Document:

REORGANIZATION AND ASSET ACQUISITION AGREEMENT

 

This Reorganization and Asset Acquisition Agreement
(the “Agreement”) is entered into as of December 19, 2011 by and between Alex Weidmann, an individual, Justin
Weidmann, an individual, and MMJMenu, LLC, a Colorado limited liability company (the “Seller” and, together
with Alex Weidmann and Justin Weidmann, the “Seller Parties”), on the one hand, and General Cannabis, Inc.,
a Nevada corporation (“GCI”), and WeedMaps Media, Inc., a Nevada corporation and wholly-owned subsidiary of
GCI (the “Purchaser”), on the other hand. Each of the Seller Parties, GCI, and the Purchaser shall be referred
to as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, the Seller is the owner, operator and administrator
of the assets as listed in Exhibit A (the “Assets”), which constitute at least 90% of the assets of Seller;
and

 

WHEREAS, the Seller desires to sell, transfer and
assign to Purchaser, and the Purchaser desires to purchase and acquire from the Seller, the Assets according to the terms set forth
herein.

 

WHEREAS, the Parties desire and intend that the
transactions contemplated by this Agreement be treated as a tax-free reorganization under Section 368(a)(1)(C) of the Internal
Revenue Code of 1986, as amended.

 

NOW, THEREFORE, in consideration of the mutual promises
herein contained, the parties hereby agree as follows:

 

I.             Purchase
and Sale of the Assets

 

1.1         Purchase
and Sale of Assets. The Seller hereby sells, transfers, assigns and delivers to the Purchaser, free and clear of any liens
or encumbrances of any kind which have been created or granted by the Seller, all of the Seller’s right, title and interest
in the Assets, whether now existing or hereafter acquired.

 

1.2         Assumption
of Liabilities. The Purchaser will not assume any obligations of Seller Parties related to the Assets.

 

1.3          Closing
and Termination. The Closing (the “Closing”) shall take place at the offices of Purchaser, 1300 Dove
Street, Suite 100, Newport Beach, CA 92660, on the earlier to occur of (i) December 21, 2011, (ii) the date upon which all of the
conditions to closing set forth in Section 1.4 have been satisfied, or (iii) at such other place, date and time as the Parties
may agree in writing (the “Closing Date”). On the Closing Date the Purchaser shall
pay the Purchase Price (as defined and subject to the conditions set forth in Section II) to the Seller. Either Party may terminate
this Agreement, and the transactions contemplated hereby, in the event the Closing has not occurred by January 5, 2012.

 

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1.4          Conditions
to Closing. The closing of the purchase and sale of the Assets will be subject to the following conditions, which much be satisfied
at or prior to the Closing unless otherwise specified:

 

1.4.1        Seller
and Purchaser will execute the Intellectual Property Assignment in the form attached hereto as Exhibit B.

 

1.4.2           Seller
and Purchaser will execute an Assignment, in the form attached hereto as Exhibit C, for each of the contracts listed in
Exhibit A, which shall be executed by each obligated party thereto.

 

1.4.3           GCI
will enter into an employment agreement with each of Alex Weidmann and Justin Weidmann on terms mutually acceptable to the parties
thereto.

 

1.4.4           Seller
will have received the approval of its Members for the transactions contemplated by this Agreement in accordance with its operating
agreement or applicable law.

 

1.5           Post
Closing Activities. At any time after the Closing Date, upon any Parties written request and without further consideration,
the other party shall take such other actions as the requesting party may reasonably deem necessary or desirable in order to consummate
the terms of, obligations under and transactions contemplated by, this Agreement.

 

II.            Purchase
Price

 

2.1           Closing.
In consideration of the Seller’s sale, transfer and assignment of the Assets, GCI shall issue to the Seller, or its assigns,
Two Hundred Thousand (200,000) shares of common stock of GCI (the “Closing Shares”).

 

2.2           Notwithstanding
the foregoing, in the event the registration statement on Form S-1 (the “S-1”) for GCI is not effective on or
before the Closing Date, then the Shares will be issued to Seller but held in escrow by The Lebrecht Group, APLC, counsel to GCI
and the Purchaser, and released to Seller upon the earlier to occur of:

 

(a)          effectiveness
of the S-1,

 

(b)          withdrawal
of the S-1 for any reason and subsequent effectiveness of a registration statement on Form 10, which GCI will file upon withdrawal
of the S-1,

 

(c)          withdrawal
of the S-1 for any reason and a subsequent definitive decision by the Board of Directors of GCI not to file a Form 10, or

 

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(d)           March
1, 2012.

