General Cannabis To Purchase Trees For $39.5M; Changes Name, Strengthens Retail Footprint

General Corp (OTCQB: CANN) is poised to acquire cannabis retailer Trees.

Transaction Details: The Colorado-based company agreed to purchase Trees for roughly $39.5 million, with 13% of the sum to be paid in cash over the next two years.

The remaining 87% of the purchase price will be paid in General Cannabis common stock.

The company opted to issue 38,745,193 shares to Trees shareholders at $0.89 per share.

In order to fund the acquisition, General Cannabis extended its convertible debt round by $2.3 million to $6.9 million.

Why It Matters:

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