Document:

Exhibit 4.1

 

Description of Securities of Medicine Man Technologies,
Inc.

Registered Pursuant to Section 12 of the Securities
Exchange Act of 1934

 

General

 

The following is a summary of information concerning the capital stock
of Medicine Man Technologies, Inc. (hereinafter referred to as the “Company”, “our” and “we”). The
summaries and descriptions below do not purport to be complete. It is subject to and qualified in its entirety by reference to our Articles
of Incorporation, as amended (the “Articles of Incorporation”), and our Amended and Restated Bylaws (the “Bylaws”),
each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage
you to read our Articles of Incorporation, including the Certificate of Designation (as defined below), our Bylaws and any applicable
provisions of relevant law, including the Nevada Revised Statutes. Our Common Stock (as defined below) is our only security registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

 

Cannabis Law Compliance and Unsuitability Redemption Provision
in Bylaws

 

The Company holds various licenses from the Colorado Marijuana Enforcement
Division to operate its cannabis businesses in Colorado. As a result, beneficial owners with a 10% or greater interest are required to
make filings with, and to be found suitable to be equity owners of a cannabis business in Colorado, by the Colorado Marijuana Enforcement
Division. [Dan: Update for NM.] The Bylaws provide that for as long as the Company holds (directly or indirectly) a license for
a governmental agency to conduct its business, which license is conditioned upon some or all of the Company’s stockholders possessing
certain qualifications, the Company may redeem any and all of the shares of capital stock to the extent necessary to prevent loss of
such license or to reinstate such license. Under the Bylaws, the Company may redeem shares in this manner for cash, property or rights,
on not less than five days’ notice to the holder(s) thereof at a redemption price equal to the average closing price of such shares
as reported on the exchange on which shares of the common stock is quoted or traded for the 45 trading days immediately preceding the
date of the redemption notice, or if such shares are not so traded or quoted, the Company’s board of directors will determine the
redemption price in good faith.

 

The bylaws further provides that it shall be unlawful for any stockholder
who does not meet certain qualifications to (i) receive any dividend, payment, distribution or interest with regard to the shares, (ii)
exercise, directly or indirectly or through any proxy, trustee, or nominee, any voting or other right conferred by such shares, and such
shares shall not for any purposes be included in the shares of the Company entitled to vote, or (iii) receive any remuneration that may
be due to such stockholder, accruing after the date of such notice of determination of unsuitability or disqualification by the Colorado
Marijuana Enforcement Division, in any form from the Company for services rendered or otherwise.

 

Common Stock

 

Authorized Shares. The Company is authorized to issue up to
250,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”).

 

Dividends. Holders of shares of Common Stock are entitled to
receive dividends when, as and if declared by the Company’s Board of Directors (the “Board”) out of funds legally available
for that purpose, subject to the rights of holders of any class or series of preferred stock, including our Series A Preferred Stock (as
defined below), which may then be outstanding. The Company has not declared or paid any cash dividends on its Common Stock, and the Company
does not anticipate doing so in the foreseeable future.

 

Voting Rights. Each share of Common Stock is entitled to one
vote on all matters submitted to a vote of the Company’s shareholders, including as to the election of directors to the Board. Shareholders
are prohibited from cumulating their votes in any election of directors of the Company.

 

Liquidation Rights. In the event of any liquidation, dissolution,
or winding up of the Company, subject to the rights of creditors and the holders of any outstanding shares of preferred stock having a
preference, including our Series A Preferred Stock, holders of shares of Common Stock are entitled to ratable distribution of the remaining
assets available for distribution to shareholders.

 

Redemption. The shares of Common Stock are generally not subject
to redemption by operation of a sinking fund or otherwise; provided, however, so long as the Company holds (directly or indirectly) a
license from a governmental agency to conduct its business, if such license is conditioned upon some or all of the holders of the Company
possessing certain qualifications, then, the Company, in its sole option and sole discretion, may redeem the shares of Common Stock held
by a holder that is deemed unsuitable or disqualified to own a direct or indirect interest in the Company by such license granting governmental
agency.

