Schwazze is a vertically integrated cannabis operator focused exclusively on Colorado and New Mexico. The company runs 63 dispensaries across both states — 30 in Colorado under the Star Buds, Emerald Fields, and Standing Akimbo banners, and 33 in New Mexico under R. Greenleaf and Everest Cannabis Co. Retail dispensary sales to medical patients and adult-use consumers account for roughly 89% of revenue, with the remainder coming from wholesale cannabis products sold to third-party dispensaries. Schwazze's vertical integration — cultivating cannabis and manufacturing flower, pre-rolls, extracts, edibles, and vape cartridges in-house — allows it to supply its own stores at lower cost and sell excess production wholesale when market pricing is favorable. Schwazze has grown almost entirely through acquisitions, scaling from zero plant-touching operations in early 2020 to its current footprint, and targets roughly 100 stores in Colorado and 50 in New Mexico. The company's stated strategy is to "go deep" rather than wide — building dense store networks and dominant share in a small number of states rather than expanding broadly. Schwazze also licenses premium brands like Lowell Farms and Wana for exclusive distribution in its markets, selling through its own stores and distributing wholesale. A key profitability headwind across the industry is the IRS Section 280E tax burden, which disallows ordinary business expense deductions for cannabis operators because cannabis remains a federal Schedule I controlled substance.