An anonymous director reports

SCHWAZZE PROVIDES UPDATE ON DELAYED FILINGS

Medicine Man Technologies Inc., operating as Schwazze, is providing an update on its previously announced delayed filings.

On Nov. 29, 2024, the audit committee of the company determined, following discussions with Baker Tilly and the company's management, that the company's previously issued audited consolidated financial statements for the two fiscal years ended Dec. 31, 2023, audited by BF Borgers, and the company's unaudited condensed consolidated financial statements and the notes thereto as of and for the fiscal periods ended March 31, 2023, June 30, 2023, and Sept. 30, 2023, included in the company's quarterly reports on Form 10-Q for the fiscal periods ended March 31, 2023, June 30, 2023, and Sept. 30, 2023, that were filed with the SEC (collectively the subject periods) will be restated due to the identification of certain accounting adjustments needed primarily relating to technical accounting areas.

The company has concluded that the impact of these corrections is material and, as a result, the subject periods should no longer be relied upon. Similarly, any previously issued or filed reports, press releases, earnings releases, investor presentations or other communications of the company describing the company's financial results or other financial information should no longer be relied upon to the extent that they are related to the subject periods.

Schwazze does not currently believe that the foregoing corrections will have any negative material impact on the company's revenue, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), cash from operations or cash position.

Additional details on the impact of these adjustments can be found in the company's related Form 8-K filed earlier today.

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 explore taking 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.

We seek Safe Harbor.