 

 

 

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Preemptive Rights. Holders of shares of Common Stock are not
currently entitled to preemptive rights.

 

Fully Paid. The issued and outstanding shares of Common Stock
are fully paid and non-assessable. This means the full purchase price for the outstanding shares of Common Stock has been paid and the
holders of such shares will not be assessed any additional amounts for such shares. Any additional shares of Common Stock that the Company
may issue in the future will also be fully paid and non-assessable.

 

Listing and Ticker Symbol. The Common Stock is currently quoted
on the OTCQX under the ticker symbol “SHWZ.”

 

Preferred Stock

 

Authority to Designate and Issue Shares of Preferred Stock.
Subject to limitations prescribed by Nevada law, without vote or action by our stockholders, the Board is authorized to determine and
alter the right, preferences, privileges and restrictions granted and imposed upon any wholly unissued series of preferred stock, and
to fix the number and designation of shares of any series of preferred stock. The Board also may increase or decrease the number of shares
of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action
by our stockholders. The Board may authorize the issuance of preferred stock with rights, such as voting or conversion rights, that could
adversely affect the rights of the holders of the Common Stock. The issuance of preferred stock, while providing flexibility in connection
with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing
a change in control of our company.

 

Authorized Shares. The Company is authorized to issue up to
10,000,000 shares of preferred stock, par value $0.001 per shares. The Company has designated 110,000 shares of preferred stock as Series
A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”) pursuant to the Certificate of Designation of Series
A Cumulative Convertible Preferred Stock filed with the Nevada Secretary of State on December 16, 2020 and amended on March 1, 2021 (the
“Certificate of Designation”).

 

Dividends. Holders of Series A Preferred Stock are entitled
to receive cumulative dividends at the rate of 8% per annum on the “Preference Amount,” which initially is equal to $1,000
per share and subject to increase, payable annually on each anniversary of the date of the first issuance of any shares of Series A Preferred
Stock to holders of record on each such payment date, by having such dividends automatically accrete as of each dividend payment date
to, and increase, the outstanding Preference Amount.

 

Liquidate Preference. In the event of any voluntary or involuntary
liquidation, dissolution or winding-up of the Company, holders of Series A Preferred Stock are entitled to be paid out of the Company’s
assets available for distributions to its stockholders, before any payment shall be made to the holders of any junior securities, such
as the Common Stock, an amount in cash equal to the Preference Amount (plus the pro rata portion of the next dividend, if any), for each
share of Series A Preferred Stock. In connection with a Change of Control Transaction (as defined in the Certificate of Designation),
either the Company or holders of Series A Preferred Stock holding no less than a majority of the then-issued and outstanding shares of
Series A Preferred Stock may elect to treat such Change of Control Transaction as a liquidation and to receive the cash or the value of
the property, rights or securities paid or distributed to holders of Series A Preferred Stock in such Change of Control Transaction. Generally,
a Change of Control Transaction means the occurrence of any of: (i) the acquisition by a person or group through a purchase, merger or
other acquisition transaction or series or related transactions, in which such transaction or transactions are with the Company or approved
by the Board, entitling that person or group to exercise more than a majority of the total voting power of all shares of the Company entitled
to vote generally in the election of directors (including all securities such person has the right to acquire), (ii) a merger or consolidation
involving the Company and, after giving effect to such transaction, the Company’s stockholders immediately before such transaction
own less than a majority of the Company’s aggregate voting power the successor entity of such transaction immediately after such
transaction, (iii) a sale, lease or transfer of all or substantially all of the Company’s assets and the Company’s stockholders
immediately before such transaction own less than a majority of the aggregate voting power of the acquiring entity immediately after such
transaction, or (iv) the Common Stock ceases to be listed on a Trading Market (as defined in the Certificate of Designation).

