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General Cannabis to Acquire Denver Cannabis Retailer
Thursday 22 August 2019

22 August 2019 - US-based regulated cannabis industry resource General Cannabis Corp (OTCQX: CANN) has entered into a non-binding term sheet to acquire substantially all of the assets of a licensed recreational cannabis retailer in Denver, Colorado, the company said.

The seller of the business operates a retail cannabis dispensary in Denver.

This potential transaction follows the company's recent announcement of its entry into non-binding term sheets to acquire other licensed cannabis entities in Colorado.

The company is taking these actions based on the signing of Colorado House Bill 1090, a recently approved law allowing public companies to own Colorado-licensed cannabis companies.

Once the regulations surrounding the implementation of the law are finalized, the company plans to enter into a binding transaction for the Business.

It is anticipated that General Cannabis will pay consideration consisting of 50% cash and 50% in shares of the company's common stock for substantially all of the tangible and intangible assets of the Business.

The term sheet for the business also provides that the company will enter into a five-year lease for the retail facility with options for renewal and purchase.

General Cannabis is a partner to the cultivation, production and retail sides of the cannabis business.

The company's operating divisions offer security, operational consulting and products, consumer goods and marketing consulting, and capital investments and real estate.
Details
Date Published: 22/08/2019
Target: Licensed recreational cannabis retailer in Denver, Colorado
Country: USA
Sector: Wholesale/Retail
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Vendor:
Buyer: General Cannabis Corp
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