 

2.3           Earn-Out.
In addition to the Closing Shares, the Seller, or its assigns, shall receive up to an additional One Hundred Thousand (100,000)
shares of common stock of GCI (the “Earn-Out Shares” and, together with the Closing Shares, the “Shares”),
on the following conditions:

 

(a)           If
the gross revenue of Purchaser for the fiscal year ending December 31, 2012 exceeds its gross revenue for the fiscal year ending
December 31, 2011 (taking into account and treating the Assets as though they had been owned by Purchaser for the full year) by
fifty percent (50%), then GCI shall issue Fifty Thousand (50,000) of the Earn-Out Shares; and

 

(b)            If
the gross revenue of Purchaser for the fiscal year ending December 31, 2013 exceeds its gross revenue for the fiscal year ending
December 31, 2012 by fifty percent (50%), GCI shall issue the remaining Fifty Thousand (50,000) of the Earn-Out Shares.

 

(c)            Earn-Out
Shares will be issued within ten (10) days of the filing of GCI's audited financial statements for the applicable period with the
Securities and Exchange Commission (the "Commission"), or within ten (10) days of delivery of the audited financial
statements from the auditors to the Company if the Company is no longer required to file financial statements with the Commission.

 

2.4           Restricted
Securities. The Seller Parties acknowledge that the Closing Shares and the Earn-Out Shares are “restricted securities”
as defined in Rule 144 under the Securities Act of 1933, as amended (the “Act”),
and will be subject to the hold periods and trading restrictions specified in Rule 144.

 

III.          Representations
and Warranties

 

3.1        Authority.
The Seller Parties and the Purchaser each represent to the other that it has the right to enter into this Agreement and has the
ability to perform its obligations hereunder, including the assignment, transfer and delivery by the Seller, and purchase by the
Purchaser, of the Assets hereunder. The Seller and Purchaser are a limited liability company and a corporation, respectively, duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

 

3.2       “As
Is” “Where Is”. The Purchaser has received all of the information and documentation it requires in connection
with the Assets and, except as expressly provided herein, is acquiring its interest in the Assets in an “as is”, “where
is” condition.

 

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3.3           Execution
of Agreement. The execution, delivery and performance of this Agreement and the completion of the transactions contemplated
by this Agreement have been authorized by all necessary corporate action on the part of each of Purchaser and Seller and no other
corporate proceedings or approvals are required to authorize this Agreement or to consummate the transactions contemplated by this
Agreement. The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby
will not: (a) violate, conflict with, modify or cause any default under or acceleration of (or give any Party any right to declare
any default or acceleration upon notice or passage of time or both), in whole or in part, any charter, article of incorporation
or organization, bylaw, operating agreement, mortgage, lien, deed of trust, indenture, lease, agreement, instrument, order, injunction,
decree, judgment, law or any other restriction of any kind to which Purchaser or Seller are a party or by which any of them or
any of their properties are bound; (b) result in the creation of any security interest, lien, encumbrance, adverse claim, proscription
or restriction on any property or asset (whether real, personal, mixed, tangible or intangible), right, contract, agreement or
business of Purchaser or Seller; (c) violate any law, rule or regulation of any federal or state regulatory agency; or (d) permit
any federal or state regulatory agency to impose any restrictions or limitations of any nature on Purchaser or Seller or any of
their respective actions.

 

3.4          Indemnification.

 

3.4.1       Indemnity
of Seller. Purchaser agrees to indemnify, defend and hold Seller Parties harmless from and against any and all Losses (as hereinafter
defined) arising out of or resulting from the breach by Purchaser of any representation, warranty, covenant or agreement contained
in this Agreement or the schedules and exhibits hereto. For purposes of Section 3.4, the term “Losses” shall mean all
damages, costs and expenses (including reasonable attorneys’ fees) of every kind, nature or description, it being the intent
of the Parties that the amount of any such Loss shall be the amount necessary to restore the indemnified party to the position
it would have been in (economically or otherwise), including any costs or expenses incident to such restoration, had the breach,
event, occurrence or condition occasioning such Loss never occurred. Notwithstanding the foregoing provisions of this section,
no claim for indemnification shall be made by Seller under this section unless and until the aggregate amount of all Losses of
Seller in respect thereof shall exceed $15,000, but then such indemnified parties shall be entitled to all indemnifiable Losses
above and below such threshold.

