The State of Colorado’s Marijuana Enforcement Division has granted General Cannabis Corp a regulatory approval as a qualified and suitable buyer of licensed cannabis operations in the State. "This authorization, known as a Suitability Approval, establishes Denver-based General Cannabis as one of the first public companies authorized to acquire licensed cultivation, manufacturing and retail operations throughout the state of Colorado," the team with the company explains.
"As a result of obtaining Suitability Approval, General Cannabis is well-positioned to complete its previously announced acquisitions of SevenFive Farm and Cannasseur. The two purchases— SevenFive Farm is a 17,000 square foot light deprivation greenhouse cultivation facility in Boulder, Colorado and Cannasseur is a vertically integrated Colorado licensee with a recreational dispensary, an oil extraction facility, and 12,000 square foot light deprivation greenhouse cultivation facility in Pueblo West, Colorado—are expected to significantly increase General Cannabis’ revenue, EBITDA and cash flow."
“This critical approval from the State of Colorado puts our company in a unique market position,” said Steve Gutterman, CEO of General Cannabis. “Our strategy is centered on capitalizing on the significant roll-up acquisition opportunities in the Colorado market, and that includes a pipeline that General Cannabis has been building since we launched our strategy in 2019. The approval we’ve received from state regulators speaks to the strength of our company and team. We are appreciative to the Colorado Marijuana Enforcement Division and look forward to working with them as we take steps to expand our portfolio of Colorado licensed assets and leverage our extensive Colorado market knowledge.”
General Cannabis already operates Next Big Crop (“NBC”), a full-service cannabis consulting firm with expertise in the application, design, buildout and operation of cultivation facilities. "NBC has designed and operated over 100 cultivation facilities throughout the country, prepared and submitted over 35 license applications, and enabled clients to produce over 100,000 pounds of regulated cannabis," they further explain. "Combined with its NBC business, the acquisitions of SevenFive Farm and Cannasseur will provide General Cannabis with a strategic advantage in evaluating, acquiring and operating facilities thanks to its proprietary knowledge of cultivation and retail operations."
Michael Feinsod, Executive Chairman, stated “General Cannabis is uniquely positioned; as Colorado natives, we have been anticipating this approval and are ready to capitalize on the numerous opportunities that now emerge for us within the state. We have the added advantage of 2020 asset pricing for our transactions. We enter the Colorado market ’asset light‘ and intend to build a portfolio using a disciplined analysis to acquisitions and aggressively expand our portfolio.”
For more information:
General Cannabis Corp.
303.759.1300
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generalcann.com