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US (CO): Acquisition of a Boulder based cultivation facility

General Cannabis has signed a purchase agreement to acquire SevenFive Farm, a cultivation facility in Boulder, CO. "The pending acquisition will now be submitted to the Colorado state regulators for approval; the acquisition will close when this approval process is complete," the team with the company explains. "The company originally announced the Letter of Intent for this acquisition in August 2019."

"SevenFive Farm is a 17,000 square feet light deprivation greenhouse cultivation facility that has operated in Boulder county for over 4 years. General Cannabis expects to improve production in the facility to approximately 300 lbs of flower per month. The cannabis cultivated at SevenFive will initially be sold on the wholesale market and, as the company adds retail operations, used to partially supply the Company’s dispensaries."

Said Steve Gutterman, CEO of General Cannabis, “This acquisition represents another step in executing on our Cannabis 3.0 strategy.  We are acquiring a proven, successful facility. We will deploy Next Big Crop, our cultivation consulting business, to improve production over existing levels. And we will use the production from the facility to supply dispensaries as we add them.”

The Company expects that once the acquisition has been completed and integration has concluded, SevenFive Farm will generate over $5 million in annual revenue and over $3 million in positive contribution towards corporate EBITDA. Said Gutterman, “Our goal is to acquire profitable, successful assets and then enable our seasoned management team to apply proven management practices to improve performance even further. SevenFive fits perfectly into this model.”

Terms of the acquisition were not disclosed.

For more information:
General Cannabis
+1.303.759.1300 
[email protected]  
generalcann.com  

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