DENVER, June 09, 2017 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB:CANN) announced today the acquisition of GC Finance Arizona, LLC ("GC Arizona") from Infinity Capital West, LLC ("Infinity Capital"), according to a press release. GC Arizona owns two primary assets: 1) a 50% LLC membership interest in DB Products Arizona, LLC ("DB Arizona") and 2) a secured promissory note with DB Arizona in the amount of $825,000, plus accrued interest. General Cannabis paid $106,001 for the acquisition of GC Arizona. Infinity Capital is owned by General Cannabis' chairman of the board, Michael Feinsod.
DB Arizona produces and distributes medical marijuana infused products in the state of Arizona. The vast majority of DB Arizona's products to date have been Dixie Brands Inc.'s full line of medical cannabis "Dixie Elixirs and Edibles." DB Arizona began production in the fourth quarter of 2016. During the first quarter of 2017, gross revenues for DB Arizona were approximately $194,000. DB Arizona has significant excess production capacity at its 14,000 square foot state of the art commercial kitchen and infused products manufacturing facility.
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"We are excited to announce the purchase of GC Finance Arizona, LLC. We look forward to working with our partners to introduce and produce the highest quality infused products for the medical marijuana industry in the state of Arizona." said Michael Feinsod. "Closing on this milestone expands our public company platform and further diversifies our revenue stream, which will create significant shareholder value."