 

3.4.2       Indemnity
of Purchaser. Seller Parties, and each of them, jointly and severally, agrees to indemnify, defend and hold Purchaser harmless
from and against any and all Losses arising out of or resulting from the breach by Seller of any representation, warranty, agreement
or covenant contained in this Agreement or the exhibits and schedules hereto. Notwithstanding the foregoing provisions of this
section, no claim for indemnification shall be made by Purchaser under this Section unless and until the aggregate amount of all
Losses of Purchaser in respect thereof shall exceed $15,000, but then such indemnified parties shall be entitled to all indemnifiable
Losses above and below such threshold.

 

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3.4.3       Indemnification
Procedure.

 

(a)          An
indemnified party shall notify the indemnifying party of any claim of such indemnified party for indemnification under this Agreement
within thirty days of the date on which such indemnified party or an executive officer or representative of such indemnified party
first becomes aware of the existence of such claim. Such notice shall specify the nature of such claim in reasonable detail and
the indemnifying party shall be given reasonable access to any documents or properties within the control of the indemnified party
as may be useful in the investigation of the basis for such claim. The failure to so notify the indemnifying party within such
thirty-day period shall not constitute a waiver of such claim but an indemnified party shall not be entitled to receive any indemnification
with respect to any additional loss that occurred as a result of the failure of such person to give such notice.

 

In the event any indemnified party is entitled
to indemnification hereunder based upon a claim asserted by a third party, the indemnifying party shall be given prompt notice
thereof, in reasonable detail. The failure to so notify the indemnifying party shall not constitute a waiver of such claim but
an indemnified party shall not be entitled to receive any indemnification with respect to any Loss that occurred as a result of
the failure of such person to give such notice. The indemnifying party shall have the right (without prejudice to the right of
any indemnified party to participate at its expense through counsel of its own choosing) to defend or prosecute such claim at its
expense and through counsel of its own choosing if it gives written notice to the indemnified party of its intention to do so not
later than twenty days following notice of the claim to the indemnifying party or such shorter time period as required so that
the interests of the indemnified party would not be materially prejudiced as a result of its failure to have received such notice
from the indemnifying party; provided, however, that if the defendants in any action shall include both an indemnifying
party and an indemnified party and the indemnified party shall have reasonably concluded that counsel selected by the indemnifying
party has a conflict of interest because of the availability of different or additional defenses to the indemnified party, the
indemnified party shall have the right to select separate counsel to participate in the defense of such action on its behalf, at
the expense of the indemnifying party. If the indemnifying party does not so choose to defend or prosecute any such claim asserted
by a third party for which any indemnified party would be entitled to indemnification hereunder, then the indemnified party shall
be entitled to recover from the indemnifying party, on a monthly basis, all of its attorneys’ reasonable fees and other costs
and expenses of litigation of any nature whatsoever incurred in the defense of such claim. Notwithstanding the assumption of the
defense of any claim by an indemnifying party pursuant to this paragraph, the indemnified party shall have the right to approve
the terms of any settlement of a claim (which approval shall not be unreasonably withheld).

 

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(b)          The
indemnifying party and the indemnified party shall cooperate in furnishing evidence and testimony and in any other manner which
the other may reasonably request, and shall in all other respects have an obligation of good faith dealing, one to the other, so
as not to unreasonably expose the other to an undue risk of loss. The indemnified party shall be entitled to reimbursement for
out-of-pocket expenses reasonably incurred by it in connection with such cooperation. Except for fees and expenses for which indemnification
is provided pursuant to Section 3.4, and as provided in the preceding sentence, each party shall bear its own fees and expenses
incurred pursuant to this paragraph (b).

 

3.5          No
Other Representations. Except as expressly set forth in this Agreement, no Party makes any further representations or warranties
concerning the subject matter contained herein.

 

3.6         Survival.
Each of the representations, warranties and agreements of each of the Purchaser and the Seller Parties contained in this Agreement
shall survive the Closing Date. In the event of the termination of this Agreement pursuant to Section 1.3 hereof, the provisions
of Section 3.4 and 5.3 through 5.11 shall survive the termination.

