Business
General Cannabis d/b/a TREES Closes Acquisition of TREES Portland, TREES Waterfront & TREES Mlk; Acquisition Adds to the TREES Retail Footprint With Expansion in Oregon
General Cannabis d/b/a TREES Closes Acquisition of TREES Portland, TREES Waterfront & TREES Mlk; Acquisition Adds to the TREES Retail Footprint With Expansion in Oregon.
About this update from Trees Corporation
[{"type":"text","content":"\n DENVER, Jan. 06, 2022 (GLOBE NEWSWIRE) -- General Cannabis Corp d/b/a TREES (OTCQB: CANN) (“TREES” or “the Company”) is pleased to announce the closing of the acquisition of the “TREES” Oregon dispensaries. Total consideration for the acquisition of the three licenses and related assets in Portland, Oregon was $1,470,405 in cash and 11,394,229 shares issued at $0.89 per share. This acquisition is part of the Company’s continuing disciplined retail expansion plan in both Colorado and Oregon. TREES is vertically integrated in Colorado, led by its flagship dispensary in Englewood and its greenhouse facility in Boulder, SevenFive Farm. The closing of the three Portland dispensaries gives the Company meaningful exposure to the fastest growing city in Oregon(1). “We continue to work closely with the OLCC and local leadership as we expand our footprint in the Portland, Oregon market. We are looking forward to serving our communities and helping to create jobs in the state,” said Trevor Hoffman, President of Retail Operations. TREES anticipates opening an additional dispensary in Denver in the coming months, which would expand the multi-state operator’s footprint to five retail locations. Adam Hershey, Interim CEO, said, “The closing of the TREES Oregon assets marks a critical milestone in our journey towards creating a focused, profitable vertically integrated operator in both Colorado and Oregon.” 1According to the Portland State University Population Research Center – 11/19/2021 - https://www.pdx.edu/news/psus-population-research-center-releases-preliminary-oregon-population-estimates-0#:~:text=Its%20population%20increased%20by%20more,%25)%20between%202020%20and%202021. ABOUT TREES TREES is the parent company of a vertically integrated cannabis company and multi-state operator in the U.S., operating in Colorado and Oregon. TREES is pursuing a roll-up strategy of licensed assets in mature markets, while maintaining loyal, local customer bases. TREES currently owns and operates a 17,000 square foot light-deprivation greenhouse cultivation facility in Boulder, Colorado, a dispensary in Englewood, Colorado and three dispensaries in Portland, Oregon. TREES trades on the OTCQB market under the symbol CANN. For more information, please visit treescann.com. Forw...