Medicine Man Technologies, Inc. announced on February 20, 2024, the Company received notice of the resignation of Nirup Krishnamurthy as a Chief Executive Officer of the Company pursuant to the Amended and Restated Employment Agreement, dated May 4, 2023, with such resignation being effective as of February 20, 2024. Mr. Krishnamurthy tendered his resignation for personal reasons and not as a result of any disagreement on any matter relating to the Company?s operation, policies (including accounting or financial policies) or practices. On February 21, 2024 (?Appointment Date?), the Board appointed Forrest Hoffmaster, the Company?s Chief Financial Officer, as interim Chief Executive Officer of the Company.

The Board will immediately commence a process to identify a permanent Chief Executive Officer for the Company. Additionally, the Nominating and Corporate Governance Committee of the Board will begin a search for a replacement director to occupy the seat vacated by Mr. Krishnamurthy. 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 joining the Company, 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 EBITDA by over 30% 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.