General Cannabis Announces Entry into Term Sheet to Acquire Hälsa Holdings Inc.
January 7th, 2020
News, Top News
Acquisition will strengthen General Cannabis’s management team and add three revenue producing assets
DENVER, Jan. 07, 2020 (GLOBE NEWSWIRE) — General Cannabis Corp (OTCQX: CANN), a company with deep domain expertise in providing services to the cannabis industry, today announced that it has signed a non-binding term sheet to acquire Hälsa Holdings Inc, a company led by industry experts and created to acquire assets in mature markets. When the acquisition is complete, General Cannabis will acquire contracts to acquire three dispensaries in California, and add a deeply experienced team to its existing executive group. The acquisition is expected to close in Q1 2020, subject to entry into definitive documentation.
Chris Colón leads the Hälsa executive team, and will bring to General Cannabis extensive knowledge and experience in mergers and acquisitions and developing retail and fast casual concepts. Prior to joining Hälsa, Mr. Colón was President of Nectar Cannabis, the largest vertically integrated cannabis company in the state of Oregon with seventeen retail locations and over four hundred employees. Before Nectar, Mr. Colón was an executive at Consumer Capital Partners, an innovative investment and operating company, which created Smashburger, a better burger concept with over 330 locations worldwide.
Said Steve Gutterman, CEO of General Cannabis, “Chris is one of the most respected leaders in cannabis. He has unmatched retail experience. More importantly, his integrity is second to none. I can’t wait for him to work alongside me and the rest of the General Cannabis team as we expand our retail presence.”
When the acquisition of Hälsa is complete, Mr. Colón is expected to become President of General Cannabis, reporting to the CEO. Mr. Colón said, “Along with the rest of the Hälsa team, I couldn’t be more excited to join Steve and the General Cannabis team. The landscape of the cannabis industry has changed rapidly, and we have a massive opportunity in front of us to grow quickly. General Cannabis is well positioned to capitalize on these opportunities.”
Hälsa has entered into Purchase Agreements or Letters of Intent with three retail dispensaries in California that collectively generate revenues of approximately $12 million. General Cannabis will seek to grow revenue at all three locations by refurbishing and expanding operations. Said Mr. Colón, “We have painstakingly picked out marquee assets in California. The assets we have under contract are excellent revenue producing stores with extraordinary possibilities for expansion.”
The acquisition of Hälsa represents a significant step for General Cannabis as it executes on its Cannabis 3.0 strategy. The company plans to grow revenue and profit by:
Said Mr. Gutterman, “This is Cannabis 3.0. In it, we have created a second mover advantage by building a fantastic team, cherry picking assets in mature markets and allocating capital efficiently and effectively to produce outsized returns. The acquisition of Hälsa will accelerate our progress and is an important strategic initiative for the company.”
About General Cannabis Corp
|1/7/2020 8:30:00 AM|
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