TREES Announces Closing of Series A Convertible Preferred Equity Offering; Convertible at $1.00 Per Share
DENVER, Sept. 13, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp. d/b/a TREES (OTCQB: CANN) (“TREES” or “the Company”), a vertically integrated licensed cannabis operator, is pleased to announce that it has completed the sale of 1,180 Units of Series A Convertible Preferred Equity. Each Unit consists of one share of Series A Convertible Preferred Stock (convertible into 1,000 shares of the Company’s Common Stock) and 300 warrants. The conversion price of the Common Stock at the time of conversion is $1.00 per share, a meaningful premium to the current market price of the Common Stock. The total gross proceeds of the offering was $1,180,000.
The Company intends to use the proceeds for additional working capital and general corporate purposes. Furthermore, this infusion of capital strengthens the TREES balance sheet and helps to accelerate the opening of its new stores in both Colorado and Oregon.
Carl Williams, Chairman of the Board, said, “This financing is a testament to the confidence that our investors have in our roll-up strategy. The meaningful premium to our current stock price and the ability to continue to attract strategic capital, validates our long-term vision.”
ABOUT TREES
TREES is the parent company of a Colorado-based, vertically-integrated cannabis business pursuing a roll-up strategy of licensed assets in mature markets. TREES currently owns a 17,000 square foot light-deprivation greenhouse cultivation facility in Boulder, Colorado and a dispensary in Englewood, Colorado.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although TREES believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because TREES can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the expected or potential impact of the COVID-19 pandemic on TREES's business operations, financial results and position, as well as world economy and volatility, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in TREES's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. TREES undertakes no duty to update any forward-looking statements made herein.
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