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CANN

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General Cannabis Names Interim CEO; Steve Gutterman Steps Down
Posted on Friday May 07, 2021

General Cannabis Board Member and major investor, Adam Hershey, to be appointed Interim CEO Search for new CEO to begin immediately DENVER, May 07, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced several changes to its executive management team. Current Board Member and major investor, Adam Hershey, was appointed as the Company’s Interim CEO. Steve Gutterman stepped down from his CEO and Director roles and will be leaving the Company to pursue other opportunities, effective immediately. Tim Brown, Founder and CEO of Trees, will be joining the Board upon the first closing of the recently announced foundational Trees acquisition. Richard Travia, current Independent Board Member, has been named Lead Independent Director and has initiated a comprehensive search process to select a permanent CEO to lead the Company into its next phase of growth. Mr. Hershey was initially appointed to the Board on July 13, 2020. He has over 25 years of investing experience in public and private markets and is currently the Founder, Managing Partner and Portfolio Manager of Hershey Strategic Capital, LP, an opportunistic, alternative asset manager focused on active investing in small cap public companies. He is also the Founder and Managing Member of several investment partnerships that focus on providing growth and expansion capital to public and private companies. Mr. Hershey was previously a Partner and Chief Investment Officer at SIAR Capital, LLC, a single-family office specializing in undervalued and emerging growth companies based in New York City from September 2007 through June 2016. Mr. Hershey graduated from Tulane University A.B. Freeman School of Business with a B.S.M. in 1994. Mr. Hershey will continue to serve on the Board and will not receive any additional compensation in connection with his new role as Interim CEO. Carl Williams, Chairman of the Board of General Cannabis said, “Adam Hershey injected capital into the Company in May of 2020 and has been integral in the significant strategic and operational progress made since then. Adam brings decades of experience and knowledge and will run the day-to-day operations of the Company, as of May 7th. Over the last 6 months, the Board has become very involved with the Company and has worked tirelessly to improve the results. With the pending transformational Trees acquisition and improvements to the General Cannabis organization, the Company is well positioned for the next chapter of rapid growth. We want to thank Steve for his contribution during the past 16 months, particularly with his focus while working on the acquisition of Trees. We wish him the best in the future.” About General Cannabis Corp General Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting. The Company is pursuing a rollup strategy of cannabis assets in mature markets. The Company's website address is www.generalcann.com. General Cannabis intends to change its name to Trees after the closing of the Trees acquisition, though it will retain its trading symbol CANN. Forward-looking Statements This press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although General Cannabis Corp believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because General Cannabis Corp can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on General Cannabis Corp’s business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in General Cannabis Corp’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein. CONTACT: Contact: Diane Jones IR@generalcann.com


General Cannabis to Create Retail Footprint by Acquiring Trees Dispensaries
Posted on Wednesday April 21, 2021

Once complete, the acquisition will add 2 retail locations in Colorado and 3 in Oregon, bring on a seasoned retail team, and create vertical integration in Colorado.Upon closing, consolidated revenue is expected to triple. The Company expects to be cash flow positive as all retail locations open and ramp.Total consideration for the transaction is $39.5 million, payable 13% in cash and 87% in stock.General Cannabis is expanding its convertible debt round to fund the cash required at the closing of the transaction.General Cannabis will change its corporate name to Trees. DENVER, April 21, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced that it has entered into a definitive agreement to acquire Trees, a leading cannabis retail operator with dispensaries in Colorado and Oregon. The transaction, which is subject to regulatory approval, will provide the Company with a foundational retail platform from which to expand growth. The transaction is the latest milestone for General Cannabis, a Colorado-based company whose strategy is to identify, acquire and operate licensed cannabis facilities in mature markets. Over the last year, General Cannabis became one of the first public companies to receive a Suitability Approval from the Colorado Marijuana Enforcement Division to acquire licensed cannabis assets, acquired and integrated SevenFive Farm (a 17,000 square foot light deprivation greenhouse outside of Boulder, CO), strengthened its Board and management team and completed a series of capital transactions which bolstered its balance sheet and added working and growth capital. In addition to SevenFive Farm, the Company operates Next Big Crop, a subsidiary that provides design, consulting and operational services to cannabis cultivation facilities throughout the country. Total revenue for General Cannabis nearly doubled in 2020 from 2019. Trees currently operates a dispensary in Denver, Colorado and two dispensaries in Portland, Oregon. Revenue for the three existing stores was approximately $18 million in 2020. In the coming months, Trees anticipates opening one additional dispensary in Denver and one in Portland, which would bring its total dispensary count to 5 locations. The addition of the Trees footprint will make General Cannabis vertically integrated in Colorado. Carl Williams, Chairman of the Board of General Cannabis, said, “This is a transformational acquisition for us. Over the past year, we have strengthened our team and our balance sheet to be able to capitalize on an opportunity like this. When we close this transaction, we anticipate that our consolidated revenue will at least triple. We expect to become cash flow positive from operations as all stores open and ramp. Equally important, we instantly develop a retail foundation and add personnel with deep retail experience.” When the transaction closes, the senior leadership of Trees will become an important part of the General Cannabis team. Tim Brown, the founder and CEO of Trees, will become a member of General Cannabis’s Board of Directors and join the executive management team. Trevor Hoffman, co-founder and President of Trees, will also join the executive team. General Cannabis will change its name to Trees as soon after the closing as practicable, though it will retain its trading symbol CANN. Steve Gutterman, CEO of General Cannabis, said, “Today’s announcement represents a massive step forward in executing on our rollup strategy. In acquiring Trees, we are adding a retail platform that is successful today and will be the backbone of future growth. Tim, Trevor and the Trees team bring incredible depth and know-how. They deeply and passionately care about their customers. And the name ‘Trees,’ which suggests health and growth and nature and, of course, cannabis – and has a passionate fan base – is a perfect representation of our combined vision.” General Cannabis will acquire Trees for approximately $39.5 million of total consideration, or 2.2 times Trees’s 2020 revenue. Approximately 13%, of this consideration will be paid in cash over 24 months and 87% will be paid with General Cannabis common stock. The Company will issue 38,745,193 shares to Trees shareholders upon closing; the number of shares is calculated by dividing the stock consideration by $0.89 per share, the 15-day volume weighted average price from March 24th – April 14th. To pay the cash at closing, the Company has expanded its convertible debt round by $2.3 million, to an aggregate of $6.9 million. In total, the Company has raised approximately $10 million over the past nine months. These funds have and will be used to strengthen the Company’s balance sheet and provide capital for growth opportunities like this acquisition. Trees CEO Tim Brown said, “Everything we do, we do for our customers and without them – and our amazing employees – we wouldn’t be here today. We are excited to join the team because General Cannabis shares our values and our vision. This transaction will allow us to grow – our way. We are excited to bring Trees to more customers and to continue to build a business that is by weed people for weed people.” About General Cannabis CorpGeneral Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting. The Company is pursuing a rollup strategy of cannabis assets in mature markets. The Company's website address is www.generalcann.com. Forward-looking StatementsThis press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although General Cannabis Corp believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because General Cannabis Corp can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on General Cannabis Corp’s business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in General Cannabis Corp’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein. Contact:Steve Guttermansgutterman@generalcann.com