 

Conversion by Holders. Each share of Series A Preferred Stock
will be convertible at the option of the holder thereof (i) for 90 days after the occurrence of a Listing Event (as defined in the Certificate
of Designation), (ii) on the date of the consummation of a Change of Control Transaction if requested within 14 days after delivery to
holders of a notice of an anticipated Change of Control Transaction, (iii) for 10 days after the receipt by the holders of a notice of
forced redemption by the Company, and (iv) at any time after the first anniversary of the date of the first issuance of any shares of
Series A Preferred Stock, in each case, into that number of shares of Common Stock determined by dividing the Preference Amount (plus
the pro rata portion of the next dividend, if any) of such share of Series A Preferred Stock by $1.20. Generally, a Listing Event involves
the listing of the Common Stock on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York
Stock Exchange followed within 90 days thereafter by a public offering of Common Stock that generates gross proceeds to the Company of
no less than $100,000,000.

 

 

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Conversion by the Company. The Company may force conversion
of the Series Preferred Stock (i) within 90 days after the occurrence of a Listing Event, and (ii) on the date of the consummation of
a Change of Control Transaction if requested within 14 days after delivery to holders of a notice of an anticipated Change of Control
Transaction, other than a Change of Control Transaction as a result of the Common Stock ceasing to be listed on any Trading Market.

 

Redemption Rights. Each share of Series A Preferred Stock will
be redeemable at the option of the holder thereof (i) for 90 days after the occurrence of a Listing Event, (ii) at any time after the
fifth anniversary of the date of the first issuance of any shares of Series A Preferred Stock, (iii) on the date of the consummation of
a Change of Control Transaction if requested within 14 days after delivery to holders of a notice of an anticipated Change of Control
Transaction, or (iv) for five days after the receipt by the holder of a notice of forced conversion by the Company. In each case, a holder
of Series A Preferred Stock may elect to have the Company redeem all or any portion of the shares of Series A Preferred Stock held for
a redemption price per share equal to the Preference Amount (plus the pro rata portion of the next dividend, if any). The Company has
a right to defer such redemption one or more times until no later than the one-year anniversary of the redemption date originally requested
by the holder, provided that the dividends rate would be increased from 8% to 10% per annum during the first six months of such deferral
period and 15% thereafter, if applicable. In addition, the Company may redeem all or any portion of the Series A Preferred Stock within
90 days after the occurrence of a Listing Event.

 

Cannabis Law Compliance and Unsuitability Redemption for Series
A Preferred. Each holder of Series A Preferred must take all action reasonably required by such holder to comply with applicable state
cannabis laws and regulations, including, without limitation, making all requisite filings under such laws and regulations as and when
required. The Company has the right but not the obligation to redeem all or any portion of the shares of Series A Preferred Stock held
by any holder that is determined to be unsuitable or disqualified to own a direct or indirect interest in the Company by a state governmental
authority, including, without limitation, the Colorado Marijuana Enforcement Division.

 

Ranking. With respect to conversion rights, redemption payments
and rights upon the Company’s liquidation, dissolution or winding-up or a Change of Control Transaction, the Series A Preferred
Stock rank junior to the Company’s indebtedness and any securities the Company issues in the future the terms of which expressly
make such securities senior to the Series A Preferred Stock, on a parity with any securities the Company issues in the future the terms
of which expressly make such securities on a parity with any or all of the Series A Preferred Stock, but senior to the Common Stock and
any securities the Company issues in the future that are not expressly made on a parity or senior to the Series A Preferred Stock.

 

Voting Rights. Each holder of Series A Preferred Stock will
be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Series A Preferred
Stock held would convert into as of the record date for determining stockholders entitled to vote on any matter presented to the Company’s
stockholders for their action or consideration at any meeting (or by written consent in lieu of meeting) voting together with the holder
of Common Stock as a single class as if such shares of Series A Preferred Stock were convertible as of such date.

