General Cannabis Corp Prices $3,000,000 Registered Direct Offering

DENVER, May 31, 2019 (GLOBE NEWSWIRE) — GENERAL CANNABIS CORP (OTCQX: CANN) (“General Cannabis” or the “Company”), the comprehensive national resource to the regulated cannabis industry, today announced it has entered into definitive agreements with investors for the purchase and sale of (i) 3,000,000 shares of common stock, par value $0.001 per share, and (ii) warrants to purchase up to 3,000,000 shares of common stock at a combined offering price of $1.00 per share, pursuant to a registered direct offering. The warrants will have an exercise price of $1.30 per share, will be immediately exercisable and will expire five years from the date of issuance. The gross proceeds from the offering are expected to be approximately $3,000,000 before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, product development, acquisitions, capital expenditures, repayment of existing indebtedness and other business opportunities. The closing of the registered direct offering is expected to take place on or about June 4, 2019, subject to the satisfaction of customary closing conditions.