TREES Corporation CANN signed a definitive agreement to acquire GMC LLC d/b/a Green Man Cannabis Dispensary, located in Denver. This purchase continues the rapid and targeted expansion of TREES’ dispensary footprint to 8 stores in 2 states.
Total consideration for the acquisition will consist of 4.5 million shares of common stock, with an ascribed stock price of $0.89 per share, a meaningful premium to the current stock price, and cash. The acquisition is expected to close prior to the end of this calendar year, subject to obtaining Colorado Marijuana Enforcement Division and local licensing approval.
Adam Hershey, Interim CEO of TREES, stated, “We’re excited to add another strong, above-average revenue producing dispensary to our expanding footprint. Green Man is conveniently located and easily accessible, enabling us to serve a broader cross section of customers in the Denver metro area.”
TREES is the parent company of a vertically-integrated cannabis company and multi-state operator in the U.S., operating in Colorado and Oregon. TREES is pursuing a roll-up strategy of licensed assets in mature markets, while maintaining loyal, local customer bases. TREES currently owns and operates a light-deprivation greenhouse cultivation facility in Boulder, Colorado, a dispensary in Englewood, Colorado and three dispensaries in Portland, Oregon. TREES is in process of obtaining approval for the recently announced Green Tree transaction, which upon closing will further expand both its retail and cultivation assets.
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