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General Cannabis closes private placement

General Cannabis Corp. closed its private placement of units for $725,000 in cash, with debt cancellation of $25,000.

The units, offered at $1.00 per unit, comprised one share of common stock and one warrant to purchase a share of common stock at 50 cents per share. At closing, the company issued 750,000 common shares and warrants to buy up to the same number of common shares.