Schwazze said earlier this year it had moved forward on numerous term sheets with Colorado cannabis operators but had completed limited due diligence at that time.
The MedPharm move is part of Schwazze’s updated acquisition strategy and another deal the company has scrapped this year.
Schwazze was to acquire several Colorado-based businesses, including cultivator Los Sueños Farms, concentrates company Dabble Extracts as well as retailers Strawberry Fields and Colorado Harvest Co.
“We are committed to creating shareholder value and generating compelling investment returns and believe that by staying true to our core business strategy of building a vertically integrated platform, we will do just that,” said Justin Dye, Schwazze’s chair and CEO.
Schwazze, formerly known as Medicine Man Technologies, remains in negotiations with announced acquisitions Roots Rx and Canyon Cultivation.