Business
General Cannabis Announce Entry into Term Sheet For Strategic Acquisition
General Cannabis Announce Entry into Term Sheet For Strategic Acquisition.
About this update from Trees Corporation
[{"type":"text","content":"\nDENVER, June 07, 2019 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQX: CANN) (the “Company”), the comprehensive national resource to the regulated cannabis industry, today announced that it has entered into a non-binding term sheet to acquire substantially all of the assets of The Organic Seed, LLC, doing business as Cannaseur (“Cannaseur”).  Cannaseur is a vertically integrated cannabis license holder located in Pueblo West, Colorado.  In addition to the Cannaseur dispensary and cultivation facility, the term sheet also includes their infused products line, Dabtek.\n General Cannabis is taking this action based on the signing of Colorado House Bill 1090 (“HB-1090”), a recently approved law allowing public companies to own Colorado licensed cannabis companies.  Once the regulations surrounding the implementation of the law are finalized, the Company plans to enter into a binding transaction. The non-binding term sheet provides for consideration of $1.2 million in cash and $0.9 million in shares of the Company’s common stock for virtually all of the tangible and intangible assets of Cannaseur. “This is what we have been waiting for, the finalization of a legal framework that permits publicly traded companies to own and operate cannabis companies within Colorado.  We have been working in Colorado for 6 years, leading the state’s revolution into legalized cannabis sales,” said Michael Feinsod, Executive Chairman of General Cannabis.  “Our 85 employees operate within the regulated cannabis industry and we are eager to bring our professional services to the state as an owner and operator.  Cannaseur provides a solid base for us to leverage our skillset as HB-1090 is enacted.”  “Colorado has been the national leader in legalized cannabis rollout.  With statewide trailing twelve month retail sales of over $1.5 billion, we believe Colorado cannabis cultivators and retailers are poised to take advantage of this new significant access to the public capital markets,” said Feinsod.  “The leading operators in Colorado have achieved success operating at scale and, we believe, are excellent acquisition candidates.  We have known Ryan Griego and Nick Dremel since 2014, and have watched the growth and suc...