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General Cannabis Corp (OTCMKTS:CANN) Reports Acquisition Of Mile High Protection Services LLC

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General Cannabis Corp

General Cannabis Corp (OTCMKTS:CANN) reported that it has acquired Mile High Protection Services LLC, which has boasts a diversified client roster, offering security services to hospitality firms, like hotels, and to licensed cannabis cultivators and retailers in Colorado.

The highlights

During the seven months closed July 2017, Mile High recorded revenue of around $570,000. The purchase price comprises of the issuance of 224,359 shares of General Cannabis common stock as per the asset purchase deal. The purchase price remains subject to adjustment in case less than 90% of particular Mile High customer deals are assigned to company.

Robert Frichtel, the CEO of General Cannabis, reported that Mile High will complement their existing security business named Iron Protection Group. It expands their footprint within the cannabis security market in Colorado, as well as offering the prospect to expand their entire security segment into the hospitality and other industries. This combination offers natural synergies across management, operating and hiring expenses.

Tim Moore, the CEO of Mile High, reported that he is thrilled to join General Cannabis. This offers an opportunity to continue company’s success by using the General Cannabis support and network to continue offering excellent service to customers. The entire team is thrilled to be part of company.

Michael Feinsod, the Chairman of General Cannabis Board, reported that this expansion of their security segment is consistent with their plan of acquiring well run firms with strong management teams. The acquisition of Mile High expands and helps to strengthen their leadership in cannabis security in Colorado, as well as broadens company’s customer base to other industries. They continue to actively pursue complementary acquisitions.

In the last trading session, the stock price of General Cannabis traded in a narrow range and closed almost flat at $1.56. The traded share volume was 31,764 compared to average share volume of 100,183.


 

 

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