Item 1.02 Termination of a Material Definitive Agreement.

As previously reported by General Cannabis Corp. (the "Company"), 6565 E. Evans Owner LLC (the "Seller"), a Colorado limited liability company and a wholly-owned subsidiary of the Company, entered into a Contract to Buy and Sell Real Estate (the "Sale Agreement"), dated November 18, 2019, with the Credit Union of Colorado, a Federal Credit Union ("CUC"), for the sale of the Company's greenhouse office building located at 6565 E. Evans Avenue, Denver, Colorado for $1,697,500. On January 13, 2019, CUC elected to terminate the Sale Agreement prior to the closing of the sale of the property. The Company expects to enter into a contract to sell the property with a new buyer in the near future.

Forward-looking Statements

This Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements regarding the Company's expectation that it will enter into a contract to sell its office property to a new buyer in the near future. The Company has based such forward-looking statements on current expectations and projections about future events as of the date of this Form 8-K. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those factors described from time to time in General Cannabis's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading "Risk Factors" and in subsequent filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statements made herein.

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