DENVER, Jan. 03, 2020 (GLOBE NEWSWIRE) — As it prepares to cycle out its “Cannabis 3.0” advance action over the advancing weeks, General Cannabis Corp. (CANN) and its anew appointed CEO Steve Gutterman today appear several cardinal accomplish that will added focus the company’s operations and strengthen its antithesis sheet. Among the accomplish appear today, General Cannabis Corp. said it affairs to aggrandize the operations about its awful acknowledged and assisting agronomics consulting business, Abutting Big Crop, while abode several non-core business units. Gutterman adumbrated the aggregation will additionally pay off absorption on a aloft agenda and anticipates converting the arch into disinterestedness on agreement to be finalized, and the aggregation anticipates adopting basic in the abreast appellation to armamentarium additional, planned expansion. He additionally appear that the company’s Chief Financial Officer is backward and will argue with the aggregation during its alteration to a new CFO.
In announcement the retirement of Andrews—who has served as CFO for 3 years and stepped bottomward able December 31, 2019—Gutterman said Andrews will move into an advising role with the company, and that Controller Jessica Bast will abide in her role with broadcast responsibilities. Gutterman said: “Brian has been cardinal in the development of General Cannabis Corp. He congenital a abundant aggregation and, as the cannabis bazaar adapted and grew at absurd speed, he put in abode basic processes that ensure we accomplish with accuracy and in abounding acquiescence with Sarbanes-Oxley. We ambition Brian the complete best as he enters into this well-earned affiliate of retirement. And we are aflame to see Jessica abide to aggrandize her role aural the company.”
Andrews said: “It’s been an absurd run for me at General Cannabis. With Steve’s accession as CEO, an accretion lath of admiral and a abundant aggregation in place, this is as acceptable a moment as there will anytime be for me to accomplish a planned alteration into retirement. I attending advanced to allowance the aggregation in any way I can.”
Gutterman additionally appear that the aggregation is accretion operations for Abutting Big Crop, its awful acknowledged and assisting agronomics consulting business—and affairs or eliminating non-core business of its aegis unit, IPG, as able-bodied as its CBD customer sales analysis STOA and Chiefton, its accoutrement unit. IPG accounts are accepted to be sold, while STOA and Chiefton will be discontinued. These accomplishments do not advisedly appulse profitability; rather, they accredit the aggregation to focus on amount businesses. The Abutting Big Crop business is accepted to abound rapidly this year as it expands its agronomics consulting business.
General Cannabis is additionally deepening its antithesis area by advantageous off the absorption on its accepted agenda with SBI. General Cannabis additionally anticipates converting the arch into disinterestedness on agreement to be finalized. Additionally, General Cannabis anticipates adopting basic in the abreast appellation to armamentarium planned expansion.
These accomplishments adapt General Cannabis to assassinate on its 2020 business plan, which the aggregation will altercate in detail over the advancing weeks. General Cannabis Corp. is a trusted accomplice to cultivation, assembly and retail cannabis operations and provides important operational and infrastructural abutment to cannabis operators beyond the US. Over the aftermost several years, the aggregation has completed assorted cardinal acquisitions, aftermost division appear almanac acquirement and is assertive to opportunistically access and accomplish cannabis assets. In mid-December 2019 the aggregation appear the arrangement of Gutterman—an industry baton in the cannabis amplitude and aloft cyberbanking executive—as new CEO.
Said Gutterman, “We are laser focused on our Cannabis 3.0 action and these moves alone strengthen our position. As the cannabis industry access its third appearance of change and growth, we accept we are able-bodied assertive to capitalize on accepting a added mover advantage. We are aflame to bare this over the abutting several weeks and attending advanced to authoritative added announcements.”
About General Cannabis Corp.General Cannabis Corp is the absolute civic ability for the accomplished affection account providers accessible to the adapted cannabis industry. The Aggregation is a trusted accomplice to the cultivation, assembly and retail abandon of the cannabis business. It achieves this through a aggregate of able operating capacity such as security, operational consulting and products, customer appurtenances and business consulting, and basic investments and absolute estate. As a accessory captivation company, the Company’s capacity are able to advantage the strengths of anniversary other, as able-bodied as a beyond antithesis sheet, to succeed. The Company’s website abode is www.generalcann.com.
Forward-looking StatementsThis columnist absolution contains advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such advanced statements accommodate statements apropos to the following: the Company’s “Cannabis 3.0” advance strategy; the cardinal accomplish the Aggregation believes will added focus the Company’s operations and strengthen its antithesis sheet; the Company’s affairs to aggrandize operations about its agronomics consulting business, Abutting Big Crop, while abode several non-core business units; the Company’s affairs to catechumen the arch of a agenda into disinterestedness on agreement to be announced; the Company’s basic adopting efforts; the Company’s planned expansion; and the Company’s apprehension that the Abutting Big Crop business will abound rapidly this year. Any statements that are not statements of actual fact, such as the statements declared above, should be advised advanced statements. Some of these statements may be articular by the use of the words “may,” “will,” “believes,” “plans,” “anticipates,” “expects” and agnate expressions. General Cannabis has based these advanced statements on accepted expectations and projections about approaching contest as of the date of this columnist release. These advanced statements are not guarantees of approaching performance, altitude or after-effects and absorb a cardinal of risks and uncertainties. Actual after-effects may alter materially from those in the advanced statements as a aftereffect of a cardinal of factors, including those factors declared from time to time in General Cannabis’s best contempo Annual Report on Form 10-K and best contempo Quarterly Reports on Form 10-Q beneath the branch “Risk Factors” and in consecutive filings with the Securities and Exchange Commission. General Cannabis undertakes no assignment to amend any advanced statements fabricated herein.
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