 

IV.          Securities
Representations. Seller hereby represents and warrants as of the date hereof and as of the Closing, as follows:

 

4.1         Purchase
for Own Account. The Seller represents that it is acquiring the Shares solely for its own account and beneficial interest for
investment and not for sale or with a view to distribution of the Shares or any part thereof, has no present intention of selling
(in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not
presently have reason to anticipate a change in such intention.

4.2         Ability
to Bear Economic Risk. The Seller acknowledges that an investment in the Shares involves a high degree of risk, and represents
that it is able, without materially impairing its financial condition, to hold the Shares for an indefinite period of time and
to suffer a complete loss of its investment.

4.3         Access
to Information. The Seller acknowledges that the Seller has been furnished with such financial and other information
concerning GCI, the directors and officers of GCI, and the business and proposed business of GCI as the Seller considers necessary
in connection with the Seller’s investment in the Shares. Seller has also had an opportunity to review the Term Sheet attached
hereto as Exhibit D, and the GCI information that is publicly available at www.otcmarkets.com. As a result, the Seller
is thoroughly familiar with the proposed business, operations, properties and financial condition of GCI and has discussed with
officers of GCI any questions the Seller may have had with respect thereto. The Seller understands:

 

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                 (i)          The
risks involved in this investment, including the speculative nature of the investment;

 

                 (ii)         The
financial hazards involved in this investment, including the risk of losing the Seller’s entire investment;

 

                 (iii)        The
lack of liquidity and restrictions on transfers of the Shares; and

 

                 (iv)        The
tax consequences of this investment.

 

The Seller has consulted with its own legal, accounting,
tax, investment and other advisers with respect to the tax treatment of an investment by the Seller in the Shares and the merits
and risks of an investment in the Shares.

 

4.4           Shares
Part of Private Placement. The Seller has have been advised that the Shares have not been registered under the Act, or qualified
under the securities law of any state, on the ground, among others, that no distribution or public offering of the Shares is to
be effected and the Shares will be issued by GCI in connection with a transaction that does not involve any public offering within
the meaning of section 4(2) of the Act and/or Regulation D as promulgated by the SEC under the Act, and under any applicable state
blue sky authority. The Seller understands that GCI is relying in part on the Seller’s representations as set forth herein
for purposes of claiming such exemptions and that the basis for such exemptions may not be present if, notwithstanding the Seller’s
representations, the Seller has in mind merely acquiring the Shares for resale on the occurrence or nonoccurrence of some predetermined
event. The Seller has no such intention.

 

4.5           Seller
Not Affiliated with Company. The Seller, either alone or with its professional advisers (i) is unaffiliated with,
has no equity interest in, and is not compensated by, the Purchaser or GCI or any affiliate or selling agent of the Purchaser or
GCI, directly or indirectly; (ii) has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Shares; and (iii) has the capacity to protect its own interests in connection with
its proposed investment in the Shares.

 

4.6           Further
Limitations on Disposition. The Seller further acknowledges that the Shares are restricted securities under Rule 144 of the
Act, and, therefore, any certificates reflecting the ownership interest in the Shares will contain a restrictive legend substantially
similar to the following:

 

 

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THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Without in any way limiting the representations
set forth above, the Seller further agrees not to make any disposition of all or any portion of the Shares unless and until:

(i)         There
is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance
with such registration statement; or

(ii)         Such
Seller shall have obtained the consent of GCI and notified GCI of the proposed disposition and shall have furnished GCI with a
detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by GCI, the Seller shall
have furnished GCI with an opinion of counsel, reasonably satisfactory to GCI, that such disposition will not require registration
under the Act or any applicable state securities laws.

Notwithstanding the provisions of subparagraphs
(i) and (ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer by such Seller to a
partner (or retired partner) of Seller, or transfers by gift, will or intestate succession to any spouse or lineal descendants
or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Seller hereunder
as long as the consent of GCI is obtained, which consent shall not be unreasonably withheld.

