SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 14.   SUBSEQUENT EVENTS

On January 7, 2019, Robert Frichtel retired as Chief Executive Officer of General Cannabis Corp. and provided his resignation to the Company’s Board of Directors on such date. Mr. Frichtel will continue to serve on the Company’s Board of Directors. On January 7, 2019, the Board appointed Michael Feinsod, the Chairman of the Board, as interim Chief Executive Officer of the Company.

In January 2019, we loaned an additional $250,000 to BRB Realty, LLC pursuant to the terms of a senior secured note (“BRB Note”), bearing interest at 13% per annum and a maturity date of July 15, 2019.

On February 1, 2019, we entered into a commercial real estate lease for 3,200 square feet of retail space in Greenvale, NY, with an initial term of two years and, at our option, two additional terms of five years each (the “Greenvale Lease”).  Rent will be $7,000 per month, as well as our portion of real estate taxes and common area maintenance.

In March 2019, we agreed to loan $375,000 to Consolidated C.R., LLC (“CCR”) in the form of a convertible promissory note, bearing interest at 12%, collateralized by virtually all of the assets of CCR, with a term of 18 months (the “CCR Note”). We have a 90 day option to convert $250,000 of principal under the CCR Note into a 10% equity ownership in CCR. CCR is a vertically integrated medical cannabis company located in San Juan, Puerto Rico.