Business
General Cannabis Corp. Announces Key Moves to Further Focus Its Business Operations for Next Phase of Growth
General Cannabis Corp. Announces Key Moves to Further Focus Its Business Operations for Next Phase of Growth.
About this update from Trees Corporation
[{"type":"text","content":"\n DENVER, Jan. 03, 2020 (GLOBE NEWSWIRE) -- As it prepares to roll out its “Cannabis 3.0” growth strategy over the coming weeks, General Cannabis Corp. (OTCQX: CANN) and its newly appointed CEO Steve Gutterman today announced several strategic steps that will further focus the company’s operations and strengthen its balance sheet.  Among the steps announced today, General Cannabis Corp. said it plans to expand the operations around its highly successful and profitable cultivation consulting business, Next Big Crop, while shedding several non-core business units.  Gutterman indicated the company will also pay off interest on a major note and anticipates converting the principal into equity on terms to be finalized, and the company anticipates raising capital in the near term to fund additional, planned expansion.  He also announced that the company’s Chief Financial Officer is retiring and will consult with the company during its transition to a new CFO. In announcing the retirement of Andrews—who has served as CFO for 3 years and stepped down effective December 31, 2019—Gutterman said Andrews will move into an advisory role with the company, and that Controller Jessica Bast will continue in her role with expanded responsibilities. Gutterman said: “Brian has been pivotal in the development of General Cannabis Corp. He built a great team and, as the cannabis market transformed and grew at incredible speed, he put in place essential processes that ensure we operate with transparency and in full compliance with Sarbanes-Oxley.  We wish Brian the absolute best as he enters into this well-earned chapter of retirement.  And we are excited to see Jessica continue to expand her role within the company.” Andrews said: “It’s been an incredible run for me at General Cannabis.  With Steve’s arrival as CEO, an expanding board of directors and a great team in place, this is as good a moment as there will ever be for me to make a planned transition into retirement.  I look forward to helping the company in any way I can.” Gutterman also announced that the company is expanding operations for Next Big Crop, its highly successful and profitable cultivation consulting business—and selling or eliminating non-core business of its security...