In addition, Seller acknowledges that GCI was, prior
to November 19, 2010, a “shell” corporation as defined in Rule 12b-2 under the Securities Exchange Act of 1934 (the
“Exchange Act”) and Rule 144(i) promulgated under the Securities Act of 1933 (the “Securities Act”). As
a result, Rule 144 is not available for the resale of the Shares until GCI “cures” its shell status by meeting the
following requirements:

 

	 	(1)	GCI is no longer a shell company as defined in Rule 144(i)(1);
	 	(2)	GCI has filed all reports (other than Form 8-K reports) required under the Exchange Act for the preceding 12 months (or for a shorter period that the issuer was required to file such reports and materials); and
	 	(3)	has filed current “Form 10 information” with the Commission reflecting its status as an entity that is no longer an issuer described in Rule 144(i)(1), and at least one year has elapsed since the issuer filed that information with the Commission.  See Rule 144(i)(2).

 

4.7           Accredited
Investor Status. (Please check one, attach additional pages if necessary).  Seller:

 

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________ is

 

________ is not

an “accredited investor” as such
term is defined in Rule 501 under the Securities Act. If Seller is an accredited investor it is because
Seller was not formed for the purpose of investing in the Shares, has or will have other substantial business or investments, and
(please check one):

_____    each of its shareholders, partners,
or beneficiaries is an Accredited Investor; or

 

_____    is a corporation, a partnership,
or a Massachusetts or similar business trust with total assets in excess of $5,000,000.

 

For purposes hereof, an “accredited investor”
for purposes of Rule 501 under the Securities Act is one that:

 

(i)          has
a net worth of at least $1,000,000 (for purposes of this question, the Seller may include spouse’s net worth
and may include the fair market value of home furnishings and automobiles, but must exclude from the calculation the value of Seller’s
primary residence and the related amount of any indebtedness on primary residence up to the fair market value of the primary residence
(any indebtedness that exceeds the fair market value of the primary residence must be deducted from net worth calculation)),
or 

 

(ii)         had
an individual income of more than $200,000 in each of the two most recent calendar years, and reasonably expects to have an individual
income in excess of $200,000 in the current calendar year; or along with Seller’s spouse had joint income in excess of $300,000
in each of the two most recent calendar years, and reasonably expects to have a joint income in excess of $300,000 in the current
calendar year.

 

For purposes of this Agreement, “individual
income” means “adjusted gross income” as reported for Federal income tax purposes, exclusive of any income attributable
to a spouse or to property owned by a spouse and increased by the following amounts: (i) the amount of any interest income
received which is tax-exempt under Section 103 of the Internal Revenue Code of 1986, as amended, (the “Code”),
(ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of form 1040),
(iii) any deduction claimed for depletion under Section 611 et seq. of the Code and (iv) any amount by which income
from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Sections 1202
of the Internal Revenue Code as it was in effect prior to enactment of the Tax Reform Act of 1986.

 

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For purposes of this Agreement, “joint income”
means, “adjusted gross income,” as reported for Federal income tax purposes, including any income attributable to a
spouse or to property owned by a spouse, and increased by the following amounts: (i) the amount of any interest income received
which is tax-exempt under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) the
amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040), (iii) any
deduction claimed for depletion under Section 611 et seq. of the Code and (iv) any amount by which income from long-term
capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal
Revenue Code as it was in effect prior to enactment of the Tax Reform Act of 1986.

 

4.8           No
Backup Withholding. The Social Security Number or taxpayer identification shown in this Agreement is correct, and the
Seller is not subject to backup withholding because (i) the Seller has not been notified that it is subject to backup withholding
as a result of a failure to report all interest and dividends or (ii) the Internal Revenue Service has notified the Seller that
it is no longer subject to backup withholding.

 

V.           Miscellaneous

 

5.1           Liabilities.
On the Closing Date, Purchaser shall assume and agree to discharge the executory portion of each contract that constitutes part
of the Assets and is assigned to Purchaser pursuant to Section 1.4.2 of this Agreement. (the “Assumed Liabilities”).
The assumption by Purchaser of the Assumed Liabilities shall in no way expand the rights or remedies of any third party against
Purchaser or the Seller Parties as compared to the rights and remedies which such third party would have had against the Seller
Parties had Purchaser not assumed such liabilities. Without limiting the foregoing, the assumption by Purchaser of the Assumed
Liabilities shall not create any third party beneficiary rights. Except for the Assumed Liabilities, Purchaser does not agree to
and shall not assume or be obligated to discharge or perform any claim, indebtedness, liability, or obligation whatsoever whether
now existing or hereafter arising, of any Seller Party.

