DENVER, Sept. 19, 2022 (GLOBE NEWSWIRE) -- TREES CORPORATION (OTCQB: CANN) (“TREES” or the “Company”) is pleased to announce that is has signed definitive documents to acquire the Green Tree Longmont and Green Tree Berthoud dispensaries in the state of Colorado, over 34,000 square feet of grow operations, and a state of the art manufacturing facility (MIP) (“Green Tree”). This acquisition will add to the Company’s current footprint in Colorado and will bring its total number of Colorado dispensaries to 4 along with 3 operational stores in Oregon, for a total of 7 retail dispensaries.
The acquisition is expected to generate more than $10M of revenue with strong EBITDA margins within the TREES platform. Trees will acquire Green Tree for a combination of cash and stock. The Company is in the process of submitting the change of ownership application with the Colorado Marijuana Enforcement Division for all of the assets to be acquired, and expects the acquisition to close in the fourth quarter of 2022.
Along with the acquisition, the Company is pleased to announce the appointment of Edward Myers, 63, as its Chief Operating Officer, effective September 16, 2022, deepening its bench of executive talent. Mr. Myers has been serving as an operations and financial consultant to the Company. Mr. Myers has over 40 years of operating experience in the payments industry and has held several high-profile positions including and notably, President for Global Payments North America, from 2004 until 2010.
When the transaction closes, the senior leadership of Green Tree will become an important part of the Trees team. Allyson Feiler, the founder of Green Tree, will become a member of the Trees Board of Directors and join the executive management team as Chief Marketing Officer. Loree Schwartz, Owner, CFO and Head of Compliance of Green Tree, will also join the Trees executive team as Chief Compliance Officer.
Carl Williams, Chairman of the Board, said, “It is an exciting time at the Trees organization, as the last couple of years of hard work are beginning to bear fruit. We’ve developed a rich pipeline of target acquisitions and continue to enhance our internal capabilities. We would like to welcome the entire Green Tree team to the organization and see this as one more step towards becoming one of the strongest operational players in the Colorado market. With the recent closing of the $13.5M Senior Secured Convertible Note, we are poised to continue rolling up above average revenue producing dispensaries, enhancing our internal team and expanding our Colorado footprint in a disciplined manner.”
TREES is the parent company of a vertically-integrated cannabis company and multi-state operator in the U.S., operating in Colorado and Oregon. TREES is pursuing a roll-up strategy of licensed assets in mature markets, while maintaining loyal, local customer bases. TREES currently owns and operates a 17,000 square foot light-deprivation greenhouse cultivation facility in Boulder, Colorado, a dispensary in Englewood, Colorado and three dispensaries in Portland, Oregon. TREES trades on the OTCQB market under the symbol CANN. For more information, please visit treescann.com.
This 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 management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances. Although TREES 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 TREES 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 expected or potential impact of the COVID-19 pandemic on TREES' business operations, financial results and position, as well as world economy and volatility, 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 TREES' 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. TREES undertakes no duty to update any forward-looking statements made herein.
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