General Cannabis Corp Expands Convertible Financing Round and Adds Additional Capital Partner
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General Cannabis Corp
Wed, February 10, 2021, 5:40 PM
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DENVER, Feb. 10, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced that it has raised an additional $1.66 million of its senior convertible promissory notes, bringing the total amount raised in the round to $4.6 million. The additional capital will be used to make capital improvements at SevenFive Farm, the Company’s 17,000 square foot light deprivation greenhouse cultivation facility, to extinguish the remainder of its outstanding 15% debt due in 2022 and to provide operating cash.
Steve Gutterman, CEO of General Cannabis, stated, “We are pleased to have oversubscribed our convertible note offering, and we are excited to add a new capital partner as another long-term minded, value-added investor. We will deploy these additional funds prudently to continue to build the business and strengthen the balance sheet.”
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.
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.