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Monday, 11/06/2023 8:08:23 PM

Monday, November 06, 2023 8:08:23 PM

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On November 2, 2023, Medicine Man Technologies, Inc. (the “Company”) received notice of the resignation of Jeffrey Garwood as a member of the Company’s board of directors (the “Board”), to be effective upon the Board’s nomination and appointment of another director to fill his vacancy. Mr. Garwood was a member of the Audit Committee and Compensation Committee of the Board. Mr. Garwood’s resignation is not the result of any disagreement with the Company on any matters relating to the Company’s operations, policies, or practices.

On November 2, 2023, the Board appointed Kathy Vrabeck as a Class A director to fill the vacancy left by Mr. Garwood. The Company expects that the Board will appoint Ms. Vrabeck to one or more of the committees of the Board; however, no committee appointments have been determined at this time. Ms. Vrabeck will serve until her term expires at the Company’s 2024 annual meeting of stockholders and until a successor is elected and qualified, or until her earlier death, resignation or removal.

The Company’s current director compensation policy is to award each non-executive director (i) an annual grant of shares of the Company’s common stock worth $70,000 and (ii) an annual award of $35,000, payable in cash or shares of the Company’s common stock at the option of the recipient director. The Company expects to make such awards to Ms. Vrabeck in the future, but no awards have been granted as of the date of this report.
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