September 26, 2016 11:35 PM ET

Real Estate Management and Development

Company Overview of General Cannabis Corp.

Company Overview

General Cannabis Corporation provides services to the regulated cannabis industry in the United States. The company engages in the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners; and provision of security services, including on-site professionals, video surveillance, and cash transport to licensed cannabis cultivators and retail shops. It also designs, distributes, and sells apparel featuring graphic designs; and offers consulting services to the cannabis industry that comprise obtaining licenses, compliance, cultivation, logistical support, facility design, and building services. In addition, General Cannabis Corporati...

6565 East Evans Avenue

Denver, CO 80224

United States

Founded in 2013

93 Employees

Phone:

303-759-1300

Key Executives for General Cannabis Corp.

Chief Executive Officer and Director
Age: 52
Total Annual Compensation: $136.0K
Managing Director of Iron Protection Group Security
Total Annual Compensation: $86.7K
Compensation as of Fiscal Year 2015.

General Cannabis Corp. Key Developments

General Cannabis Seeks Acquisitions

General Cannabis Corp. (OTCPK:CANN) announced that it completed the initial closing of a $3 million private placement transaction with various private parties including existing note holders of the Company. The Company issued $2.8 million of senior secured promissory notes and an aggregate of 8.4 million warrants to purchase common stock. The proceeds of this debt raise will be used primarily to fund the Company's expansion, repayment of existing mortgages, senior secured debt, and for working capital, as well as to pay any fees and expenses associated with the placement. "This debt raise will allow us to deliver increased value to our shareholders," said Robert Frichtel, Chief Executive Officer of General Cannabis Corporation. "We are managing our cost of capital through these transactions and creating a significant amount of working capital to continue our acquisition strategy in the marijuana industry." Robert Frichtel added, "The impact of replacing existing debt and this new capital is exceptional. It positions General Cannabis to continue its strategy of acquiring emerging companies in the cannabis space. With this transaction, we consider ourselves well capitalized to take advantage of the many opportunities that we see emerging in the near future."

General Cannabis Corporation Reports Earnings Results for the Second Quarter and Six Months ended June 30, 2016

General Cannabis Corporation reported revenues for the three months ended June 30, 2016 of $701,942, a 64% increase over the $427,202 in revenues for the same period in 2015. General Cannabis reported a diluted loss per share of $0.09 in the second quarter ended June 30, 2016, an improvement of $0.22 per diluted share when compared to a loss of $0.31 per diluted share in the second quarter of 2015. General Cannabis' total revenues in the first half of 2016 were $1,394,054, compared with $484,059 in the same period last year. This represents a 188.0% increase. General Cannabis' diluted loss per share in the first half of 2016 was $0.17, compared with a diluted loss per share of $0.38 in the same period last year, an improvement of $0.21 per share.

General Cannabis Corporation Announces Opening of Chiefton Supply Depot Retail Store

General Cannabis Corporation announced the opening of its first retail store, Chiefton Supply Depot. The store will be located at 6565 E. Evans in Denver Colorado. The Chiefton Supply Depot will occupy a ground level suite taking approximately 1,500 square feet in The Greenhouse, General Cannabis’ corporate headquarters and shared cannabis industry workspace. The company anticipates the opening of the store in early June with the opening Celebration in July.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
September 22, 2016
--
Private Placement
August 15, 2016
--
 

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