GlobeNewswire Inc | Jul 30, 2020 01:11PM EDT

July 30, 2020

DENVER, July 30, 2020 (GLOBE NEWSWIRE) -- General Cannabis Corp. (OTCQB: CANN), a leading publicly traded Colorado cannabis company, announced today that it has closed the final tranche of the investment by Hershey Strategic Capital, LP and Shore Ventures III, LP (the Investors). The Investors funded $815,000 to bring total funding to $3,000,000 on terms previously announced by the Company. Concurrently, the Company announced that the Colorado Marijuana Enforcement Division has approved Adam Hershey as a member of the Companys board of directors.

About General Cannabis Corp General Cannabis Corp offers a comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. The Company is a trusted partner to the cultivation, production and retail sides of the cannabis business. The Company's website address iswww.generalcann.com.

Forward-looking StatementsThis press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of words such as anticipate, believe, expect, estimate, plan, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of managements experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although General Cannabis believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, caution must be exercised in relying on forward-looking statements because General Cannabis can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, current and future market conditions; the impact of the COVID-19 pandemic on General Cannabis, risks related to federal, state, local and foreign government laws, rules and regulations, including changes in the regulation of medical and recreational cannabis use; as well as those risks and uncertainties discussed from time to time in General Cannabiss most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading Risk Factors and in subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this release. General Cannabis undertakes no duty to update any forward-looking statements made herein.

Contact:Steve Gutterman sgutterman@generalcann.com