General Cannabis Corp (OTCMKTS:CANN) To Launch New Internally Commenced Measures In 2017 SHARE ON:FacebookTwitter SUBSCRIBE TO MMJ REPORTER
General Cannabis Corp (OTCMKTS:CANN) expect introducing new internally commenced measures in 2017. The management service program of Next Big Crop is growing. The company intend to continue their active business of assisting approved manufacturers build, open, and run retail locations and manage cultivation sites, with the most advanced technologies available.
The highlights Canna Runner, General Cannabis’ cash transport business, expects notable growth this year, as Colorado Transport Rules are made effective. This IPG subdivision offers cash transport for various Colorado dispensaries. Using corporate headquarters and its current hard resources, they are remodeling the plan to offer an advanced solution for a banking worker intending to service the legalized marijuana market in a standalone facility.
Earlier in September, General Cannabis completed a debt refinancing of $3 million. They obtained cash of $2.45 million for issuing the 12% “Notes”. Long-term debt of $550,000 was converted into 12% “Notes”, and the company utilized some of the proceeds to close all of other long-term debt, which stood at almost $912,000.
This capital offers company the working capital required to actively pursue new investment opportunities and acquisitions. As of close of March 2017, warrants amounting to 3.3 million have been exercised, for which General Cannabis has obtained cash proceeds of almost $1.16 million and a decline in 12% Note principal of about $670,000.
The remaining unexercised warrants released with the debt offering could offer up to additional proceeds of almost $2.98 million if fully exercised. As much as 12% of “Notes” were issued in last September. The company reported that cash interest will be paid quarterly, and the maturity date of “Notes” is September 21, 2018. Pertaining to the issuance of the “Notes”, 9 million warrants to buy common stock were released.
The warrants, which have certain re-pricing and anti-dilution provisions, has expiry date of September 21, 2019.! |