DENVER, May 13, 2020 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQX: CANN), a company with extensive experience in providing services to the cannabis industry, announced today it has completed the acquisition of SevenFive Farm, a 17,000 square foot light deprivation greenhouse cultivation facility in Boulder, Colorado. General Cannabis’ acquisition is the result of its approval by the State of Colorado’s Marijuana Enforcement Division, which established the Company as one of the only Colorado-based entities to own and operate licensed cannabis facilities.
“This is a significant milestone for our company and for the continued development of the legalized cannabis market in Colorado,” said Steve Gutterman, CEO of General Cannabis. “SevenFive Farm is well-known throughout Colorado for its authentic, quality cultivation and our intention is to build on that foundation to significantly increase yields and sales. This transaction is the first of what we anticipate will be similar ones with other licensed operators in Colorado as we execute on our rollup strategy.”
General Cannabis expects to produce over 3,000 pounds of cannabis per year from SevenFive Farm. Production will be sold on the wholesale market and, as the Company adds stores, directly to customers.
General Cannabis Corp also operates Next Big Crop (“NBC”), a full-service cannabis consulting firm with expertise in the application, design, buildout and operation of cultivation facilities. NBC has designed and operated over 100 cultivation facilities throughout the country, prepared and submitted over 35 license applications, and enabled clients to produce over 100,000 pounds of regulated cannabis. The NBC team will leverage its expertise to increase productivity at SevenFive Farm.
About General Cannabis Corp
General Cannabis Corp is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. The company is a trusted partner to the cultivation, production and retail sides of the cannabis business. It achieves this through a combination of strong operating divisions, capital investments and real estate. As a synergistic holding company, the company's divisions are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed. The company's website address is www.generalcann.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include the following statements: the SevenFive Farm acquisition is the first of what General Cannabis anticipates will be similar ones with other licensed operators in Colorado as the Company executes on its rollup strategy; General Cannabis expects to produce over 3,000 pounds of cannabis per year from SevenFive Farm; production will be sold on the wholesale market and, as the Company adds stores, directly to customers; and the NBC team will leverage its expertise to increase productivity at SevenFive Farm. Any statements that are not statements of historical fact, such as the statements described above, should be considered forward-looking statements. Some of these statements may be identified by the use of the words "may," "will," "believes," "plans," "anticipates," "expects" and similar expressions. General Cannabis has based these forward-looking statements on current expectations and projections about future events as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those factors described from time to time in General Cannabis'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. General Cannabis undertakes no duty to update any forward-looking statements made herein.
Contact:
Steve Gutterman
sgutterman@generalcann.com
303-759-1300