 

5.2           Non-Compete
Agreement. The Seller Parties covenant and agree that for a period of five (5) years following the Closing Date, the Seller
Parties shall not individually or through any other Person or Affiliate of the Seller Parties, in any location throughout the world,
engage directly or indirectly in any Competitive Business, whether such engagement be as an employer, officer, director, owner,
investor, employee, partner, consultant or other participant in any Competitive Business. For purposes of this Agreement, “Person”
shall mean a corporation, partnership, trust, limited liability company, association, or other business entity or an individual.
“Affiliate” shall mean another Person controlled by, controlling, or under common control with the Seller Parties.
“Competitive Business” means e-commerce and marketing as it relates
to the cannabis industry and any other industry in which Purchaser is either operating in or is in the pre-operation development
stage at the date that is five (5) years following the Closing Date, and the Parties agree that the Seller Parties’ ‘FloraMenu’
project and related websites are not deemed to be a Competitive Business and are excluded from the Assets.
The Seller Parties acknowledge and agree that, given the nature of Sellers’ business, the restrictions set forth in this
Section 5.1 are necessary and reasonable in terms of the activities restricted, as well as the geographic and temporal scope of
such restrictions. The Seller Parties further acknowledge and agree that if any of the provisions of this Section 5.1 shall ever
be deemed to exceed the time, activity, geographic, or other limitations permitted by applicable law, then such provisions shall
be and hereby are reformed to the maximum time, activity, geographic, or other limitations permitted by applicable law.

 

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5.3           Confidentiality.
The parties to this Agreement shall not divulge or appropriate for its or their own use any Trade Secrets of the other parties
during or after the Closing Date, for as long as the information remains a Trade Secret, and shall not make any unauthorized disclosure
of Confidential Information about the other parties for a period of three years after the Closing Date. Notwithstanding the foregoing,
this Agreement may also be disclosed to third parties if reasonably necessary to secure consents or approvals to consummate the
contemplated transactions. “Trade Secrets” shall mean any information of the Seller Parties, GCI, or Purchaser
(including but not limited to technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method,
a technique, a drawing, a process, financial data, financial plans, product plans, or a list or actual or potential customers or
suppliers) which derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable
by proper means by, other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that
are reasonable under the circumstances to maintain its secrecy. For purposes of this Agreement, “Confidential Information”
means any valuable, non-public, competitively sensitive information (other than Trade Secrets) concerning the Seller Parties’,
GCI, or the Purchaser’s financial position, results of operations, annual and long-range business plans, product or service
plans, marketing plans and methods, training, educational and administrative manuals, client lists and employee lists; provided,
however, that Confidential Information shall not include information to the extent that it is or becomes publicly known or generally
utilized (other than because of the unauthorized disclosure of such information by the Seller Parties or Purchaser or their affiliates)
by others engaged in the same business or activities in which the Seller Parties or Purchaser utilized, developed or otherwise
acquired such information.

 

5.4           
Assignment. Neither this Agreement nor any interest hereunder will be assignable in part or in whole by either party
without the prior written consent of the non-assigning party, which consent will not be unreasonably withheld, conditioned or delayed.

 

5.5        Governing
Law and Venue. This Agreement is executed pursuant to and shall be interpreted and governed for all purposes under the
laws of the State of California. Any cause of action brought to enforce any provision of this Agreement shall be brought in Orange
County, California. If any provision of this Agreement is declared void, such provision shall be deemed severed from this Agreement,
which shall otherwise remain in full force and effect. This Agreement shall supersede any previous agreements, written or oral,
expressed or implied, between the parties relating to the subject matter hereof. 

 

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5.6           Notices.
Any notice, request, demand, or other communication given pursuant to the terms of this Agreement shall
be deemed given upon delivery, and may only be delivered or sent via hand delivery, facsimile, or by overnight courier, correctly
addressed to the addresses of the parties indicated below or at such other address as such party shall in writing have advised
the other party.

