General Cannabis Corp., a Denver-based provider of services and real estate to cannabis businesses, is stepping into the apparel industry by acquiring local marijuana T-shirt market Chiefton Supply, the companies announced Tuesday.
General Cannabis (OTCQB: CANN) inked a letter of intent to buy the privately held Chiefton Supply Co. in a deal expected to close this month, officials said. Financial terms were not immediately disclosed.
Chiefton Supply, a start-up clothing company producing marijuana-themed street wear apparel, has the potential for national exposure and would be integrated with GC Supply, General Cannabis’ wholesale supply operation, officials for General Cannabis said in the acquisition announcement.
Under the terms of the acquisition, Chiefton Supply will become a wholly owned subsidiary of General Cannabis and company founders Jacob Kulchin and Bryan DeHaven will be brand ambassadors.
“We are confident that together, with Jacob and Bryan, we can take an already strong brand and make it even more successful,” Robert Frichtel, General Cannabis chief executive officer said in a statement. “The synergies with our existing GC Supply are significant and we have already hit the ground running.”
General Cannabis changed its name from Advanced Cannabis Solutions in June. Earlier this year, the company’s stock resumed trading after a one-year stint on the grey market.
Alicia Wallace: 303-954-1939, email@example.com or twitter.com/aliciawallace
Watch a Cannabist Show interview with Chiefton Supply co-founder Bryan Dehaven (cue to the 13:05 mark)