GENERAL CANNABIS CORP (OTCMKTS:CANN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
General Cannabis Corp (the “Company”) previously issued that certain Promissory Note, dated July 18, 2019, as amended, to SBI Investments LLC, 2014-1 (the “Purchaser”). On December 30, 2019, the Purchaser agreed to extend the maturity date of such Promissory Note from December 20, 2019, to January 31, 2020, upon the payment by the Company to the Purchaser of $195,911 on or before December 31, 2019. Such payment, which the Company will make on or before December 31, 2019, reflects (a) $40,911 of accrued interest on the Promissory Note through December 31, 2019, and (b) a payment of $155,000 of the principal amount of the Promissory Note. As a result of such payment, the principal amount of the Promissory Note will be reduced from $905,000 to $750,000.
About GENERAL CANNABIS CORP (OTCMKTS:CANN)
General Cannabis Corporation offers various products and services to companies in the cannabis industry. The Company’s integrated solution ranges from operational and compliance consulting to security and marketing to financing needs. The Company’s segments include Security and Cash Management Services; Marketing and Products; Consulting and Advisory, and Finance and Real Estate. The Security and Cash Management Services segment includes the operations of Iron Protection Group, LLC. The Marketing and Products segment includes the operations of Chiefton Supply Co. (Chiefton), an apparel and design company. The Consulting and Advisory segment offers consulting services, such as obtaining licenses, compliance, cultivation and logistical support, to the cannabis industry through Next Big Crop. The Finance and Real Estate segment includes real estate leasing; Shared Office Space, Networking and Event Services, and Industry Finance and Equipment Leasing Services.