 

Convertible Notes

 

General. On December 7, 2021, the Company issued and sold an
aggregate principal amount of $95,000,000 of 13% senior secured convertible notes due five years after issuance (the “Notes”)
governed by an Indenture, dated December 7, 2021, among the Company, the Subsidiary Guarantors (as defined therein), Ankura Trust Company,
LLC as trustee and Chicago Atlantic Admin, LLC as collateral agent for the Note holders (the “Indenture”). The Notes will
mature on December 7, 2026 unless earlier repurchased, redeemed, or converted. The Notes bear interest at 13% per year paid quarterly
commencing March 31, 2022 in cash for an amount equal to the amount payable on such date as if the Notes were subject to an annual interest
rate of 9%, with the remainder of the accrued interest payable as an increase to the principal amount of the Notes.

 

Prohibition on Dividends. The Indenture prohibits the Company
from paying dividends and to repurchase, redeem, retire, or otherwise acquire any equity interest, option, or warrant of the Company or
any Subsidiary Guarantor, subject to some exceptions. For example, the Company may declare and pay dividends (i)] if payable solely in
its own equity, (ii) in an amount or amounts not to exceed $500,000 until discharge of the Indenture, or (iii) after December 7, 2024,
so long as the Company’s Consolidated Leverage Ratio (as defined in the Indenture) is between 1.00 and 2.25 for the applicable reference
period at the time of payment

 

Conversion by Holders. Each Note is convertible at the option
of the holder thereof (i) upon receipt by the holders of a notice of forced redemption by the Company, and (ii) at any time until the
close of business on the business day immediately preceding the maturity date of the Notes, in each case, into that number of shares of
Common Stock determined by dividing the principal amount of the Note (plus accrued interest) by $2.24. The conversion price will be adjusted
in the event of any change in the outstanding Common Stock by way of stock subdivision (including a stock split), stock combination, issuance
of stock or cash dividends, distributions of other securities or assets and other corporate actions.

 

 

 

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Conversion by Company. On and after the second anniversary of
the date of first issuance of the Notes, the Company may force conversion of up to 12.5% of the outstanding Notes each quarter if (i)
the last reported sale price of the Common Stock exceeds 150% of the applicable conversion price, (ii) either (a) the Common Stock is
listed on a permitted exchange or (b) the Company’s daily volume weighted average price for the Common Stock exceeds $2,500,000,
in each case for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period, and (iii) there is
an effective registration statement covering the resale by the holders of the Notes of all Common Stock to be received in such conversion.

 

Limitation on Conversion. A holder of a Note may not convert
a Note, and the Company may not issue shares of Common Stock under such Note if, after giving effect to the conversion and issuance, the
holder, together with its affiliates, would beneficially own in excess of 4.9% of the outstanding shares of the Common Stock, subject
to exceptions

 

Redemption by Holders. On the fourth anniversary of the date
of the first issuance of the Notes, Note holders will have the right, at their option, to require the Company to repurchase some or all
of their Notes for cash in an amount equal to the principal amount of the Notes being repurchased plus accrued and unpaid interest up
to the date of repurchase. Further, upon the occurrence of a Change of Control (as defined in the Indenture), subject to certain conditions,
a Note holder may require the Company to repurchase for cash all or any portion of the Note at a repurchase price equal to the principal
amount of the Note to be repurchased, plus accrued and unpaid interest thereon, plus the lesser of: (i) the present value of one year
of additional interest on such Note, commencing on the date the repurchase price is payable, and (ii the sum of the present values or
the remaining scheduled interest payments that would have been paid on such Note from the repurchase date to the maturity date.

