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style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:111.27%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:87.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:9.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:2.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:87.46%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:9.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><b style="font-weight:bold;">Item 1.01</b></p></td><td style="vertical-align:top;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:87.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt;"><b style="font-weight:bold;">Entry into a Material Definitive Agreement.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">SevenFive Farm Lease</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On April 5, 2022, General Cannabis Corp (the &#8220;Company&#8221;) entered into an Amendment to Lease with Dalton Farms, LLC, the landlord (&#8220;Landlord&#8221;) of the Company&#8217;s grow facility located at 3705 75<sup 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Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On April 5, 2022, the Company and John Barker Dalton amended the Employment Agreement dated January 24, 2020, as amended on October 1, 2021 (&#8220;Employment Agreement Amendment&#8221;). &#160;Pursuant to the Employment Agreement Amendment, effective as of the Effective Date, Mr. Dalton&#8217;s relationship with the Company is now as a consultant (rather than an employee), and his compensation is reduced to $500 per calendar month.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Mr. Dalton is a member of the Board of Directors of the Company, as well as the sole owner of Landlord.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#8203;<span style="background:#ffffff;">The foregoing description of the Lease Amendment and Employment Agreement Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;background:#ffffff;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:111.27%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td colspan="2" style="vertical-align:middle;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:87.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:9.75%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:middle;width:2.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:87.46%;margin:0pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td colspan="2" style="vertical-align:top;width:9.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:87.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:9.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 9.01</b></p></td><td style="vertical-align:top;width:2.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:87.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Financial Statements and Exhibits.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(d)&#160;&#160;&#160;&#160;&#160;Exhibits</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.38%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.01%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:87.59%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:10.38%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:middle;width:2.01%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:middle;width:87.59%;margin:0pt;padding:0.75pt;"></td></tr><tr><td style="vertical-align:bottom;width:10.38%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:bottom;width:2.01%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:87.59%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:10.38%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.1</p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.59%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cann-20220405xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amendment to Lease effective April 1, 2022 between General Cannabis Corp and Dalton Farms, LLC.</span></a></p></td></tr><tr><td style="vertical-align:top;width:10.38%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.2</p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.59%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cann-20220405xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amendment to Employment Agreement effective April 1, 2022 between General Cannabis Corp and John Barker Dalton.</span></a></p></td></tr><tr><td style="vertical-align:top;width:10.38%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.59%;margin:0pt;padding:0.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File (embedded within he 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Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;">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.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Dated: April 8, 2022</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:44.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td><td style="vertical-align:top;width:44.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">By:</span></p></td><td style="vertical-align:top;width:44.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">/s/ Adam Hershey</span></p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Name:</span></p></td><td style="vertical-align:top;width:44.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Adam Hershey</span></p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p 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​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported):
April 5, 2022
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GENERAL CANNABIS CORP
(Exact Name of Registrant as Specified in Charter)
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Colorado
000-54457
90-1072649
(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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1901 S. Navajo Street
Denver
,
Colorado
80223
(Address of principal executive offices)
(Zip Code)
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Registrant's telephone number, including area code: (
303
)
759-1300
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(Former name or former address, if changed since last report)
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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
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N/A
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N/A
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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).
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Emerging Growth Company
☐
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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.
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Item 1.01
Entry into a Material Definitive Agreement.
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SevenFive Farm Lease
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On April 5, 2022, General Cannabis Corp (the "Company") entered into an Amendment to Lease with Dalton Farms, LLC, the landlord ("Landlord") of the Company's grow facility located at 3705 75
th
Street, Boulder, Colorado 80301 ("Lease Amendment").  Pursuant to the Lease Amendment, commencing April 1, 2022 ("Effective Date"), base rent is decreased to $27,000 per month for calendar year 2022.  Increases in base rent become effective January 1, 2023 and are as otherwise provided for in the original lease.
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Barker Dalton Employment Agreement
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On April 5, 2022, the Company and John Barker Dalton amended the Employment Agreement dated January 24, 2020, as amended on October 1, 2021 ("Employment Agreement Amendment").  Pursuant to the Employment Agreement Amendment, effective as of the Effective Date, Mr. Dalton's relationship with the Company is now as a consultant (rather than an employee), and his compensation is reduced to $500 per calendar month.
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Mr. Dalton is a member of the Board of Directors of the Company, as well as the sole owner of Landlord.
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The foregoing description of the Lease Amendment and Employment Agreement Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
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Item 9.01
Financial Statements and Exhibits.
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(d)     Exhibits
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Exhibit No.
Description
10.1
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Amendment to Lease effective April 1, 2022 between General Cannabis Corp and Dalton Farms, LLC.
10.2
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Amendment to Employment Agreement effective April 1, 2022 between General Cannabis Corp and John Barker Dalton.
104
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Cover Page Interactive Data File (embedded within he Inline XBRL document)
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SIGNATURES
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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.
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Dated: April 8, 2022
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GENERAL CANNABIS CORP
By:
/s/ Adam Hershey
Name:
Adam Hershey
Title:
Interim Chief Executive Officer
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