will be the Chairman of the Management Board that includes Krishnamurthy and Jim Parco. Parco, Senior Vice President of Manufacturing for Schwazze, who holds a PhD in experimental economics, will head the new R&D entity as its inaugural President. Remy Kachadourian, who holds a PhD in chemistry, has also joined the newly formed subsidiary as the Director of Innovation and Quality.
“As professional researchers and scientifically-minded operators, our key leadership team at Schwazze Biosciences are among the most respected thought leaders in the Colorado cannabis industry,” said Parco.
In 2014, Parco founded the southeastern Colorado retail dispensary chain, Mesa Organics (now Star Buds) along with the high-volume cannabis distillate manufacturer, Purplebee’s. Together both entities became the first merger for Schwazze in April 2020. Prior to entering the cannabis industry, Parco served as a career military officer and, later before joining Schwazze, a tenured college professor.
Remy Kachadourian is a medicinal chemist and toxicologist. Prior to joining Schwazze, he worked for two decades in medical research and, since 2014, in the regulated cannabis industry. Kachadourian assisted several cannabis testing labs to develop analytical testing methods and achieve state compliance. In addition, Kachadourian worked with several manufacturers to develop new products and improve the quality of existing formulations.
“In our quest to become the most admired cannabis company, Schwazze is deeply committed to furthering the understanding of the cannabis plant and its derivatives. We operate in a manner that actively recognizes the central role business plays in society by initiating a process of continual innovation to improve the quality of life for our customers,” said Jeff Garwood.
Schwazze (OTCQX: SHWZ) is building the premier vertically integrated cannabis company in Colorado and plans to take its operating system to other States where it can develop a differentiated leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company's leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc.
Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.
This press release contains preliminary financial data for the Company’s fiscal quarter ended March 31, 2021. This preliminary financial data consists of estimates derived from the Company’s internal books and records and has been prepared by, and are the responsibility of, the Company’s management. The preliminary financial data are subject to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the Company’s fiscal quarter ended March 31, 2021 are finalized. Therefore, actual results may differ materially from these preliminary financial data and all of these preliminary financial data are subject to change.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “expects,” “estimates”, “predicts,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the actual revenues derived from the Company’s Star Buds assets, (x) the Company’s ability to generate positive cash flow for the rest of 2021, (xi) the ongoing COVID-19 pandemic, (xii) the timing and extent of governmental stimulus programs, and (xiii) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
647 964 0292
Julie Suntrup, Schwazze
Vice President | Marketing & Merchandising
303 371 0387
Released May 11, 2021