General Cannabis Corp (OTCPK:CANN completed the acquisition of Assets of Trees Waterfront, Trees MLK and Trees Portland LLC.
January 04, 2022
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General Cannabis Corp (OTCPK:CANN) entered in an agreement to acquire Assets of Trees Waterfront, Trees MLK and Trees Portland LLC for $11 million on April 18, 2021. As part of the consideration General Cannabis Corp is paying $0.588 million in cash, $0.88 in cash in 24 equal installments from the date of closing and issued 11.39 million shares of General Cannabis. In a related transaction General Cannabis Corp will also acquire Assets of TDM, LLC and Station 2, LLC. General Cannabis has also agreed to employ Trevor Hoffman, managing member of the Oregon Sellers, to serve as the Head of Retail and President of the Retail Dispensary division for a term of two years, with standard one-year auto-renewals. Closing of the transaction is subject to standard closing conditions, including regulatory approval of the transfer of the cannabis licenses by the applicable Colorado and Oregon cannabis regulatory authorities, consummation of due diligence, subject to a two-year non-competition and non-solicitation covenant prohibiting such parties from engaging in (other than with respect to the Assets), the cultivation, manufacture and sale of marijuana or marijuana-related products, and/or dispensaries in respect thereof, lock up agreement and employment agreement. David Wunderlich of Hoban Law Group acted as legal advisor to General Cannabis Corp. Perry N. Salzhauer of Green Light Law Group acted as legal advisor to Trees Waterfront, LLC, Trees MLK Inc and Trees Portland, LLC.
General Cannabis Corp (OTCPK:CANN) completed the acquisition of Assets of Trees Waterfront, Trees MLK and Trees Portland LLC on January 5, 2022. General Cannabis Corp. completed the acquisition of substantially all of the assets of Trees Portland, LLC and Trees Waterfront, LLC, representing a portion of the overall Trees Oregon transaction on December 30, 2021, and on January 5, 2022, the Company completed the acquisition of substantially all of the assets of Trees MLK Inc. representing the remaining Oregon dispensary.
TREES Corporation is a cannabis retailer and cultivator in the States of Colorado and Oregon. The Company operates through two segments: Retail and Cultivation. It operates about six cannabis dispensaries, which includes Englewood Dispensary, Longmont Dispensary, Hampden Dispensary, 102nd Street Dispensary, Waterfront Dispensary, and MLK Dispensary. It also operates two cultivation facilities in Colorado, such as SevenFive Cultivation Facility and Hillside Cultivation Facility. It operates a licensed 17,000 square foot light deprivation greenhouse cultivation facility. Its dispensaries carry a variety of classic and boutique flower strains, concentrates, cartridges, edibles, drinkables, and smoking accessories. Its subsidiaries include Green Man Cannabis, LLC, Green Tree Colorado LLC, GT Cultivation LLC, SevenFive Farms, LLC, SevenFive Farms Cultivation, LLC, General Cannabis Capital Corporation, and Standard Cann, Inc., among others.