Mr. Nirup Krishnamurthy reports

MULTI-STATE CANNABIS OPERATOR, SCHWAZZE, PROMOTES NIRUP KRISHNAMURTHY TO CHIEF EXECUTIVE OFFICER

Medicine Man Technologies Inc., operating as Schwazze, has promoted its president Nirup Krishnamurthy to the role of chief executive officer. Justin Dye -- the company's former chief executive officer and executive chairman -- will continue to lead the board of directors as its non-executive chairman.

This appointment is part of a succession planning process that began nearly a year ago when Mr. Dye, the CEO and executive chairman, informed the board of his desire to transition into a chairman role. Mr. Krishnamurthy was handpicked by Mr. Dye as his successor with the full support of the company's board and was promoted to president of Schwazze in October of 2022 to enable the transition. Over the past eight months, Mr. Dye has worked with Mr. Krishnamurthy to successfully transition daily operations. As president, Mr. Krishnamurthy has been steering the company's day-to-day operations, spearheading the Colorado and New Mexico growth initiatives, driving efficiencies to further enhance margins, and bolstering the Schwazze team.

Mr. Krishnamurthy joined Schwazze in 2020 when there were less than 20 employees and has played a pivotal role in helping to build the company to the leading player in its region with $170-million of revenue, $59-million of EBITDA (earnings before interest, taxes, depreciation and amortization) and over 725 employees today. He brings more than 30 years of experience in operations, M&A (mergers and acquisitions), innovation and technology at Fortune 500 companies. Mr. Krishnamurthy previously held C-level transformational roles with United Airlines, Northern Trust Bank and the national grocery retailer A&P. He holds a bachelor's degree in mechanical engineering and a doctorate in industrial engineering from State University of New York, Buffalo.

Mr. Dye, chairman, stated: "I am very pleased to announce Nirup's appointment as the chief executive officer of Schwazze. Nirup has delivered results and been a strong leader for the company. There will be continuity of strategy under Nirup's leadership, which I am confident will result in our continued growth. On behalf of Schwazze's board of directors, we look forward to supporting Nirup and the team in our drive to become the most admired cannabis company in the industry. I also plan to do everything I can as non-executive chairman of the board of directors to maximize shareholder value at Schwazze."

"Over the past four years, Justin's vision and leadership has transformed Schwazze into one of the best cannabis operators in the industry. His passion for the business has motivated me and the management team to thrive under tough conditions. In my capacity as CEO, I look forward to leading and supporting the Schwazze team members as they strive to deliver value to our customers, employees and shareholders," said Mr. Krishnamurthy, CEO. "Our strategic vision will continue to centre around going deep in our current markets of Colorado and New Mexico, while exploring the potential to add a small number of select markets in the future. High-quality product assortment coupled with great customer service will remain the foundation of our retail philosophy, and we will continue to invest in our own house of brands and pursue responsible M&A."

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 eight cultivation facilities and three manufacturing plants across Colorado and New Mexico. In May, 2021, Schwazze launched its biosciences division, and in August, 2021, it commenced home delivery services in Colorado.

About Medicine Man Technologies Inc. (Schwazze)

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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