General Cannabis has announced that the State of Colorado’s Marijuana Enforcement Division (the “MED”) has granted it regulatory approval to complete the acquisition of Cannasseur, subject to approval by local regulators. "Cannasseur is a vertically integrated Colorado licensee with a recreational dispensary, an oil extraction facility, and a 12,000 square foot light deprivation greenhouse cultivation facility in Pueblo West, Colorado," the team with the company explains. "The acquisition, upon completion, would increase General Cannabis’ revenue, EBITDA and cash flow."
“This is another important announcement in the implementation of our Colorado roll-up strategy,” said Steve Gutterman, Chief Executive Officer. “Following on the closing earlier this month of our SevenFive Farms acquisition, we believe the completion of this transaction would establish General Cannabis as one of the largest publicly traded Colorado cannabis operators in terms of revenue. Our team has done a fantastic job in navigating the new Colorado regulatory environment.”
General Cannabis Corp already operates Next Big Crop (“NBC”) and SevenFive Farm. NBC is a full-service cannabis consulting firm with expertise in the application, design, buildout and operation of cultivation facilities. SevenFive Farm is a light deprivation greenhouse cultivation facility in Boulder, Colorado. The company intends to leverage its operational expertise to continue to pursue its rollup of licensed cannabis facilities through Colorado.
Said Michael Feinsod, Executive Chairman, “We continue to execute on our roll-up strategy in Colorado. We are targeting profitable businesses in mature markets. The completion of the Cannasseur acquisition would add synergies across our cultivation assets, and complete our goal to have a vertically integrated licensed operation in the state of Colorado. The Cannasseur name, customer base and social following have a deep history in Southern Colorado. We look forward to leveraging the synergies of our portfolio as we grow.”