 

Redemption by Company. The Company may, at its option, elect
to redeem all, but not less than all, of the Notes for cash, subject to certain conditions, at a repurchase price equal to the principal
amount of the Notes plus accrued and unpaid interest thereon on such date, plus the greater of: (i) the sum of the present values or the
remaining scheduled interest payments that would have been paid on the Notes from the repurchase date to the third anniversary of the
date of the first issuance of the Notes, or (ii) the lesser of (a) the sum of the present values of the scheduled interest payments that
would have been paid (assuming such payments are made in cash) on the Notes from the redemption date through the one-year anniversary
of the redemption date or (y) the sum of the present values of the scheduled interest payments that would have been paid (assuming such
payments are made in cash) on the Notes from the redemption date through the maturity date.

 

Cannabis Law Compliance and Unsuitability Redemption for Notes.
Upon conversion of a Note, each Note holder, in such Note holder’s capacity as a holder of Common Stock, must (i) take all action
reasonably required by such holder to comply with applicable state cannabis laws and regulations, including, without limitation, making
all requisite filings under such laws and regulations as and when required, and (ii) upon the Corporation’s reasonable request,
at the Company’s sole cost and expense, reasonably cooperate with the Company regarding any Company report, filing, notification
or other communication with or to any governmental authority related to the Company’s licenses, approvals, consents or obligations
under state cannabis laws and regulations related to such holder’s capacity as a holder of Common Stock issued upon conversion of
the Notes, including, without limitation, any investigation or inquiry by a state governmental authority related to any of the foregoing.
The Company has the right but not the obligation to redeem all or any shares of Common Stock held by a Note holder issued upon conversion
of the Notes who is (or whose affiliate is) determined to be unsuitable or disqualified to own a direct or indirect interest in the Company
by a state governmental authority, including, without limitation, the Colorado Marijuana Enforcement Division; provided that the
Company is only permitted to redeem such shares of Common Stock to the extent necessary to comply with applicable state cannabis laws
and regulations.

 

Action by Written Consent.

 

The Bylaws provide that holders holding a majority of the voting power
of each class of capital stock of the Company, or, if different, the proportion of voting power required to take such action at a meeting
of stockholders.

 

Certain Anti-Takeover Measures

 

Under our Articles of Incorporation, the Board, without further vote
by our stockholders, has the authority to issue shares of preferred stock and to determine the rights and preferences, price and restrictions,
including but not limited to voting and dividend rights, of any such shares of preferred stock. The issuance of preferred stock, while
providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect
of delaying, deferring or preventing a change in control of our company.

 

 

 

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The Bylaws contain provisions that may be deemed to have an anti-takeover
effect and may del, defer or prevent a change of control. These provisions include:

 

Staggered Board of Directors. The
Bylaws provide for a “staggered” or “classified” Board, whereby the directors of the Board are divided into two
classes - Class A Directors consisting of one-half of the members of the Board, and Class B Directors consisting of one-half of the members
of the Board. Each class shall be elected for two-year terms, in alternating years.

 

Change in the Number of Directors.
The Bylaws provide that approval by no less than four members of the Board is required to change the total number of directors comprising
the Board.

 

Bankruptcy, Insolvency, Dissolution or Liquidation.
The Bylaws provide that approval by no less than four members of the Board is required to commence any bankruptcy or insolvency proceeding,
or to dissolve or liquidate or agree to dissolve or liquidate the Company.

 

Transfer Agent

 

The Company’s Transfer Agent is Globex Transfer, LLC.

 

 

 

 

    	 	5Exhibit 4.8

 

FORM OF WARRANT TO PURCHASE COMMON STOCK

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLE ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER
SUCH ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SUCH ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED
IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A FINRA REGISTERED BROKER/DEALER OR OTHER LOAN OR FINANCING ARRANGEMENT WITH AN “ACCREDITED
INVESTOR” SECURED BY THE SECURITIES.

 

MEDICINE MAN TECHNOLOGIES, INC.

