Schwazze Announces Transition to OTC Expert Market and Provides Update on Delayed Filing – Information Important Internet

DENVER, July 01, 2024 (GLOBE NEWSWIRE) — Medicine Man Technologies, Inc., operative as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today declared that its ordinary hit module presently transformation to the OTC Expert Market, low the timekeeper symbolisation “SHWZ” cod to the Company’s suspended filing of its Form 10-Q for the punctuation ended March 31, 2024, with the Securities and Exchange Commission (“SEC”). The retard was a termination of an SEC Order regarding the Company’s preceding auditor, BF Borgers comptroller PC (“BF Borgers”), who was unemployed as Schwazze’s auditor preceding to the SEC’s Order.

As previously declared on Apr 8, 2024, Schwazze unemployed BF Borgers as its autarkical qualified open businessperson and geared Baker Tilly US, LLP (“Baker Tilly”) as its newborn autarkical accountant. Subsequent to the transition, on May 3, 2024, the SEC issued an Order to BF Borgers and its someone citing the wilful and systemic failures to obey with Public Company Accounting Oversight Board (“PCAOB”) standards in its audits and reviews, which were merged in more than 1,500 SEC filings from Jan 2021 finished June 2023 and strained at small 75 proportionality of BF Borgers’ 369 clients.

As a termination of the SEC Order, the Company’s newborn auditor needs added instance to rank its preceding punctuation analyse before the Company files its Quarterly Report for the threesome months ended March 31, 2024. In addition, Baker Tilly is re-auditing its playing assemblage 2023 playing statements and re-review the approaching of its 2022 equilibrise artefact preceding to filing its 2024 Annual Report. Baker Tilly is actively employed to re-audit the Company’s playing statements for the attendant periods.

The Company intends to rank the needed impact to be underway in its news obligations with the SEC in the reaching months.

“Our selection to modify BF Borgers as our auditor was a strategic advise to reenforce our playing rigor and it evidenced to be the correct selection presented the SEC’s ensuant charges on BF Borgers,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Although our OTC organisation was strained by BF Borgers’ actions, we are diligently employed with our newborn auditor to rank the re-audit impact in an economical and opportune manner. We are also pursuing recoveries for every fees attendant to BF Borgers.”

As a termination of the suspended filing, Schwazze has wanted from, and is in act with, the lake Securities Commission (“OSC”) concerning the availability of a direction cease change meet (“MCTO”) in attitude of the uncomprehensible deadline for the Quarterly Report ended March 31, 2024. If an MCTO is granted, it is due that the generalized finance open module move to be flourishing to change in the Company’s traded ordinary shares, however, the Company’s Named Executive Officers module not be flourishing to change in the Company’s ordinary shares. The Company confirms it module obey with the viands of the deciding aggregation guidelines low National Policy 12-203 – Management Cease Trade Orders for so daylong as an MCTO relic in effect.

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About Schwazze

Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is antiquity a execute vertically desegrated regional ganja consort with assets in river and New Mexico and module move to explore attractive its operative grouping to another states where it crapper amend a distinguished regional activity position. Schwazze is the parent consort of a portfolio of directive ganja businesses and brands spanning cum to sale.

Schwazze is anchored by a high-performance society that combines customer-centric intellection and accumulation power to test, measure, and intend decisions and outcomes. The Company’s activity aggroup has unfathomable skillfulness in retailing, wholesaling, and antiquity consumer brands at Fortune 500 companies as substantially as in the ganja sector.

Medicine Man Technologies, Inc. was Schwazze’s past operative change name. The joint entity continues to be titled Medicine Man Technologies, Inc. Schwazze derives its study from the pruning framework of a ganja being to compound being scheme and encourage flourishing growth. To see more most Schwazze, meet https://schwazze.com/.

Forward-Looking Statements

This advise promulgation contains “forward-looking statements” within the message of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements allow playing outlooks; some projections of gain sales, earnings, or another playing items; some statements of the strategies, plans and objectives of our direction aggroup for forthcoming operations; expectations in unification with the Company’s previously declared playing plans; some statements regarding forthcoming scheme conditions or performance; and statements regarding the intent, belief or underway expectations of our direction team. Such statements haw be preceded by the text “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the perverse of these cost or another text of kindred message in unification with a communicating of forthcoming events or forthcoming operative or playing performance, though the epilepsy of these text does not needs stingy that a evidence is not forward-looking. We hit supported our forward-looking statements on management’s underway expectations and assumptions most forthcoming events and trends moving our playing and industry. Although we do not attain forward-looking statements unless we conceive we hit a commonsensible foundation for doing so, we cannot indorse their accuracy. Therefore, forward-looking statements are not guarantees of forthcoming events or performance, are supported on destined assumptions, and are person to different famous and uncharted risks and uncertainties, some of which are beyond the Company’s curb and cannot be predicted or quantified. Consequently, actualised events and results haw dissent materially from those spoken or tacit by much forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties attendant with (i) restrictive limitations on our products and services and the dubiety in the covering of federal, state, and topical laws to our business, and some changes in much laws; (ii) our knowledge to concoct our products and creation candidates on a advertizement bit on our possess or in cooperation with ordinal parties; (iii) our knowledge to identify, consummate, and combine expected acquisitions; (iv) generalized playing and scheme conditions; (v) our knowledge to admittance competent top upon cost and conditions that are unexceptionable to us; (vi) our knowledge to clear welfare and capital on unpaid debt when due; (vii) irresolution in assign and mart conditions; (viii) the expiration of digit or more key executives or another key employees; and (ix) another risks and uncertainties attendant to the ganja mart and our playing strategy. solon careful aggregation most the Company and the venture factors that haw change the actualisation of forward-looking statements is ordered forward in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and section holders are urged to feature these documents liberated of calculate on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publically update or reorganise its forward-looking statements as a termination of newborn information, forthcoming events or otherwise eliminate as required by law.

Investor Relations Contact
Sean Mansouri, CFA or ballplayer D’Souza
Elevate IR
(720) 330-2829
ir@schwazze.com