Exhibit 99.1

Dear Stakeholders: 

As we come together during these unprecedented times, our sincerest hope is that you, your families and friends are safe and in good health.  Our collective focus is, first and foremost, on our stakeholder’s health and safety. At the same time, we recognize that the cannabis industry finds itself a source of relief and support for many people.

Our world has taken a turn none of us could have ever anticipated—and the U.S. economy faces historic pressure as a result of COVID-19. Where shelter-in-place restrictions have been enacted, marijuana-related businesses have been deemed “essential” along with food and agriculture, transportation, energy, financial services, communications and information technology.

Clearly, the COVID-19 outbreak has challenged our business operations. Nonetheless, we start with this news: General Cannabis Corp enjoyed record revenue in 2019. In fact, we expect to report revenues for the year ended December 31, 2019 at approximately $6.0 million, which is up more than 30% from the prior year, led especially by the continued strong performance from Next Big Crop (NBC), our cultivation consulting business.

At the close of last year, we made a strategic decision to focus on the acquisition of state licensed cannabis cultivation, manufacturing and retail operations in mature markets, primarily Colorado and California. We also streamlined our operations to ensure our capital was being put to use most efficiently, discontinuing our Security and Consumer Segments, which were performing well but without the margins that we felt justified continued investment. At the same time, we increased our focus and investment in NBC. Since acquiring NBC in 2015, we have continued to grow market share in the design, construction and management of regulated marijuana cultivation in retail facilities throughout the country. Our confidence in NBC’s potential to drive continued revenue growth opportunities in existing and newly legalized states is significant. Equally important, our operating experience at NBC enables us to identify, acquire and operate underperforming cultivation assets.

Although our definitive acquisition agreement to acquire 75 Farms, a light deprivation greenhouse cultivation facility outside of Boulder, Colorado, is subject to closing conditions including the approval of the State of Colorado, we believe we can significantly increase revenues from the facility by leveraging NBC’s capabilities following the closing of the transaction.  We also believe that if the State of Colorado approves the acquisition, we will be able to close subsequent transactions more quickly in Colorado versus our competitors.

On March 20, 2019, we closed the sale of our Denver office building, whereby we paid down all secured debt. Further, we also successfully re-financed and extended the maturity of other outstanding debt. And although the need for remote working and related disruptions due to the COVID-19 crisis will result in our 10-K filing being delayed, we are on track to complete that filing shortly.

At a time of great uncertainty, our top priority is the needs of our team, our business partners and our stakeholders. Like so many companies, we have organized our management team and dedicated employees to remain fully operational through this disruption in our lives and our business.

As always, we appreciate your support and confidence. Please feel free to reach out at any time. And stay well.


Michael Feinsod

Steve Gutterman

Executive Chairman

Chief Executive Officer

Note:   An overview of our business strategy can be found here:


The following information was filed by General Cannabis Corp (CANN) on Monday, March 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate General Cannabis Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by General Cannabis Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Log in with your credentials


Forgot your details?

Create Account