Warrant To Purchase Common Stock

 

Warrant No.: [_______]

Number of Shares of Common Stock: [__________]

Date of Issuance: [_______], 2020 (“Issuance Date”)

 

Medicine Man Technologies,
Inc., a Nevada corporation d/b/a Schwazze (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, [____________], the registered holder hereof or its permitted assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price
(as defined below) then in effect, at any time or times on or after the date hereof, but not after 11:59 p.m., New York time, on the
Expiration Date, [______________________] ([_______]) fully paid nonassessable shares of Common Stock, all subject to adjustment as provided
herein (the “Warrant Shares” and, together with this Warrant, collectively, the “Securities”).
Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common
Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set forth in Section
14. This Warrant is one of the Warrants to purchase Common Stock (the “Loan Warrants”) issued pursuant to Section
[__] of the Loan Agreement, dated as of [_______], 2020, by and between the Company, as borrower, the guarantors party thereto, FocusGrowth
Asset Management, LP, a Pennsylvania limited liability company, as agent, and each of the lenders party thereto (as amended, the “Loan
Agreement”). Capitalized terms used and not otherwise defined herein shall have the definitions ascribed to such terms in the
Loan Agreement.

 

1.       EXERCISE OF WARRANT.

 

(a) Mechanics
of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder at any time or times on or
after the Issuance Date, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A
(the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) payment to the Company
of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being
exercised (the “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and
delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the
original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first
(1st) Trading Day following the date on which the Company has received the Exercise Notice, the Company shall transmit by
electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer
agent (the “Transfer Agent”). On or before the earlier of (i) the second (2nd) Trading Day and (ii)
the number of Trading Days comprising the Standard Settlement Period, in each case, following the date on which the Holder delivers
the Exercise Notice to the Company and the Aggregate Exercise Price on or prior to the third (3rd) Trading Day
following the date on which the Company has received the Exercise Notice, the Company shall (X) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program and the Warrant
Shares are subject to an effective resale registration statement in favor of the Holder, credit such aggregate number of Warrant
Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with
DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program or the Warrant Shares are not subject to an effective resale registration statement in favor
of the Holder,

 

 

 

 

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issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the
Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and
all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any. Upon delivery of the Exercise Notice and the
Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this
Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by
this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company
shall as soon as practicable and in no event later than three (3) Trading Days after any exercise and at its own expense, issue a
new Warrant (in accordance with Section 5(d)) representing the right to purchase the number of Warrant Shares issuable immediately
prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No
fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued
shall be rounded up to the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar taxes which
may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant.

 

(b)  
Exercise Price. For purposes of this Warrant, “Exercise Price” means $[____] per share, subject to adjustment
as provided herein.

 

(c)  
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number
of Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such
dispute in accordance with the terms of the Loan Agreement.

 

(d)  
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient
number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant
at least a number of shares of Common Stock equal to 100% of the number of shares of Common Stock as shall from time to time be necessary
to effect the exercise of all of this Warrant then outstanding without regard to any limitation on exercise included herein (the “Required
Reserve Amount” and the failure to have such sufficient number of authorized and unreserved shares of Common Stock, an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares
of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share
Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting,
the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval
of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve
such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is able to obtain the written
consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve the increase in the number of authorized
shares of Common Stock, the Company may satisfy this obligation by obtaining such consent and submitting for filing with the Securities
and Exchange Commission an Information Statement on Schedule 14C.

 

2.       ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to
time as follows:

 

(a)  
Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant, with the prior written consent
of the Required Holders, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board
of Directors of the Company.

 

(b)  
Adjustment Upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the
number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination,
reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision or combination
becomes effective.

 

 

 

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3.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation or Bylaws, or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times
in good faith carry out all of the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this
Warrant, and (iii) shall, so long as any of the Loan Warrants are outstanding, take all action necessary to reserve and keep available
out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Loan Warrants, 100%
of the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Loan Warrants then outstanding.

 

4.         WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. The Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote
or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this
Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a
stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue
of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends
or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive
upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company.

