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General Cannabis Announces Investment in Vertically Integrated Cannabis Operation in Puerto Rico
General Cannabis Announces Investment in Vertically Integrated Cannabis Operation in Puerto Rico.
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[{"type":"text","content":"\nDENVER, March 05, 2019 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQX: CANN) (the “Company”), the comprehensive national resource to the regulated cannabis industry, today announced an investment in \n Consolidated C.R., LLC (“CCR”), a Puerto Rico limited liability company.  The Company is investing $375,000 in the form of a convertible promissory note, bearing interest at 12%, collateralized by virtually all of the assets of CCR, with a term of 18 months.  The Company has a 90 day option to convert $250,000 of principal under the note into a 10% equity ownership in CCR. CCR is a vertically integrated medical cannabis company located in San Juan, Puerto Rico. The CCR management team consists of industry experts with success in mainland cannabis businesses.   Additionally, CCR’s management is comprised of attorneys and business executives with a passion for cannabis and a vast knowledge of regulated industries.  CCR has built a strong, local network and maintains valuable industry connections throughout the island, providing a solid foundation for launching and operating a successful cannabis business in Puerto Rico. “This investment marks the continued expansion of our finance division, dedicated to supporting entrepreneurs’ success in regulated cannabis markets,” said Michael Feinsod, Chairman and CEO of General Cannabis. “ Having known members of the CCR team from working in Colorado, Oregon and Nevada, we are eager to support, and potentially partner, in the Puerto Rico cannabis market.” Puerto Rico's Department of Economical Development projects total cannabis-related revenue in Puerto Rico to surpass $100 million by the end of 2019, with over 60,000 registered medical marijuana patients. Other experts anticipate $1 billion in total cannabis-related revenue by 2021.  CCR will use the General Cannabis investment to complete construction of its commercial grade cultivation, manufacturing, and dispensary facility. Any additional funds will be allocated to start-up and operating expenses. “We have known the team at General Cannabis for many years, so we understand and appreciate the extensive support and benefits that come from doing business with one of the most disciplined and transparent teams in the industry,” said ...