General Cannabis Corp d/b/a TREES (OTCMKTS: CANN) has announced the closing of the purchase of the “TREES” Oregon cannabis dispensaries. For the three licenses and accompanying assets in Portland, Oregon, the company will pay around $1.47 million in cash plus 11.394 million shares issued at $0.89 per share.
General Cannabis expanding its reach in Oregon and Colorado
Notably, the purchase is part of General Cannabis’’ long-term retail expansion strategy in both Oregon and Colorado. TREES is a vertically integrated operator in Colorado, with its premier dispensary in Englewood and its SevenFive Farm greenhouse facility in Boulder. The closure of the three dispensaries in Portland provides the company with significant exposure to Oregon’s fastest-growing metropolis.
Retail Operations President Trevor Hoffman said, “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.
In the coming months, TREES is planning to build another dispensary in Denver, bringing the total number of retail locations for the multi-state operator to five.
Adam Hershey, Interim CEO, commented, “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.”
General Cannabis completed purchase Trees Portland and Trees Waterfront assets
The company recently acquired all Trees Portland LLC and Trees Waterfront LLC assets representing a percentage of all Trees transactions. The transaction is in accordance with the First Amended and Restated Agreement and Plan of Reorganisation and Liquidation of June 3, 2021. The company paid $331,580.50 in cash and 6.424 shares of the company’s common stock as part of the Oregon Closing. Furthermore, Sellers will be paid $497,370 in cash over the course of 2 years from the Oregon Closing in equal monthly installments.
In accordance with the entire Trees deal, the company finalized the purchase of almost all of Trees MLK Inc.’s (“MLK”) assets on January 5, 2022, representing the last Oregon dispensary.
General Cannabis Corp d/b/a TREES (OTCMKTS: CANN) closes the purchase of TREES Oregon Cannabis Dispensaries
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