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DENVER, Jan. 06, 2022 (GLOBE NEWSWIRE) -- General Cannabis Corp d/b/a TREES (OTCQB: CANN) (“TREES” or “the Company”) is pleased to announce the closing of the acquisition of the “TREES” Oregon dispensaries. Total consideration for the acquisition of the three licenses and related assets in Portland, Oregon was $1,470,405 in cash and 11,394,229 shares issued at $0.89 per share.
This acquisition is part of the Company’s continuing disciplined retail expansion plan in both Colorado and Oregon. TREES is vertically integrated in Colorado, led by its flagship dispensary in Englewood and its greenhouse facility in Boulder, SevenFive Farm. The closing of the three Portland dispensaries gives the Company meaningful exposure to the fastest growing city in Oregon(1).
“We continue to work closely with the OLCC and local leadership as we expand our footprint in the Portland, Oregon market. We are looking forward to serving our communities and helping to create jobs in the state,” said Trevor Hoffman, President of Retail Operations.
TREES anticipates opening an additional dispensary in Denver in the coming months, which would expand the multi-state operator’s footprint to five retail locations. Adam Hershey, Interim CEO, said, “The closing of the TREES Oregon assets marks a critical milestone in our journey towards creating a focused, profitable vertically integrated operator in both Colorado and Oregon.”
1According to the Portland State University Population Research Center – 11/19/2021 - https://www.pdx.edu/news/psus-population-research-center-releases-preliminary-oregon-population-estimates-0#:~:text=Its%20population%20increased%20by%20more,%25)%20between%202020%20and%202021.
TREES is the parent company of a vertically integrated cannabis company and multi-state operator in the U.S., operating in Colorado and Oregon. TREES is pursuing a roll-up strategy of licensed assets in mature markets, while maintaining loyal, local customer bases. TREES currently owns and operates a 17,000 square foot light-deprivation greenhouse cultivation facility in Boulder, Colorado, a dispensary in Englewood, Colorado and three dispensaries in Portland, Oregon. TREES trades on the OTCQB market under the symbol CANN. For more information, please visit treescann.com.
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.