General Cannabis Corp. Receives Key Regulatory Approval from State of Colorado

Colorado’s Marijuana Enforcement Division Approves General Cannabis Corp. to acquire licensed cannabis operations throughout the state

DENVER, May 04, 2020 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQX: CANN), a company with extensive experience in providing services to the cannabis industry, announced today that the State of Colorado’s Marijuana Enforcement Division has granted it regulatory approval as a qualified and suitable buyer of licensed cannabis operations in the State.  This authorization, known as a Suitability Approval, establishes Denver-based General Cannabis as one of the first public companies authorized to acquire licensed cultivation, manufacturing and retail operations throughout the state of Colorado.

Suitability Approval positions General Cannabis to aggressively move forward with its planned growth strategy focused on expanding operations throughout the state of Colorado through its acquisition and operation of licensed cannabis operations.  As a result of obtaining Suitability Approval, General Cannabis is well-positioned to complete its previously announced acquisitions of SevenFive Farm and Cannasseur. The two purchases— SevenFive Farm is a 17,000 square foot light deprivation greenhouse cultivation facility in Boulder, Colorado and Cannasseur is a vertically integrated Colorado licensee with a recreational dispensary, an oil extraction facility, and 12,000 square foot light deprivation greenhouse cultivation facility in Pueblo West, Colorado—are expected to significantly increase General Cannabis’ revenue, EBITDA and cash flow. 

“This critical approval from the State of Colorado puts our company in a unique market position,” said Steve Gutterman, CEO of General Cannabis. “Our strategy is centered on capitalizing on the significant roll-up acquisition opportunities in the Colorado market, and that includes a pipeline that General Cannabis has been building since we launched our strategy in 2019.  The approval we’ve received from state regulators speaks to the strength of our company and team. We are appreciative to the Colorado Marijuana Enforcement Division and look forward to working with them as we take steps to expand our portfolio of Colorado licensed assets and leverage our extensive Colorado market knowledge.”