 

5.       REISSUANCE OF WARRANTS.

 

(a)  
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 5(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 5(d))
to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)  
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company
shall execute and deliver to the Holder a new Warrant (in accordance with Section 5(d)) representing the right to purchase the Warrant
Shares then underlying this Warrant.

 

(c)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 5(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Loan Warrants for
fractional Warrant Shares shall be given.

 

(d)  
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the
right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 5(a)
or Section 5(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the
other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant),
(iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall
have the same rights, terms and conditions as this Warrant.

 

6.       REPRESENTATIONS AND
WARRANTIES OF THE HOLDER. The Holder hereby represents and warrants to the Company as follows:

 

(a)  
No Public Sale or Distribution. The Holder is acquiring this Warrant, and when issued in accordance with the terms of this
Warrant, the Warrant Shares, in the ordinary course of its business for its own account and not with a view towards, or for resale in
connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act of
1933, as amended (the “Securities Act”). The Holder does not presently have any agreement or understanding, directly
or indirectly, with any Person to distribute any of the Securities.

 

 

 

    	 	3	 

     

    

 

(b)  
Holder Status and Experience. The Holder is, and on each date on which the Holder acquires any Warrant Shares it will be,
an “accredited investor” as that term is defined in Rule 501(a) of Regulation D. The Holder, either alone or together with
its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating
the merits and risks of the investment in the Securities, and has so evaluated the merits and risks of such investment. The Holder is
able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such
investment.

 

(c)  
Information. The Holder and its advisors, if any, have been furnished with all materials relating to the business finances
and operations of the Company and materials relating to the offer and issuance of the Securities that have been requested by the Holder.
The Holder and its advisors, if any, have been afforded the opportunity to ask questions of the Company and receive answers from the Company
concerning the terms and conditions of the offering of the Securities, the merits of investing in the Securities and the business, finances
and operations of the Company. Neither such inquiries nor any other due diligence investigations conducted by the Holder or is advisors,
if any, or its representatives shall modify, amend or affect the Holder’s right to rely on the Company’s representations and
warranties contained herein. The Holder understands that its investment in the Securities involves a high degree of risk. The Holder has
sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its
acquisition of the Securities.

 

(d) Transfer or Resale.
The Holder understands that: (i) the Securities are “restricted securities” under applicable securities laws and have not
been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned
or transferred unless (A) subsequently registered thereunder, (B) the Holder shall have delivered to the Company (if requested by the
Company) an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned
or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) the Holder provides the Company
with reasonable assurance that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under
the Securities Act (or a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the Securities made in
reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale
of the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules
and regulations of the Securities and Exchange Commission thereunder; and (iii) neither the Company nor any other Person is under any
obligation to register the Securities under the Securities Act or any state securities laws or to assist the Holder to comply with the
terms and conditions of any exemption thereunder. Notwithstanding the foregoing, the Securities may be pledged in connection with a bona
fide margin account with a FINRA registered broker/dealer or other loan or financing arrangement with an accredited investor secured by
the Securities and such pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and
if the Holder effects such a pledge of Securities it shall not be required to provide the Company with any notice thereof or otherwise
make any delivery to the Company pursuant to this Agreement. The Holder understands that the Warrant Shares shall bear such restrictive
legend as required by the Company.

 

(e) Reliance on Exemptions.
The Holder understands that the Securities are being offered and issued to it in reliance on specific exemptions from the registration
requirements of applicable securities laws and that the Company is relying in part upon the truth and accuracy of, and the Holder’s
compliance with, the representations and warranties of the Holder set forth herein in order to determine the availability of such exemptions
and eligibility of the Holder to acquire the Securities.

 

7.       NOTICES. Whenever
notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section
[__] of the Loan Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant,
including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing,
the Company will give written notice to the Holder immediately upon any adjustment of the Exercise Price, setting forth in reasonable
detail, and certifying, the calculation of such adjustment.

