Medicine Man Technologies, operating as Schwazze, has named Forrest Hoffmaster as chief financial officer, effective immediately.
Hoffmaster replaces Nancy Huber, who previously announced plans to retire once the company hired a new CFO.
Hoffmaster will be responsible for the company's finance functions including accounting, audit, risk, tax, treasury, financial planning and analysis, investor relations, and capital markets. In addition, he will oversee the company's data analytics and information technology functions.
"I am excited to join such a deeply experienced, operationally focused team at Schwazze and look forward to the growth and success ahead,” Hoffmaster said. “Schwazze has solid fundamentals and is writing an incredibly successful story as an admired retailer with a house of brands in the cannabis industry. I am looking forward to contributing to that.”
Hoffmaster brings to Schwazze a 30-year career with broad C-suite experience in purpose-driven companies including Whole Foods, HEB Grocery, Advanced Micro Devices, and most recently, with New Seasons Market, headquartered in Portland, Oregon.
As CEO of New Seasons Market, a specialty gourmet food retailer, Hoffmaster led the company through one of the most disruptive periods within its history and the retail grocery industry. He stewarded the company to financial health, growing EBITDA by 30% over two years, with a deliberate growth strategy and operating cost optimization, resulting in a successful sale and integration of the company with Good Food Holdings LLC.
Prior to New Seasons Market, Hoffmaster spent 15 years with Whole Foods Market in various capacities in finance and operations. Previously, he was with HEB Grocery and Advanced Micro Devices in finance management roles. Hoffmaster began his career as a CPA with Arthur Andersen, focusing on SEC and GAAP compliance and reporting. He graduated from the University of Houston Cum Laude with a BBA in accounting in 1993.
"We are excited about the addition of Forrest Hoffmaster to our executive leadership team as Chief Financial Officer,” said Justin Dye, chairman and CEO of Schwazze. “Hoffmaster brings a wealth of financial and operational experience that will enable Schwazze's growth strategy, optimize its operating costs, and foster a performance-driven organization. We thank Nancy Huber, outgoing CFO, for her invaluable contributions since 2019 and wish her well in her retirement."