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General Cannabis Closes $4 Million Private Placement
General Cannabis Closes $4 Million Private Placement.
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[{"type":"text","content":"\n\n\n\nGeneral Cannabis Closes $4 Million Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGeneral Cannabis Closes $4 Million Private Placement\nPR Newswire\nDENVER, Dec. 18, 2017\n\n\n\nDENVER, Dec. 18, 2017 /PRNewswire/ -- General Cannabis Corporation (OTCQB: CANN) today announced that it has closed the previously announced private placement of its common stock and warrants to purchase its common stock. The private placement was increased to a total of $4 million. The financing consisted of units sold at a price of $1.00 per unit, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of 50 cents per share and exercisable immediately.\n\nIn total, the Company issued an aggregate of 4 million shares of common stock and warrants to purchase up to 4 million shares of common stock.  \n\n\"Closing the financing gives the Company the capital to aggressively expand our business into new markets.\" said General Cannabis CEO Robert Frichtel commenting on the capital raise. \"We are very excited to have greater capacity to accelerate the development of our business.\"\n\nMichael Feinsod, General Cannabis Chairman, commented on the opportunities that the additional capital provides: \"General Cannabis continually seeks to expand into new cannabis-related businesses through acquisitions and investment. This additional capital will allow the company to increase these efforts and bring new and innovative products to the regulated cannabis market.\"\n\nNeither the shares of General Cannabis common stock nor the warrants sold in the private placement have been registered under the Securities Act of 1933, as amended (the \"Securities Act\"). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. General Cannabis has agreed to file certain registration statements covering the resale of the General Cannabis comm...