General Cannabis Corp 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.”
For more information:
General Cannabis Corp.
303.759.1300
[email protected]
generalcann.com