General Cannabis Submits Change of Ownership License to Colorado’s Marijuana Enforcement Division (MED) for Englewood Dispensary Location

Rhea-AI Summary

General Cannabis Corp (OTCQB: CANN) has submitted a Change of Ownership License to the Marijuana Enforcement Division for its Englewood Dispensary, moving closer to finalizing the acquisition of Trees. CEO Tim Brown expressed confidence in the completion of the acquisition pending final approvals. Additionally, the transfer of Trees’ dispensary licenses in Portland, Oregon, is progressing, along with plans for new dispensaries in Denver and Portland. General Cannabis aims to rebrand as Trees post-acquisition while retaining the ticker symbol CANN.

Positive

• Submission of Change of Ownership License moves acquisition of Trees closer to completion.
• Confidence expressed by CEO Tim Brown regarding final approvals.
• Progress in transferring Trees' dispensary licenses in Portland.
• Plans for new dispensaries in Denver and Portland indicate growth.

Negative

• None.

DENVER, June 15, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) is pleased to announce the submittal of the Change of Ownership License to the Marijuana Enforcement Division (MED) for the Englewood Dispensary location has been made. This brings the company one step closer towards the closing of the Trees acquisition and becoming a vertically integrated operator in Colorado.

Tim Brown, the founder and CEO of Trees said, “With the submittal to the MED for the Englewood location, we feel confident that the closing of the acquisition is within our sights and are prepared to move forward once final approvals are received.”

The transfer of Trees’ other two dispensary licenses in Portland, Oregon is also proceeding, as is the opening of the additional planned dispensaries in Denver and in Portland.

About General Cannabis Corp

General Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting. The Company is pursuing a rollup strategy of cannabis assets in mature markets. The Company's website address is www.generalcann.com. General Cannabis intends to change its name to Trees after the closing of the Trees acquisition, though it will retain its trading symbol CANN.

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 General Cannabis Corp 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 General Cannabis Corp 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 General Cannabis Corp'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 General Cannabis Corp'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. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein.

FAQ

What is the significance of the Change of Ownership License submitted by General Cannabis Corp?

The Change of Ownership License is a crucial step in finalizing the acquisition of Trees, bringing General Cannabis closer to becoming a vertically integrated operator in Colorado.

What does the acquisition of Trees mean for General Cannabis Corp?

Acquiring Trees allows General Cannabis to expand its operations and rebrand, enhancing its market presence while maintaining the ticker symbol CANN.

When did General Cannabis Corp announce the submission of the Change of Ownership License?

The announcement was made on June 15, 2021.

What is the current status of Trees' dispensary licenses in Portland?

The transfer of Trees' two dispensary licenses in Portland is currently progressing as part of the acquisition process.

Will General Cannabis Corp change its name after the acquisition?

Yes, General Cannabis Corp intends to change its name to Trees after the acquisition is completed.