Medicine Man Technologies, Inc. Reports Goodwill Impairment for the Fourth Quarter Ended December 31, 2023

Medicine Man Technologies, Inc., operating as Schwazze, is a vertically integrated multi-state cannabis operator. The Company’s business involves the cultivation, manufacturing, distribution and retail sale of cannabis and cannabis-related products. The Company sells products it manufactures and cultivates and a variety of other cannabis goods through wholly owned retail stores, licensing arrangements, and/or third-party operators and retailers. It has three segments: Retail, Wholesale and Other. The Retail segment consists of retail locations for the sale of cannabis products. The Wholesale segment consists of manufacturing, cultivation and sale of both wholesale cannabis and non-cannabis products. The Other segment encompasses the Company’s general corporate operations, in-store advertisements and certain vendor promotions. It has operations in Colorado and New Mexico. The Company owns and operates 63 retail dispensaries, six cultivation facilities and three manufacturing facilities.