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General Cannabis Corp.

General Cannabis Corp. is a holding company, which is engaged in the provision of lease growing space and related facilities to licensed marijuana business operators. It operates through the following segments: Security, Operations, Consumer Goods, and Investments. The Security segment provides advanced security, including on-site professionals, video surveillance and cash transport, to licensed cannabis cultivators and retail shops. The Operations segment offers consulting services to the cannabis industry that include obtaining licenses, compliance, cultivation, retail operations, logistical support, facility design and building services, and expansion of existing operations. The Consumer Goods segment includes pursuing relationships with non-cannabis national and regional apparel retailers and distributors, as well as expanding product line nationwide within the cannabis industry. The Investments segment includes expanding portfolio of loans, potentially launching a loan origination and servicing business, and investing in high-growth potential companies within the cannabis industry. The company was founded on November 12, 1987 and is headquartered in Denver, CO.

Sours: https://www.marketwatch.com/investing/stock/cann

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Bonita Springs

26251 S Tamiami Trail, Suite 7
Bonita Springs, FL 34134

Bradenton

5203 Cortez Rd., Suite 6
Bradenton, FL 34210

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1411 Cape Coral Parkway E
Cape Coral, FL 33904

Clermont

2560 E. Hwy 50 Suite 102
Clermont, FL 34711

Daytona Beach

1027 N. Nova Rd., Unit 105
Holly Hill, FL 32117

Deerfield Beach

1101 S. Powerline Rd., Suite 104
Deerfield Beach, FL 33442

Destin / Miramar Beach

11610 Emerald Coast Parkway, Suite A
Miramar Beach, FL 32550

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3607 SW Archer Rd
Gainesville, FL 32608

Jacksonville – Roosevelt

4339 Roosevelt Blvd, Suite 200
Jacksonville, FL 32210

Jacksonville – Sunbeam

5298 Sunbeam Road, Unit 6
Jacksonville, FL 32257

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4000 Hwy 98 N Suite 103
Lakeland, FL 33809

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12955 Seminole Blvd, #103
Largo, FL 33778

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11091 Biscayne Blvd, Unit 11091A
Miami, FL 33161

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1700 N Semoran Blvd, Suite 160
Orlando, FL 32807

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7400 Southland Blvd, Suite 110
Orlando, FL 32809

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1663 Georgia St. NE, Suite 900
Palm Bay, FL 32907

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2401 Langley Ave, Unit A
Pensacola, FL 32504

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1100 El Jobean Rd, Unit #112
Port Charlotte, FL 33948

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10688 Gandy Blvd North
St. Petersburg, FL 33702

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Stuart, FL 34994

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1212-2 N Monroe St
Tallahassee, FL 32303

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17631 Bruce B Downs Blvd, Suite A
Tampa, FL 33647

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2007 West Kennedy Blvd
Tampa, FL 33606

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770-B1 S Military Trail
West Palm Beach, FL 33415

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Cresco Labs Scraps VidaCann Merger

Cresco Labs(OTC:CRLBF) is backing away from its deal to acquire medical marijuana provider VidaCann.

When the deal was announced in March, Cresco Labs said purchasing VidaCann would allow it to enter a Florida medical cannabis market that was projected to grow to $1.7 billion by 2022. VidaCann's licenses, retail dispensaries, and cultivation facilities were all supposed to support Cresco's growth ambitions in the Sunshine State. 

"Entering the Florida market is consistent with Cresco Labs' strategy of entering markets with [outsize] demand with strong regulatory structures and is an important milestone for the company that dramatically impacts our growth trajectory," Cresco Labs CEO Charlie Bachtell said at the time. 

Now, however, financing concerns have forced Cresco to abandon the deal.

"We recognize that responsibly allocating our shareholders' capital is fundamental to long-term success," Bachtell said in a press release on Tuesday. "While it sometimes means making tough decisions, we are committed to executing on a superior capital agenda, responsibly accelerating the top and bottom line, executing thoughtful and accretive M&A [merger and acquisition] transactions, and generating efficiencies as we scale." 

Cresco said scrapping the VidaCann deal would eliminate $120 million in near-term cash requirements.

A cannabis leaf on top of a stack of hundred dollar bills

Cannabis company Cresco Labs is seeking to conserve cash. Image source: Getty Images.

Out with one deal, in with another

At the same time, Cresco also announced that it had entered into sale-and-leaseback transactions with Innovative Industrial Properties(NYSE:IIPR) that will help it raise cash. Cresco will sell two properties in Ohio and Michigan to the cannabis-focused real estate investment trust (REIT) for approximately $38 million. Innovative Industrial Properties will then lease the properties to Cresco, which will continue to operate them as cannabis cultivation and processing facilities. The deal is expected to close in the next 30 days, subject to IIP's due diligence proceedings.

"With these two announcements, we have effectively strengthened our balance sheet to the tune of nearly $158 million between new non-dilutive funding and the elimination of a significant near-term cash outlay earmarked for the [VidaCann] transaction," Bachtell said.

Rather than enter the Florida market, Cresco will instead look to deploy its capital in markets in which it already has an operational presence, such as Illinois, Pennsylvania, California, and Nevada.

"We believe it's in the best interest of our shareholders to reallocate resources to these existing higher return opportunities with a view to looking for a more capital-efficient way to enter the Florida market over the longer term," Bachtell said.

Sours: https://www.fool.com/news/2019/11/26/cresco-labs-scraps-vidacann-merger.aspx
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