General Cannabis Corp completed the acquisition of Assets of TDM, LLC and Station 2, LLC for $13.5 million.
September 01, 2021
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General Cannabis Corp (OTCPK:CANN) agreed to acquire Assets of TDM, LLC and Station 2, LLC for $26.2 million on April 18, 2021. The purchase price for the transaction consists of a cash payment of $1.41 million at closing, and an additional $2.11 million in cash payable for a period of 24 months from the closing. In addition, at the closing, the General Cannabis Corp will issue to the TDM, LLC and Station 2, LLC 27.35 shares of the General Cannabis Corp’s common stock. In a related transaction Trees Acquisition Corp acquired assets of Trees Waterfront, LLC, Trees MLK Inc. and Trees Portland, LLC. As part of the transaction, General Cannabis has agreed to employ Timothy Brown, managing member of the Sellers, to serve as the General Cannabis Chief Visionary Officer for a term of two years, subject to earlier termination upon certain conditions. Closing of the transaction is subject to standard closing conditions, including regulatory approval of the transfer of the cannabis licenses by the applicable Colorado and Oregon cannabis regulatory authorities. Closing of the transaction is subject to standard closing conditions, including regulatory approval of the transfer of the cannabis licenses by the applicable Colorado and Oregon cannabis regulatory authorities, consummation of due diligence, subject to a two-year non-competition and non-solicitation covenant prohibiting such parties from engaging in (other than with respect to the Assets) and employment agreement. David Wunderlich of Hoban Law Group acted as legal advisor to Trees Acquisition Corp. Perry N. Salzhauer of Green Light Law Group acted as legal advisor to TDM, LLC and Station 2, LLC.
General Cannabis Corp (OTCPK:CANN) completed the acquisition of Assets of TDM, LLC and Station 2, LLC for $13.5 million on September 2, 2021. The cash paid by General Cannabis Corp consisted of $1,155,256.09 and the stock consideration shall be 22,380,310 shares of the General Cannabis Corp’s Common Stock. Further, cash equal to $1,732,884.14 will be paid to Seller in equal monthly installments over a period of 24 months from Closing.
TREES Corporation is a cannabis retailer and cultivator in the States of Colorado and Oregon. The Company operates through two segments: Retail and Cultivation. It operates about six cannabis dispensaries, which includes Englewood Dispensary, Longmont Dispensary, Hampden Dispensary, 102nd Street Dispensary, Waterfront Dispensary, and MLK Dispensary. It also operates two cultivation facilities in Colorado, such as SevenFive Cultivation Facility and Hillside Cultivation Facility. It operates a licensed 17,000 square foot light deprivation greenhouse cultivation facility. Its dispensaries carry a variety of classic and boutique flower strains, concentrates, cartridges, edibles, drinkables, and smoking accessories. Its subsidiaries include Green Man Cannabis, LLC, Green Tree Colorado LLC, GT Cultivation LLC, SevenFive Farms, LLC, SevenFive Farms Cultivation, LLC, General Cannabis Capital Corporation, and Standard Cann, Inc., among others.