UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2019
GENERAL CANNABIS CORP
(Exact Name of Registrant as Specified in Charter)
| | | |
| Colorado | 000-54457 | 90-1072649 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| | | |
6565 E. Evans Avenue
Denver, Colorado | | 80224 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (303) 759-1300
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol(s) | Name of each exchange
on which registered |
| N/A | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01. | | Entry Into a Material Definitive Agreement. |
General Cannabis Corp (the “Company”) previously issued that certain Promissory Note, dated July 18, 2019, as amended, to SBI Investments LLC, 2014-1 (the “Purchaser”). On December 30, 2019, the Purchaser agreed to extend the maturity date of such Promissory Note from December 20, 2019, to January 31, 2020, upon the payment by the Company to the Purchaser of $195,911 on or before December 31, 2019. Such payment, which the Company will make on or before December 31, 2019, reflects (a) $40,911 of accrued interest on the Promissory Note through December 31, 2019, and (b) a payment of $155,000 of the principal amount of the Promissory Note. As a result of such payment, the principal amount of the Promissory Note will be reduced from $905,000 to $750,000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 30, 2019
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| | GENERAL CANNABIS CORP |
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| | | |
| | By: | /s/ Michael Feinsod |
| | Name: | Michael Feinsod |
| | Title: | Executive Chairman of the Board |
