General Cannabis (OTCQX:CANN +1.4%) announced the acquisition of The Organic Seed, LLC, doing business under the name Cannasseur, located in Pueblo West, Colorado, for $2.35M of General Cannabis common equity, priced at the time of closing, subject to a floor of $0.45 per share and a ceiling of $0.55 per share.

General Cannabis anticipates that with some modernization and process improvements to the existing cultivation center, will significantly increase production at Cannasseur in its first full year of ownership.

General Cannabis says Cannasseur should generate over ~$4M of incremental annual revenue, post completion of acquisition and integration.