DENVER, May 5, 2015 (GLOBE NEWSWIRE) -- Advanced Cannabis Solutions, d/b/a General Cannabis Corporation (OTC:CANN), a service provider to businesses in the regulated cannabis industry, today announced that its common stock is being up-listed to the OTCQB effective May 6, 2015.
Robert Frichtel, CEO of General Cannabis, stated, "The Company is extraordinarily excited about this demonstrated improvement in the market categorization of the company as we believe it relates directly to the improvement in our level of financial and corporate disclosure. We have worked toward this for some time now, and this up-listing demonstrates our commitment to building a great company. Our current and future shareholders should all be very pleased with this development. We believe that the up-listing will enhance liquidity and boost our profile, which should benefit everyone who owns ACS stock."
OTCQB companies must be registered with and reporting to the SEC or a U.S. regulatory agency. Approximately 4,000 companies are currently listed on the OTCQB.
The Company plans to build on its successful progression and will continue working towards its goal of meeting the listing requirements for trading on a stock exchange such as the NYSE Euronext or NASDAQ in the future.
About General Cannabis Corporation
General Cannabis Corporation provides services to the regulated cannabis industry throughout the United States. We lease growing space and related facilities (commercial real estate and equipment) to licensed cannabis business operators for their production needs.
Through Iron Protection Group, we provide security services tailored to the cannabis industry including armed guards, cash transport and secure cannabis transport services.
We are pursuing ancillary business products and services including customized finance, capital formation, banking, regulatory compliance consulting, security and advanced logistical support for grow operations.
As previously announced, Advanced Cannabis Solutions, Inc. intends to seek shareholder approval to change its name to General Cannabis Corporation. The Company expects to effect the name change this spring in connection with its annual shareholders' meeting.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including the risks identified in the Company's filings with the Securities and Exchange Commission (the "SEC"), including but not limited to Risk Factors contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.