General Cannabis Corp. Suspends LOI to Acquire California Assets

DENVER, April 24, 2020 (GLOBE NEWSWIRE) -- General Cannabis Corp. (OTCQX: CANN) today announced that it has mutually agreed with Halsa Holdings to suspend their LOI regarding the acquisition of Halsa Holdings by General Cannabis. General Cannabis is focusing on its Colorado-based strategy, centered on completing previously announced acquisitions of SevenFive Farm and Cannasseur, two Colorado-based operations. General Cannabis continues to work with the Colorado Marijuana Enforcement Division on the regulatory approval process required to complete the SevenFive and Cannasseur acquisitions.

About General Cannabis Corp.

General Cannabis Corp. is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. The company is a trusted partner to the cultivation, production and retail sides of the cannabis business. It achieves this through a combination of strong operating divisions, capital investments and real estate. As a synergistic holding company, the company's divisions are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed. The company's website address is .

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements regarding General Cannabis’ Colorado-based strategy and focus on previously announced acquisitions. Any statements that are not statements of historical fact, such as the statements described above, should be considered forward-looking statements. Some of these statements may be identified by the use of the words "may," "will," "believes," "plans," "anticipates," "expects" and similar expressions. General Cannabis has based these forward-looking statements on current expectations and projections about future events as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including that the pending acquisition may not be consummated and including those factors described from time to time in General Cannabis'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. General Cannabis undertakes no duty to update any forward-looking statements made herein.

Contact:

Steve Gutterman