Schwazze Appoints Interim CEO Following Resignation

DENVER, Feb. 23, 2024 – PRESS RELEASE – Medicine Man Technologies Inc., operating as Schwazze, announced that Forrest Hoffmaster, the company's chief financial officer, has been appointed to the additional role of interim CEO. 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.

Hoffmaster, who joined the company in January 2023, brings more than 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, 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, Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by more than 30% in two years.

Prior to New Seasons Market, 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," Board Chairman Justin Dye said. "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 endeavors."