General Cannabis Corp Expands Convertible Financing Round and Adds Additional Capital Partner
Posted on Wednesday February 10, 2021

DENVER, Feb. 10, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced that it has raised an additional $1.66 million of its senior convertible promissory notes, bringing the total amount raised in the round to $4.6 million. The additional capital will be used to make capital improvements at SevenFive Farm, the Company’s 17,000 square foot light deprivation greenhouse cultivation facility, to extinguish the remainder of its outstanding 15% debt due in 2022 and to provide operating cash. Steve Gutterman, CEO of General Cannabis, stated, “We are pleased to have oversubscribed our convertible note offering, and we are excited to add a new capital partner as another long-term minded, value-added investor. We will deploy these additional funds prudently to continue to build the business and strengthen the balance sheet.” About General Cannabis CorpGeneral Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting. The Company is pursuing a rollup strategy of cannabis assets in mature markets. The Company's website address is www.generalcann.com. Forward-looking StatementsThis press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although General Cannabis Corp believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because General Cannabis Corp can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on General Cannabis Corp’s business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in General Cannabis Corp’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein. Contact:Steve Guttermansgutterman@generalcann.com


General Cannabis Corp Strengthens Balance Sheet by Raising New Capital, Retiring Existing Debt and Extinguishing Put Obligation
Posted on Monday January 04, 2021

DENVER, Jan. 04, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced that it has raised over $2.9 million of senior convertible promissory notes (“Notes”) and extinguished an existing put obligation.  Collectively, these actions restructure the Company’s debt, reduce its interest expense, increase its operating cash and provide additional financial flexibility. In conjunction with this capital raise, the Company has now rolled or extinguished over $2 million of its outstanding short-term debt, which carried a 15% annual interest rate and was to come due in the first quarter of 2021, and replaced it with Notes that have a 10% annual coupon and mature in December 2023.  The new Notes do not begin paying cash interest until 2022, giving the company more flexibility in 2021. Note holders received warrants to purchase up to 20% of the value of their Notes in common stock at a strike price of $0.56, and also have an option to convert up to 50% of the Notes into shares of common stock at a premium to the current market price, with a floor of $0.65 per share and a ceiling of $1.00.  Every member of the Company’s Board participated in the raise, underscoring the Board’s belief in the direction of the Company.Simultaneously, the Company announced that Barker Dalton, one of its largest shareholders and the founder of SevenFive Farm (a wholly-owned subsidiary of the Company), has waived his right to put one-quarter of his shares to the Company in exchange for cash. Said Dalton, “I am excited about the future for General Cannabis.  I am aligned with my fellow board members and the management team; our overriding goal is to drive shareholder value. Waiving my put right gives the company more flexibility to use cash for value-creating purposes.”Steve Gutterman, CEO of General Cannabis, stated, “We are pleased to strengthen our balance sheet and grateful for the support from both new and existing shareholders.  We are also deeply appreciative of Barker’s waiver; he continues to be a fantastic partner.  We are entirely focused on getting to cash flow positive and executing on our roll-up strategy, and today’s announcements are important steps towards achieving our goals.”About General Cannabis Corp General Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting.  The Company is pursuing a rollup strategy of cannabis assets in mature markets.  The Company's website address is www.generalcann.com.Forward-looking Statements This press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although General Cannabis Corp believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because General Cannabis Corp can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on General Cannabis Corp’s business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in General Cannabis Corp’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein.Contact: Steve Gutterman sgutterman@generalcann.com


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