Medicine Man Technologies : Change in Certifying Accountants - Form 8-K
April 08, 2024 at 04:04 pm EDT
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Item 4.01 Changes in Registrant's Certifying Accountant.
(a)
Dismissal of Former Independent Registered Public Accounting Firm
On April 5, 2024, the Audit Committee (the "Audit Committee") of Medicine Man Technologies, Inc. (the "Company") approved the dismissal of BF Borgers CPA, PC ("Borgers") as the Company's independent registered public accountant. None of the reports of Borgers on the Company's financial statements for either of the past two years or subsequent interim period contained an adverse opinion or disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles.
During the two most recent fiscal years and any subsequent interim period preceding Borgers dismissal, there were no disagreements with Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of Borgers concerning the subject matter of each of such disagreements would have caused them to make reference thereto in their report on the financial statements.
The Company provided a copy of the foregoing disclosures to Borgers prior to the date of the filing of this Current Report on Form 8-K and requested that Borgers furnish it with a letter addressed to the Securities & Exchange Commission stating whether or not it agrees with the statements in this described herein. A copy of such letter is filed as Exhibit 16.1 to this Current Report on Form 8-K.
(b)
Appointment of New Independent Registered Public Accounting Firm
On April 5, 2024, the Company's Audit Committee approved the engagement of Baker Tilly US, LLP ("Baker Tilly"), as the Company's new independent accountant to audit the Company's financial statements and to perform reviews of interim financial statements. During the fiscal years ended December 31, 2023 and through the date of this report, neither the Company, nor anyone on its behalf, consulted Baker Tilly regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and no written report or oral advice was provided to the Company by Baker Tilly that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a "reportable event" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).
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Medicine Man Technologies, Inc., operating as Schwazze, is a vertically integrated multi-state cannabis operator. The Companyâs 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 Companyâs 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.