Mr. Justin Dye reports

SCHWAZZE APPOINTS FORREST HOFFMASTER AS INTERIM CHIEF EXECUTIVE OFFICER

Forrest Hoffmaster, chief financial officer of Medicine Man Technologies Inc., operating as Schwazze, has been appointed to the additional role of interim chief executive officer. This follows Nirup Krishnamurthy's resignation as CEO and as a member of the board of directors, effective Feb. 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the company in January, 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow earnings before interest, taxes, depreciation and amortization by over 30 per cent in two years. Prior to New Seasons Market, Mr. Hoffmaster held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

"Forrest is well positioned to seamlessly step in and lead the company's day-to-day operations as we conduct our search for a permanent successor," said Justin Dye, chairman of the board. "With Forrest's proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong adjusted EBITDA margins and consistent cash flow generation. On behalf of the board, I'd like to wish Nirup the best in his future endeavours."

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.

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.

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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