General Cannabis Announces Closing of the Acquisition of TREES Englewood and Corporate Name Change to “TREES”; Board of Director Added

Rhea-AI Summary

General Cannabis Corp (OTCQB: CANN) has successfully acquired the TREES Englewood Dispensary, now operating under the name TREES following a Colorado tradename filing. The company anticipates the closing of two dispensaries in Portland, Oregon, alongside new dispensaries opening in Denver and Portland. Tim Brown, founder and CEO, joined the Board of Directors on September 7, 2021, marking a strategic leadership shift. With a focus on expanding its footprint in the cannabis industry, TREES positions itself for significant growth in Colorado and beyond.

Positive

• Successful acquisition of TREES Englewood Dispensary enhances market presence.
• Anticipated expansion with two new dispensaries in Denver and Portland.
• Leadership addition of Tim Brown expected to accelerate growth strategies.

Negative

• None.

DENVER, Sept. 08, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) (“TREES” or “the Company”) is pleased to announce the closing of the acquisition of the TREES Englewood Dispensary. The Company will now be doing business as TREES, pursuant to a Colorado tradename filing. The Company expects to close the acquisition of the two previously announced dispensaries in Portland, Oregon in the near future, and the opening of the two new dispensaries in Denver and Portland.

There will be no change to the symbol “CANN”. The Company’s common shares will continue to trade under the ticker “CANN” on the OTCQB.

TREES founder & CEO, Tim Brown, officially joined the Board of Directors and the Nominating Committee of the Board on Tuesday, September 7, 2021.

Commenting on the closing, Tim Brown stated, “We are excited about building on the footprint of TREES, forming new partnerships in the cannabis industry and opening new retail dispensary locations. TREES is ready for the next stage of our growth!”

Chairman of the Board, Carl Williams added, “We are thrilled to have Tim & team as we embark on our next chapter of growth. Tim’s vision, creativity and deep bench of talent will accelerate our roll-up strategy. As a vertically integrated public company, TREES sets a strong foundation for our targeted expansion in Colorado and beyond.”

ABOUT TREES

TREES is the parent company of a Colorado-based, vertically-integrated cannabis business pursuing a roll-up strategy of licensed assets in mature markets. TREES currently owns a 17,000 square foot light-deprivation greenhouse cultivation facility in Boulder, Colorado and a dispensary in Englewood, Colorado.

Forward-looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although TREES believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because TREES can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on TREES's business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in TREES's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. TREES undertakes no duty to update any forward-looking statements made herein.

Contact:
IR@generalcann.com

FAQ

What is General Cannabis Corp's acquisition announcement involving CANN?

General Cannabis Corp announced the acquisition of the TREES Englewood Dispensary and plans to open additional dispensaries in Oregon and Colorado.

How does the acquisition impact General Cannabis Corp's stock symbol CANN?

There will be no change to the stock symbol CANN, which continues to trade on the OTCQB.

Who joined the Board of Directors of General Cannabis Corp on September 7, 2021?

Tim Brown, the founder and CEO of TREES, officially joined the Board of Directors on September 7, 2021.

What future expansions are planned for General Cannabis Corp under the ticker CANN?

General Cannabis Corp plans to open two new dispensaries in Denver and Portland after the recent acquisitions.

What is the strategic importance of the TREES Englewood Dispensary acquisition for CANN?

The acquisition is part of a strategy to expand market presence and establish partnerships in the cannabis industry.