- Continues General Cannabis’ Strategy of Acquiring Premier Companies in the Marijuana Industry
- Expect Acquisition to be Accretive to 2015 Net Income
DENVER, Sept. 15, 2015 (GLOBE NEWSWIRE) -- General Cannabis Corp. (OTCQB:CANN), a service provider to businesses in the regulated cannabis industry, today announced that it has entered into a letter of intent to acquire casual lifestyle brand Chiefton Supply® from owners and founders Jacob Kulchin and Bryan DeHaven. The acquisition is anticipated to close in September.
Crafted and curated in Denver, Chiefton Supply Co. brings a fresh alternative to the classic marijuana T-shirt. From Colorado’s snowcapped mountains to the busy downtown streets, Chiefton produces street wear apparel and accessories for men and women. They believe in clothing that can embrace the legality and prosperity of the cannabis industry, without compromising on quality, effectively rebranding the “weed T-shirt” for modern consumer markets.
Chiefton sells its products through various retail channels, including clothing stores, dispensaries, smoke shops and the Internet.
“We are very excited to be adding Chiefton Supply Co. to our portfolio of cannabis focused businesses,” said Robert Frichtel, CEO of General Cannabis. “Chiefton’s national potential makes the acquisition a perfect fit for General Cannabis. The brand is more than a state-of-mind; it’s a way of life! We are confident that together, with Jacob and Bryan, we can take an already strong brand and make it even more successful. The synergies with our existing GC Supply are significant and we have already hit the ground running. We plan to start shipping product in the fourth quarter and Chiefton will join the General Cannabis team at the Las Vegas MJ Business Daily expo in November. We believe Chiefton can become a meaningful contributor to General Cannabis’ revenues and net income in 2015 and going forward.”
As part of the acquisition, General Cannabis will acquire substantially all the assets of Chiefton. Chiefton Supply Co. will become a wholly owned subsidiary of General Cannabis. Kulchin and DeHaven will also become Chiefton brand ambassadors, leveraging GC’s existing design, marketing, and supply chain infrastructure to expand the brand’s presence nationally.
“From its beginnings in Colorado Springs and deeply rooted industry connections, General Cannabis has become a national leader in the regulated cannabis space,” said Jacob Kulchin. “As a Colorado lifestyle company who believes in the long term potential for the cannabis industry, we are thrilled to partner with such a like-minded corporation to help grow the Chiefton brand to new heights.”
“This is an exciting time for General Cannabis,” said Jacob Kulchin, “We are thankful to the team at GC for helping bring this partnership to fruition and are looking forward to working with Robert Frichtel, Hunter Garth, Michael Feinsod and the entire General Cannabis organization. It is truly the most humbling and exciting experience to have guys like Robert, Hunter and Michael understand your vision and want to work together.”
Chiefton Supply Co. will be formally introduced to the cannabis community under the General Cannabis awning this November 11-13, 2015 at the MJ Business Daily Expo in Las Vegas, booth number 600.
About Chiefton Supply Company LLC
Chiefton is a Colorado based clothing company devoted to providing progressive designs on desirable fabrics. At our core, we believe in three things: graphic design with purpose, working with passionate individuals and the unique Colorado culture. Our mission is to design clothing that celebrates the flourishing cannabis industry in fresh, creative ways.
For more information, visit www.chieftonsupply.com
About General Cannabis Corp.
General Cannabis Corp’s mission is to lead the regulated cannabis industry by being a trusted partner to the cultivation and retail side of the cannabis business. We do this through a combination of strong operating divisions such as real estate, consulting, security, financing and the distribution of important infrastructure products to grow facilities and dispensaries. As a synergistic holding company, our subsidiaries are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed.
We will continue to integrate partner companies in order to provide a full suite of capabilities for our customers as the regulated cannabis industry continues to expand.
For more information, please visit www.generalcann.com.
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