TREES Corp Files 8-K for Material Definitive Agreement
Ticker: CANN · Form: 8-K · Filed: Nov 25, 2024 · CIK: 1477009
| Field | Detail |
|---|---|
| Company | Trees CORP (Colorado) (CANN) |
| Form Type | 8-K |
| Filed Date | Nov 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $50,000, $12,500, $37,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
TREES Corp signed a big deal, details TBD.
AI Summary
On November 20, 2024, TREES Corp (Colorado) entered into a material definitive agreement. The filing does not disclose specific details of the agreement or any associated dollar amounts. TREES Corp, formerly known as GENERAL CANNABIS CORP, is incorporated in Colorado and operates in the drug stores and proprietary stores sector.
Why It Matters
This filing indicates a significant new agreement for TREES Corp, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The filing is a standard 8-K for a material agreement, but the lack of specific details about the agreement introduces uncertainty.
Key Players & Entities
- TREES Corp (company) — Registrant
- GENERAL CANNABIS CORP (company) — Former company name
- November 20, 2024 (date) — Date of earliest event reported
- Colorado (location) — State of incorporation
FAQ
What is the nature of the material definitive agreement entered into by TREES Corp?
The filing states that TREES Corp entered into a material definitive agreement on November 20, 2024, but does not provide specific details about its nature.
What is the effective date of the reported event?
The earliest event reported is dated November 20, 2024.
What was TREES Corp's former company name?
TREES Corp was formerly known as GENERAL CANNABIS CORP.
In which state is TREES Corp incorporated?
TREES Corp is incorporated in Colorado.
What is the SIC code for TREES Corp?
The Standard Industrial Classification (SIC) code for TREES Corp is 5912, which corresponds to Drug Stores and Proprietary Stores.
Filing Stats: 552 words · 2 min read · ~2 pages · Grade level 11.9 · Accepted 2024-11-25 08:00:25
Key Financial Figures
- $50,000 — e price for the sale is an aggregate of $50,000, of which $12,500 was paid upon the exe
- $12,500 — le is an aggregate of $50,000, of which $12,500 was paid upon the execution of the APA
- $37,500 — execution of the APA and the remaining $37,500 is to be paid to the Company by Buyer u
Filing Documents
- ea0222262-8k_treescorp.htm (8-K) — 26KB
- ea022226201ex10-1_treescorp.htm (EX-10.1) — 104KB
- 0001213900-24-101811.txt ( ) — 317KB
- cann-20241120.xsd (EX-101.SCH) — 3KB
- cann-20241120_lab.xml (EX-101.LAB) — 33KB
- cann-20241120_pre.xml (EX-101.PRE) — 22KB
- ea0222262-8k_treescorp_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On November 20, 2024, TREES Corporation through its wholly-owned subsidiary Trees Oregon, LLC (the "Company") entered into an Asset Purchase Agreement ("APA") with Broadway Project, Inc. ("Buyer") pursuant to which the Company agreed to sell to Buyer its retail marijuana license in respect of the Company's retail dispensary located on NE MLK Boulevard, Portland, Oregon. The purchase price for the sale is an aggregate of $50,000, of which $12,500 was paid upon the execution of the APA and the remaining $37,500 is to be paid to the Company by Buyer upon the closing. In addition, Buyer agreed to pay certain renewal and licensing fees. Closing of the transaction is conditioned upon approval by the Oregon Liquor and Cannabis Commission as well as any applicable local regulatory authority. The foregoing description of the APA does not purport to be complete and is qualified in its entirety by reference to the full text thereof, which is annexed hereto as Exhibit 10.1, and incorporated herein by reference. Item 9.01. Financial Statements and Exhibits . (b) Exhibits. Exhibit No. Description 10.1 Asset Purchase Agreement dated November 20, 2024 by and between Trees Oregon, LLC and Broadway Project, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
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: November 25, 2024 TREES CORPORATION By: /s/ Adam Hershey Name: Adam Hershey Title: Interim Chief Executive Officer 2