Business
General Cannabis Announces Entry into Term Sheet For Strategic Acquisition of Leading Boulder Retailer
General Cannabis Announces Entry into Term Sheet For Strategic Acquisition of Leading Boulder Retailer.
About this update from Trees Corporation
[{"type":"text","content":"\n DENVER, Oct. 28, 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 a licensed recreational cannabis retailer in Boulder, Colorado (the “Business”).   It is anticipated that General Cannabis will pay consideration consisting of fifty percent cash and fifty percent in shares of the Company’s common stock for virtually all of the tangible and intangible assets of the Business.  This potential transaction follows the Company’s recent announcements of its entry into non-binding term sheets to acquire other licensed cannabis entities in Colorado. The Company is taking these actions 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 binding transactions for the licensed cannabis entities, including the Business.  “We are pleased to announce our plans to acquire a fourth licensed Colorado cannabis operator,” said Michael Feinsod, Executive Chairman and Chief Executive Officer of General Cannabis.  “This planned acquisition would expand our retail business to Boulder. The Business we plan to acquire would provide another strong piece to our expansion strategy.  This facility would pair us with a premier retailer and expand our customer base, allowing us to leverage our skill set as HB-1090 is implemented.  We look forward to completing the transaction and integrating this facility, and its employee team, into the General Cannabis family.  This acquisition would bring our anticipated cultivation space to approximately 45,000 square feet, our anticipated owned dispensaries to three, and one infused products manufacturer license within the state of Colorado. “We have been working hard looking for suitable acquisition candidates.  We approach the possibilities created under HB-1090 with a methodical and detailed plan for expansion into Colorado licensed assets,” said Hunter Garth, Vice Presid...