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General Cannabis Names Interim CEO; Steve Gutterman Steps Down

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  • General Cannabis Board Member and major investor, Adam Hershey, to be appointed Interim CEO

  • Search for new CEO to begin immediately

DENVER, May 07, 2021 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB: CANN) today announced several changes to its executive management team. Current Board Member and major investor, Adam Hershey, was appointed as the Company’s Interim CEO. Steve Gutterman stepped down from his CEO and Director roles and will be leaving the Company to pursue other opportunities, effective immediately. Tim Brown, Founder and CEO of Trees, will be joining the Board upon the first closing of the recently announced foundational Trees acquisition.

Richard Travia, current Independent Board Member, has been named Lead Independent Director and has initiated a comprehensive search process to select a permanent CEO to lead the Company into its next phase of growth.

Mr. Hershey was initially appointed to the Board on July 13, 2020. He has over 25 years of investing experience in public and private markets and is currently the Founder, Managing Partner and Portfolio Manager of Hershey Strategic Capital, LP, an opportunistic, alternative asset manager focused on active investing in small cap public companies. He is also the Founder and Managing Member of several investment partnerships that focus on providing growth and expansion capital to public and private companies. Mr. Hershey was previously a Partner and Chief Investment Officer at SIAR Capital, LLC, a single-family office specializing in undervalued and emerging growth companies based in New York City from September 2007 through June 2016. Mr. Hershey graduated from Tulane University A.B. Freeman School of Business with a B.S.M. in 1994. Mr. Hershey will continue to serve on the Board and will not receive any additional compensation in connection with his new role as Interim CEO.

Carl Williams, Chairman of the Board of General Cannabis said, “Adam Hershey injected capital into the Company in May of 2020 and has been integral in the significant strategic and operational progress made since then. Adam brings decades of experience and knowledge and will run the day-to-day operations of the Company, as of May 7th. Over the last 6 months, the Board has become very involved with the Company and has worked tirelessly to improve the results. With the pending transformational Trees acquisition and improvements to the General Cannabis organization, the Company is well positioned for the next chapter of rapid growth.

We want to thank Steve for his contribution during the past 16 months, particularly with his focus while working on the acquisition of Trees. We wish him the best in the future.”

About General Cannabis Corp

General Cannabis Corp is a Colorado-based cannabis company with deep expertise in wholesale and retail operations as well as cultivation consulting. The Company is pursuing a rollup strategy of cannabis assets in mature markets. The Company's website address is www.generalcann.com. General Cannabis intends to change its name to Trees after the closing of the Trees acquisition, though it will retain its trading symbol CANN.

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 General Cannabis Corp 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 General Cannabis Corp 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 General Cannabis Corp’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 General Cannabis Corp’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. General Cannabis Corp undertakes no duty to update any forward-looking statements made herein.

CONTACT: Contact: Diane Jones IR@generalcann.com