Item 2.05 Costs Associated with Exit or Disposal Activities.
On December 31, 2019, the Board of Directors (the "Board") of General Cannabis
Corp (the "Company") committed to dispose of three of the Company's non-core
business units, comprising its apparel business, Chiefton, its CBD retail
business, STOA Wellness, and its security services business, Iron Protection
Group, in order to focus the Company on expanding the operations of Next Big
Crop, the Company's highly successful and profitable cultivation consulting
business. The Company intends to sell or dissolve such non-core business units
in [the first half of 2020]. The Company is currently unable to determine
estimated ranges of the major costs, amounts to be incurred or amounts of
charges that will result in future cash expenditures that will be associated
with the disposition of such non-core businesses units.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On December 31, 2019, Brian Andrews notified the Board of his resignation as
Chief Financial Officer of the Company, effective immediately. Mr. Andrews's
resignation was not due to any dispute or disagreement with the Company on any
matter relating to the Company's operations, policies or practices. Mr. Andrews
will continue to consult the Company in an advisory role while the Company
transitions to new Chief Financial Officer. The Company is actively searching
for a qualified candidate for the role of Chief Financial Officer.
Item 7.01 Regulation FD Disclosure.
On January 3, 2020, the Company issued a press release announcing key moves to
further focus its business operations for its next phase of growth. A copy of
the press release is filed and attached hereto as Exhibit 99.1.
The information in this Item 7.01 of this Current Report on Form 8-K and the
related Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that Section, or incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press release, dated January 3, 2020--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
TREES CORPORATION 
