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Schwazze announces Forrest Hoffmaster as CFO

Medicine Man Technologies operating as Schwazze, announces changes to its executive financial leadership team in preparation for its growth initiatives in Colorado and New Mexico with the addition of Chief Financial Officer Forrest Hoffmaster. Effective immediately, Hoffmaster replaces the current CFO, Nancy Huber, who previously announced her plans to retire once the company hired a new CFO.

As Chief Financial Officer, Forrest Hoffmaster joins the executive leadership team at Schwazze, where he will be responsible for the company's finance functions, including Accounting, Audit, Risk, Tax, Treasury, Financial Planning & Analysis, Investor Relations, and Capital Markets. In addition, he will oversee the company's data analytics and information technology functions. Hoffmaster brings a 30-year career to Schwazze, with broad C-suite experience in purpose-driven companies, including Whole Foods, HEB Grocery, Advanced Micro Devices, and, most recently, with New Seasons Market headquartered in Portland, Oregon.

As CEO of New Seasons Market, a specialty gourmet food retailer, Hoffmaster successfully led the company through one of the most disruptive periods within the company's history and the retail grocery industry. Grounded in founder-inspired values, he stewarded the company to financial health, growing EBITDA by 30% over two years, with a deliberate growth strategy coupled with operating cost optimization, resulting in a successful sale and integration of the company with Good Food Holdings LLC.

Prior to New Seasons Market, Hoffmaster spent 15 years with Whole Foods Market in various capacities in finance and operations. Previously he was with HEB Grocery and Advanced Micro Devices in finance management roles. Hoffmaster began his career as a CPA with Arthur Andersen focusing on SEC and GAAP compliance and reporting, graduating from the University of Houston Cum Laude with a BBA in Accounting in 1993.

"We are excited about the addition of Forrest Hoffmaster to our executive leadership team as Chief Financial Officer. Hoffmaster brings a wealth of financial and operational experience that will enable Schwazze's growth strategy, optimize its operating costs, and foster a performance-driven organization," said Justin Dye, Chairman, and CEO of Schwazze. "We thank Nancy Huber, outgoing CFO, for her invaluable contributions since 2019 and wish her well in her retirement."

"I am excited to join such a deeply experienced, operationally focused team at Schwazze and look forward to the growth and success ahead. Schwazze has solid fundamentals and is writing an incredibly successful story as an admired retailer with a house of brands in the cannabis industry. I am looking forward to contributing to that," said Forrest Hoffmaster.

Since April 2020, Schwazze has acquired, opened, or announced the planned acquisition of 41 cannabis retail dispensaries (Star Buds, Emerald Fields, and R.Greenleaf), as well as seven cultivation facilities and two manufacturing plants in Colorado and New Mexico. In May 2021, Schwazze announced the creation of its Biosciences division, and in August 2021, it commenced home delivery services in Colorado.

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