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Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:33.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading Symbol(s)</b></p></td><td style="vertical-align:top;width:2.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:30.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange</b><br /><b style="font-weight:bold;">on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:31.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:top;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:33.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:top;width:2.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:30.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">N/A</p></td></tr></table><p style="font-family:'Times New 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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-size:11pt;font-weight:bold;">Item 5.02</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;"><span style="font-size:11pt;">&#160;</span></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-size:11pt;font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-size:11pt;font-style:italic;">Appointment of New Officer</i></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;white-space:pre-wrap;">On September 6, 2021, Jessica Bast, 43, was appointed as the Chief Financial Officer of General Cannabis Corp (the &#8220;Company&#8221;).  </span><span style="background-color:#ffffff;font-size:11pt;white-space:pre-wrap;">The Board also designated Ms. Bast as the Company&#8217;s principal financial officer and principal accounting officer.  </span><span style="font-size:11pt;white-space:pre-wrap;">Ms. Bast was previously the Controller of the Company.  Pursuant to an Offer Letter with the Company, Ms. Bast will be paid a base salary of $165,000 with a guaranteed bonus of 10% of her base salary, subject to discretionary increase by the Board.  All of Ms. Bast&#8217;s current options to purchase shares of the Company&#8217;s common stock (&#8220;Common Stock&#8221;) will vest immediately and be subject to a one-year lockup period; be repriced such that the exercise price thereof is the closing price of the Common Stock as of September 3, 2021, except for one tranche of 34,880 options which shall remain with an exercise price equal to $0.39 per share; and expire upon the later of (i) December 31, 2024 or (ii) the existing term thereof.  Ms. Bast will be eligible to participate in the Company&#8217;s 2020 Equity Incentive Plan.</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;white-space:pre-wrap;">Ms. Bast served as the Company&#8217;s Controller from September 2017 to September 2021, where she oversaw all accounting related matters, including cash, accounts receivable, inventory, fixed assets, accounts payable and payroll, as well as management of the stock option plan.  From July 2016 to September 2017, Ms. Bast served as Technical Accounting Research Manager at Pinnacle Agriculture, where she prepared technical accounting memoranda and implemented new processes and evaluated and refined old processes.  Ms. Bast also spent over 10 years at Hein &amp; Associates as an Audit Manager.  She is a licensed certified public accountant in the State of Colorado.  Ms. Bast holds a B.S. in Accounting from the Metropolitan State College of Denver where she graduated in 2000.</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;">There are no family relationships between Ms. Bast and any director, e</span><span style="font-size:11pt;">xecutive officer, or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Ms. Bast pursuant to Item 404(a) of Regulation S-K other than with respect to her employment with the Company, as summarized above.</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="background-color:#ffffff;font-size:11pt;">The foregoing description of Ms. Bast&#8217;s employment does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, annexed to this</span><span style="font-size:11pt;"> Form 8-K</span><span style="background-color:#ffffff;font-size:11pt;">&#160;</span><span style="background-color:#ffffff;font-size:11pt;">as Exhibit 10.1, and is incorporated herein by reference.</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;"><i style="font-size:11pt;font-style:italic;">Resignation of Officer</i></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;white-space:pre-wrap;">On September 3, 2021, Diane Jones resigned as the Company&#8217;s Chief Financial Officer.  Ms. Jones&#8217; resignation was not related</span><span style="font-size:11pt;"> to any disagreement with the Company regarding any matter relating to the Company&#8217;s operations, policies or practices.</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;"><i style="font-size:11pt;font-style:italic;">Compensatory Arrangement of New Director</i></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;">On September 9, 2021, the Company and Timothy Brown, a newly-elected member of the Board, entered into an Employment Agreement pursuant to which Mr. Brown will serve as the Company&#8217;s Chief Visionary Officer </span><span style="font-size:11pt;">for a term of two years, subject to earlier termination upon certain conditions. Mr. Brown will receive a base salary of $400,000 per annum, subject to downward adjustment based on a formula relating to sales of Common Stock of the Company held by Mr. Brown. Reference is made to our Form 8-K filed on April 21, 2021 for a full description of the previously-disclosed transaction relating to the Trees acquisition.</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="background-color:#ffffff;font-size:11pt;">The foregoing description of Mr. Brown&#8217;s employment does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, annexed to this</span><span style="font-size:11pt;"> Form 8-K</span><span style="background-color:#ffffff;font-size:11pt;">&#160;</span><span style="background-color:#ffffff;font-size:11pt;">as Exhibit 10.2, and is incorporated herein by reference.</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;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background-color:#ffffff;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;visibility:hidden;">&#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: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 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-size:11pt;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;"><span style="font-size:11pt;">&#160;</span></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-size:11pt;font-weight:bold;">Financial Statements and Exhibits.</b></p></td></tr></table><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;">(d)&#160;&#160;&#160;&#160;&#160;Exhibits</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;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-size:11pt;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;"><span style="font-size:11pt;">&#160;</span></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-size:11pt;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;"><a style="-sec-extract:exhibit;" href="cann-20210903xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">10.1</span></a></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="font-size:11pt;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;" href="cann-20210903xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Offer Letter dated September 5, 2021 between the Company and Jessica Bast.</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;"><a style="-sec-extract:exhibit;" 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Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">104</span></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="font-size:11pt;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;"><span style="font-size:11pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></p></td></tr></table><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-align:center;margin:0pt;"><span style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New 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: September 10, 2021</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span 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Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;</span></p></td><td colspan="2" style="vertical-align:top;width:50.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">GENERAL CANNABIS CORP</b></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;">&#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;">&#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 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​
​
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):
September 3, 2021
​
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:
​
​
​
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 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
​
Appointment of New Officer
​
On September 6, 2021, Jessica Bast, 43, was appointed as the Chief Financial Officer of General Cannabis Corp (the "Company").
