Struggling Colorado-based marijuana multistate operator Schwazze defaulted on a restructured loan after it missed a $700,000 payment due March 3.
As a result, the bankruptcy consultant that Schwazze enlisted last summer to refinance its debt due later this year – now totaling “approximately $11 million” – “exercised control” of about $1.5 million in cash in Schwazze bank accounts, according to the company’s March 13 filing with the U.S. Securities and Exchange Commission.
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Schwazze and the bankruptcy consultant, Atlanta-based GGG Partners, did not respond to MJBizDaily requests for comment.
The default on the restructured loan is the latest complication for Schwazze, which operates cannabis retail outlets Colorado and New Mexico.
The company once listed its shares as SHWZ on the NEO Exchange (now known
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