Mr. Nirup Krishnamurthy reports

SCHWAZZE COMPLETES ACQUISITION TO MANAGE ASSETS OF NEW MEXICO CANNABIS OPERATOR, EVEREST APOTHECARY, INC.

Medicine Man Technologies Inc., operating as Schwazze, has acquired certain assets of Sucellus LLC, pursuant to which the company will manage Everest Apothecary Inc., a New Mexico not-for-profit corporation. The transaction includes retail dispensaries, cultivation and manufacturing facilities.

The acquisition of Everest increases the company's retail consumer base and furthers Schwazze's growth strategy in the New Mexico market. Upon closing, Schwazze's New Mexico operations will include 32 dispensaries, four cultivations, two manufacturing facilities and over 400 employees statewide.

The Everest brand complements Schwazze's existing retail brand in New Mexico, R. Greenleaf. Each serves a unique demographic and both retail banners will continue to operate in the state.

"This acquisition fits well within our growing portfolio of retail brands alongside R. Greenleaf and firmly positions us as a top operator in the New Mexico market," said Nirup Krishnamurthy, president of Schwazze.

"Collaborating on Schwazze's operating playbook, we look forward to working with the Everest team members to continue to support the Everest customers with outstanding service and an even wider selection of quality products throughout the entire state. These really are two great teams coming together as one," said Ken Diehl, New Mexico division president of Schwazze.

Established in 2016, Everest is a New-Mexico-based licensed medical and recreational cannabis provider that consists of 14 dispensaries, one cultivation facility and one manufacturing plant. The dispensaries are in Albuquerque, Santa Fe, Las Cruces, Los Lunas, Sunland Park, Belen and Texico. Everest's cultivation and manufacturing facilities are both located in Albuquerque.

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.

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 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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