UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 17, 2016
GENERAL CANNABIS CORP
(Exact Name of Registrant as Specified in Charter)
Colorado | 000-54457 | 90-1072649 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
6565 E. Evans Avenue |
| 80224 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (303) 759-1300
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
[_]
Written communications pursuant to Rule 425 under the Securities Act
[_]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[_]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
[_]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 7.01
Regulation FD Disclosure.
On August 12, 2016, General Cannabis Corp (the “Company”) issued a press release announcing its second quarter results. A copy of the press release issued by the Company is attached hereto and incorporated by reference in its entirety as Exhibit 99.1.
On August 16, 2016, the Company issued a press release announcing that its client was awarded approval for their medical cannabis business cultivation application in the State of Maryland. A copy of the press release issued by the Company is attached hereto and incorporated by reference in its entirety as Exhibit 99.2.
The information contained in this Item 7.01 of the Company’s Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The furnishing of the information in this Current Report on Form 8-K is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information contained in this Current Report on Form 8-K constitutes material investor information that is not otherwise publicly available.
The Securities and Exchange Commission encourages registrants to disclose forward-looking information so that investors can better understand the future prospects of a registrant and make informed investment decisions. This Current Report on Form 8-K and exhibits may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and which involve risks, uncertainties and reflect the Registrant’s judgment as of the date of this Current Report on Form 8-K. Forward-looking statements may relate to, among other things, operating results and are indicated by words or phrases such as “expects,” “should,” “will,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this Current Report on Form 8-K. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented within.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
The exhibit listed in the following Exhibit Index is filed as part of this Current Report on Form 8-K.
Exhibit |
| Description |
99.1 |
| Press Release dated August 12, 2016 |
99.2 |
| Press Release dated August 16, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: August 17, 2016
| GENERAL CANNABIS CORP | |
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| By: | /s/ Robert L. Frichtel |
| Name: | Robert L. Frichtel |
| Title: | Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
| Description |
99.1 |
| Press Release dated August 12, 2016 |
99.2 |
| Press Release dated August 16, 2016 |
Exhibit 99.1
General Cannabis Announces 2016 Second Quarter Results
DENVER, CO, August 12, 2016—General Cannabis Corporation (OTCQB: CANN), the all-in-one resource to the regulated cannabis industry, today reported revenues for the three months ended June 30, 2016 of $701,942, a 64% increase over the $427,202 in revenues for the same period in 2015.
General Cannabis’ total revenues in the first half of 2016 were $1,394,054, compared with $484,059 in the same period last year. This represents a 188.0% increase.
General Cannabis reported a diluted loss per share of $0.09 in the second quarter ended June 30, 2016, an improvement of $0.22 per diluted share when compared to a loss of $0.31 per diluted share in the second quarter of 2015.
General Cannabis’ diluted loss per share in the first half of 2016 was $0.17, compared with a diluted loss per share of $0.38 in the same period last year, an improvement of $0.21 per share.
“We are encouraged by the distinct improvement in our revenues in the second quarter. During 2016, we have been focusing on developing our acquired businesses, as well as working on new initiatives. Our service revenues continue to grow significantly, driven by strong growth in our Next Big Crop division and Chiefton.” said Robert Frichtel, CEO of General Cannabis.
“A number of factors worked in our favor in the second quarter, including strong consulting revenue and a sales lift in our apparel business in particular,” Mr. Frichtel said.
“We are pleased that a number of sales-driving initiatives put in place in recent months are beginning to gain traction. In the third quarter, we expect a significant increase in our General Cannabis Supply division and are well positioned across our operating divisions for additional organic growth through 2016. We continue to refine our marketing skills and are preparing some new initiatives for the fall, and are actively exploring new regulated markets,” he added.
About
General Cannabis Corporation is the all-in-one resource for the highest quality service providers available to the regulated Cannabis Industry. We are a trusted partner to the cultivation, production and retail side of the cannabis business. We do this through a combination of strong operating divisions such as real estate, consulting, security, financing and the distribution of important infrastructure products to grow facilities and dispensaries. As a synergistic holding company, our subsidiaries are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed.
Our 2016 Second Quarter Results (Q2 10Q) can be viewed in their entirety at:
https://www.sec.gov/Archives/edgar/data/1477009/000139843216000702/0001398432-16-000702-index.htm
Safe Harbor
This presentation contains forward-looking statements which relate to future events or General Cannabis’ future performance or financial condition. Any statements that are not statements of historical fact (including statements containing the words “believes,” “should,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as result of a number of factors, including those described from time to time in General Cannabis’ filings with the Securities and Exchange Commission. General Cannabis undertakes no duty to update any forward-looking statements made herein.
Contact
Robert Frichtel
CEO – General Cannabis Corp
(303) 759-1300
Exhibit 99.2
GENERAL CANNABIS CLIENT AWARDED MD STAGE ONE LICENSE PRE APPROVAL
DENVER, CO- (Aug 16, 2016) General Cannabis Corp., (OTCQB : CANN ) (the "Company"), the all-in-one resource for the highest quality services providers available to the regulated cannabis industry, today announced that one of the Company's Maryland-based clients secured preliminary approval for their medical cannabis business cultivation application in the state of Maryland. General Cannabis’ consulting division, Next Big Crop, assisted in the development of the application and the standard operating procedures that were evaluated by the state, as part of the licensing process.
Richard Cardinal, Managing Director of Next Big Crop, said: “Our commitment to working exclusively with one single client throughout the process was integral to our success. Exclusivity allowed us to dedicate all of our efforts and resources to Green Leaf Medical LLC and that paid off. Now the hard work begins, as we begin taking hundreds of pages of operational plans and turn them into a state of the art medical cannabis cultivation business. The real winners today are the patients of Maryland who stand to benefit from this truly effective alternative medicine.”
Robert Frichtel, CEO of General Cannabis, commented: "This win in the Maryland market is an excellent example of Next Big Crop’s expertise and the corporate opportunities we have as legalization spreads across the country. Achieving success for our client in Maryland paves the road for the continued projects and, potentially incremental revenues in the state of Maryland.”
About
General Cannabis Corporation is the all-in-one resource for the highest quality service providers available to the regulated Cannabis Industry. We are a trusted partner to the cultivation, production and retail side of the cannabis business. We do this through a combination of strong operating divisions such as real estate, consulting, security, financing and the distribution of important infrastructure products to grow facilities and dispensaries. As a synergistic holding company, our subsidiaries are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed.
Safe Harbor
This presentation contains forward-looking statements which relate to future events or General Cannabis’ future performance or financial condition. Any statements that are not statements of historical fact (including statements containing the words “believes,” “should,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as result of a number of factors, including those described from time to time in General Cannabis’ filings with the Securities and Exchange Commission. General Cannabis undertakes no duty to update any forward-looking statements made herein.
Contact:
Robert Frichtel
CEO – General Cannabis Corp
(303) 759-1300