General Cannabis Corp is having a huge day in its corporate offices
General Cannabis Corp (OTCQB: CANN) announced today it has named Diane Jones as Chief Financial Officer. Jones brings deep experience in accounting and financial planning and has held key executive positions at publicly-held companies. She becomes a member of the Company’s senior management team as it expands its operations within Colorado and maintains a continued focus on creating and driving shareholder value across its business.
Prior to joining General Cannabis Corp, Ms. Jones served as Corporate Controller for the Americas at Cardino. Before that, she was Worldwide Controller and Senior Director of Shared Financial Services at Arrow Electronics and earlier served as Assistant Corporate Controller at Ball Corporation. She began her career as a CPA with Ernst & Young. Ms. Jones has taught accounting as an adjunct professor at the Daniels College of Business at the University of Denver and received a BBA from Texas A&M and and MBA from the University of Houston.
Steve Gutterman, CEO of General Cannabis Corp and a member of its Board of Directors said: “We’re fortunate to add a CFO of Diane’s deep functional expertise, skills, and technical knowledge in all aspects of corporate finance and accounting. She’s worked across multiple industries, within public companies, and in all sized environments, which will be critical for us as we continue to grow our business, pursue M&A targets and add additional strategic capital needed to fund our growth objectives. As we do so, we will be diligent in our commitment to ensuring that our controls and accounting meet or exceed best practices. Diane will be central to those efforts.”
General Cannabis Corp also announced today a change in the composition of its Board of Directors, as its three independent Directors—Peter Boockvar, Mark Green and Seth Oster—have decided to step down after nearly a decade of collective service on the Board. Said Adam Hershey, Board member and shareholder: “We are appreciative of the many contributions Peter, Mark and Seth have made. They have been invaluable to the growth and development of General Cannabis, helping guide the company through challenging periods and working to protect shareholder interests. We are grateful to them.”
The Board has elected Carl Williams, Richard Travia and Barker Dalton to replace Boockvar, Green and Oster. Williams, who will become Chairman of the Board and an independent director, has extensive company building experience, having lead private and public companies for over 30 years. Travia, who will join as an inpedendent director, brings an extensive background in finance and investment management within private and public companies. Dalton, who will join as a director, has built an expansive reputation within the cannabis industry as Founder and Managing Director of SevenFive Farm, Boulder County’s first purpose-built cannabis greenhouse facility, which General Cannabis Corp acquired in May 2020 in an equity deal that established Dalton as one of the company’s largest shareholders.
Said Gutterman, “Our new Board members are well-suited to support management, oversee corporate governance, and add shareholder value. Carl is a seasoned operator and leader who will provide significant mentorship in his role as Chairman of the Board. Richard’s knowledge about the cannabis capital markets will help us grow; and Barker has been a fantastic partner ever since we acquired SevenFive, and his knowledge about the Colorado cannabis market is extensive. We are fortunate to have them helping lead us forward.”
Over the past several months, General Cannabis Corp has continued to establish itself as a leader among Colorado cannabis businesses. It has refined its business strategy to focus on acquiring and operating licensed cannabis facilities throughout the state—transitioning out of unprofitable business lines and investing resources in support of an M&A strategy that led to its successful acquisition this past May of SevenFive Farm. The Company continues to enjoy strong performance from its Next Big Crop cultivation consulting business. In May, General Cannabis Corp became one of the only publicly-held cannabis companies to receive regulatory approval from the State of Colorado, authorizing it to acquire licensed cannabis facilities. And the Company received a significant capital infusion from Hershey Strategic Capital and Shore Ventures III totaling $3 million in equity capital to grow the business and enhance enterprise value.