 

8.       
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Required Holders and any amendment, waiver or action made in conformity with the provisions of this
Section 8 shall be binding on all holders of Loan Warrants and the Company The Holder acknowledges and agrees that by operation of this
Section 8, the Required Holders will have the right and power to amend this Warrant and all the other Loan Warrants, including, without
limitation, the power to diminish or eliminate all rights of the Holder under this Warrant.

 

 

 

    	 	4	 

     

    

 

9.       
GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with,
and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company and the Holder each hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and each hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in
an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company and the Holder each hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the respective address set forth in Section [__] of the Loan Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. THE COMPANY AND THE HOLDER EACH HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT.

 

10.      CONSTRUCTION; HEADINGS.
This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the
drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation
of, this Warrant.

 

11.      REMEDIES, OTHER OBLIGATIONS,
BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available
under this Warrant and the other Loan Documents, at law or in equity (including a decree of specific performance and/or other injunctive
relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with
the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder and that the remedy at law for any such breach may be inadequate.

 

The Company therefore agrees that, in the event
of any such breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining
any breach.

 

12.       TRANSFER. This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company, subject
to compliance with all applicable federal and state securities laws.

 

13.       SEVERABILITY. If
any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction,
the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that
it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining
provisions of this Warrant so long as this Warrant as so modified continues to express, without material change, the original intentions
of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question
does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

14.       CERTAIN DEFINITIONS.
For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)  
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City
of New York are authorized or required by law to remain closed.

 

(b)  
“Common Stock” means (i) the Company’s shares of common stock, par value $0.001 per share, and (ii) any
stock capital into which such Common Stock shall have been changed or any stock capital resulting from a reclassification, reorganization
or reclassification of such Common Stock.

 

 

 

    	 	5	 

     

    

 

(c)  
“Expiration Date” means the date sixty (60) months after the Issuance Date or, if such date falls on a day other
than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next day that is not
a Holiday.

 

(d)  
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(e)  
“Principal Market” means the OTCQX.

 

(f)   
“Required Holders” means the holders of the Loan Warrants representing at least a majority of the shares of
Common Stock underlying the Loan Warrants then outstanding.

 

(g)  
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, for
the principal trading market for the Common Stock as in effect on the date of delivery of the applicable Exercise Notice.

 

(h)  
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities market
on which the Common Stock is then traded or qualified for quotation.

 

[Signature Page Follows]

 

 

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

	 	 MEDICINE MAN TECHNOLOGIES, INC.

 

By:________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

EXHIBIT A

 

FORM OF EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

MEDICINE MAN TECHNOLOGIES, INC.

 

The undersigned holder hereby exercises the right to
purchase___shares of Common Stock (“Warrant Shares”) of Medicine Man Technologies, Inc., a Nevada corporation
d/b/a/ Schwazze (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth
in the Warrant.

 

1.   Payment
of Exercise Price. The holder shall pay the Aggregate Exercise Price in the sum of $______________ to the Company in
accordance with the terms of the Warrant.

 

2.   Delivery
of Warrant Shares. The Company shall deliver to the holder ______________ Warrant Shares in accordance with the terms of
the Warrant.

 

Please issue the Warrant Shares in the following name and to the following
account:

 

	Issue to:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Facsimile Number and Electronic Mail:	 
	 	 
	 	 
	Authorization:	 
	 	 
	By:	 
	Title:	 
	Dated:	 
	Broker Name:	 
	Broker DTC #:	 
	Broker Telephone #:	 
	Account Number:	 
	(if electronic book entry transfer)	 
	 	 
	Transaction Code Number:	 
	(if electronic book entry transfer)	 

 

 

 

    	 	8	 

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Exercise
Notice and hereby directs the Transfer Agent to issue the above indicated number of shares of Common Stock.

 

 

	 	

MEDICINE
MAN TECHNOLOGIES, INC.

 

 By:___ _________________________ 
Name:
 Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9

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