Mr. Collin Lodge reports

MULTI-STATE CANNABIS OPERATOR, SCHWAZZE, ACQUIRES TWO RETAIL DISPENSARIES FROM SMOKEY'S CANNABIS COMPANY

Medicine Man Technologies Inc., operating as Schwazze, has closed the transaction to acquire certain assets of Cannabis Care Wellness Centers LLC and Green Medicals Wellness Center #5 LLC (doing business as Smokey's). The transaction includes the recreational and medical use Smokey's dispensaries located at 2515 7th Ave. in Garden City as well as 5740 S College Ave. in Fort Collins. These two vibrant cannabis markets have limited licences and present Schwazze with more opportunities to serve customers in northern Colorado. This acquisition continues Schwazze's deliberate expansion in Colorado, bringing the company's total number of Colorado dispensaries to 27. The acquired assets included state and local retail marijuana licences supporting the adult-use dispensaries acquired in the transaction.

The consideration for the acquisition was $7.5-million (U.S.) paid as a combination of cash and stock.

"As we continue to go deep in the state of Colorado, we're excited to bring our Star Buds operations to both Garden City and Fort Collins. We will operate a store-within-a-store concept to serve both recreational consumers as well as medical patients. By bringing our operating playbook to two key cities in northern Colorado, it allows us to deliver our brands, product assortment and dedicated service to customers in expanded areas throughout the state," said Collin Lodge, Colorado division president of Schwazze.

Since April, 2020, Schwazze has acquired, opened or announced the planned acquisition of 60 cannabis retail dispensaries (bannered as Star Buds, Emerald Fields, R. Greenleaf, Standing Akimbo and Everest), as well as six operating cultivation facilities and three manufacturing plants across Colorado and New Mexico. In May, 2021, Schwazze announced its biosciences division, and in August, 2021, it commenced home delivery services in Colorado.

About Medicine Man Technologies Inc.

Schwazze is building a premier, vertically integrated, regional cannabis company with assets in Colorado and New Mexico, and will continue to take its operating system to other states where it can develop a differentiated regional 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 its communities, promoting diversity and inclusion, and doing its part to incorporate climate-conscious best practices.

Medicine Man Technologies was Schwazze's former operating trade name. The corporate entity continues to be named Medicine Man Technologies. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.

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