The Board also designated Ms. Bast as the Company's principal financial officer and principal accounting officer.
Ms. Bast was previously the Controller of the Company.  Pursuant to an Offer Letter with the Company, Ms. Bast will be paid a base salary of $165,000 with a guaranteed bonus of 10% of her base salary, subject to discretionary increase by the Board.  All of Ms. Bast's current options to purchase shares of the Company's common stock ("Common Stock") will vest immediately and be subject to a one-year lockup period; be repriced such that the exercise price thereof is the closing price of the Common Stock as of September 3, 2021, except for one tranche of 34,880 options which shall remain with an exercise price equal to $0.39 per share; and expire upon the later of (i) December 31, 2024 or (ii) the existing term thereof.  Ms. Bast will be eligible to participate in the Company's 2020 Equity Incentive Plan.
​
Ms. Bast served as the Company's Controller from September 2017 to September 2021, where she oversaw all accounting related matters, including cash, accounts receivable, inventory, fixed assets, accounts payable and payroll, as well as management of the stock option plan.  From July 2016 to September 2017, Ms. Bast served as Technical Accounting Research Manager at Pinnacle Agriculture, where she prepared technical accounting memoranda and implemented new processes and evaluated and refined old processes.  Ms. Bast also spent over 10 years at Hein & Associates as an Audit Manager.  She is a licensed certified public accountant in the State of Colorado.  Ms. Bast holds a B.S. in Accounting from the Metropolitan State College of Denver where she graduated in 2000.
​
There are no family relationships between Ms. Bast and any director, e
xecutive officer, or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Ms. Bast pursuant to Item 404(a) of Regulation S-K other than with respect to her employment with the Company, as summarized above.
​
The foregoing description of Ms. Bast's employment does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, annexed to this
Form 8-K
as Exhibit 10.1, and is incorporated herein by reference.
​
Resignation of Officer
​
On September 3, 2021, Diane Jones resigned as the Company's Chief Financial Officer.  Ms. Jones' resignation was not related
to any disagreement with the Company regarding any matter relating to the Company's operations, policies or practices.
​
Compensatory Arrangement of New Director
​
On September 9, 2021, the Company and Timothy Brown, a newly-elected member of the Board, entered into an Employment Agreement pursuant to which Mr. Brown will serve as the Company's Chief Visionary Officer
for a term of two years, subject to earlier termination upon certain conditions. Mr. Brown will receive a base salary of $400,000 per annum, subject to downward adjustment based on a formula relating to sales of Common Stock of the Company held by Mr. Brown. Reference is made to our Form 8-K filed on April 21, 2021 for a full description of the previously-disclosed transaction relating to the Trees acquisition.
​
The foregoing description of Mr. Brown's employment does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, annexed to this
Form 8-K
as Exhibit 10.2, and is incorporated herein by reference.
​
​
Item 9.01
Financial Statements and Exhibits.
​
(d)     Exhibits
​
Exhibit No.
Description
10.1
​
Offer Letter dated September 5, 2021 between the Company and Jessica Bast.
10.2
​
Employment Agreement dated September 9, 2021 between the Company and Timothy Brown.
104
​
Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
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: September 10, 2021
​
GENERAL CANNABIS CORP
By:
/s/ Adam Hershey
Name:
Adam Hershey
Title:
Interim Chief Executive Officer
​
​