 

	 	If to the Purchaser:	 	WeedMaps Media, Inc.
	 	 	 	1300 Dove Street, Suite 100
	 	 	 	Newport Beach, CA  92660
	 	 	 	Facsimile: (949) 515-1625
	 	 	 	 
	 	with a copy to:	 	The Lebrecht Group, APLC
	 	 	 	9900 Research Dr.
	 	 	 	Irvine, CA  92618
	 	 	 	Attn:  Brian A. Lebrecht, Esq.
	 	 	 	Facsimile: (949) 635-1244
	 	 	 	 
	 	If to the Seller:	 	MMJMenu, LLC
	 	 	 	16632 E. Temple Drive
	 	 	 	Aurora, CO  80015
	 	 	 	Attn: Manager
	 	 	 	Facsimile: (888) 526-9350

 

5.7          Amendment.
No amendment, modification or supplement of any provision of this Agreement will be valid or effective unless made in writing and
signed by a duly authorized officer of each party.

 

5.8        Waiver.
No provision of this Agreement will be waived by any act, omission or knowledge of a party or its agents or employees except by
an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving party.

 

5.9        Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under the applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

    	12 of 14

    	 

    
 

5.10     Attorneys’
Fees. In the event that any suit, arbitration, legal action, proceeding or dispute between the parties arises in connection
with this Agreement, the prevailing party shall be entitled to recover all expenses, costs and fees, including reasonable attorney’s
fees, actually incurred in association with such action.

 

5.11    Entire Agreement.
This Agreement, including all exhibits, is the complete, final and exclusive understanding and agreement of the parties and cancels
and supersedes any and all prior negotiations, correspondence and agreements, whether oral or written, between the parties respecting
the subject matter of this Agreement.

 

[remainder of page intentionally left blank; signature page to follow]

 

    	13 of 14

    	 

    

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the date first written hereinabove.

 

	“Seller Parties”	 	“Purchaser”
	 	 	 
	MMJMenu, LLC,	 	WeedMaps Media, Inc.,
	a Colorado limited liability company	 	a Nevada corporation
	 	 	 
	/s/ Justin Weidmann	 	/s/ James Pakulis
	By:       Justin Weidmann	 	By:      James Pakulis
	Its:       Manager	 	Its:      President
	 	 	 
	 	 	“GCI”
	 	 	 
	 	 	General Cannabis, Inc.,
	 	 	a Nevada corporation
	 	 	 
	/s/ Alex Weidmann	 	 
	Alex Weidmann, an individual	 	/s/ James Pakulis
	 	 	By:      James Pakulis
	 	 	Its:      Chief Executive Officer
	/s/ Justin Weidmann	 	 
	Justin Weidmann, an individual	 	 

 

    	14 of 14

    	 

    
 

Exhibit A

 

Assets

 

1.             Domain Names.

 

7030LAW.COM

COLORAD07030.COM

DISPENSARYSOFTWARE.NET

HEYBUDS.COM

MJMENU.COM

MJREVIEW.NET (.ORG)

MJREVU.COM

MJTRACKER.COM

MJVENU.COM

MMJBLOGS.COM

MMJBUD.COM

MMJBUDS.COM

MMJGRO.COM

MMJGROU.COM
(.NET .ORG)

MMJGROWS.COM

MMJME.NU

MMJMENU.CO (.COM .NET .ORG)

MMJMENUS.COM

MMJREVIEW.COM
(.ORG)

MMJREVU.COM
(.NET .ORG)

MMJSTRAIN.COM

MMJVENDER.COM

MMJVENDOR.COM

MMJVENU.COM
(.NET .ORG)

MMJVENUE.COM

MMJVIEW.COM
(.NET .ORG)

MMJWEEKLY.COM

MORETHANMMJ.COM

PLANTOPATIENT.COM

PLANT2PATIENT.COM

 

2.            Trademarks or Trade Names.

 

A.           The
Service Mark for “mmjmenu”, Reg. No. 3,882,978.

 

3.             Other Assets.

 

A.           All
clients lists, mailing lists, and customer data.

B.           2
Apple iMac Computers

C.           4
Apple iPhones

 

    	A

    	 

    
  

D.           2
Apple iPads

E.           4
Computer Desks

F.           4
Computer Chairs

 

4.             Contracts to be Assigned.

 

To be inserted prior to Closing.

 

    	A

    	 

    

 

Exhibit B

 

Intellectual Property Assignment

 

    	B

    	 

    

 

Exhibit C

 

Assignment

 

 

    	C

    	 

    

 

Exhibit D

 

TERM SHEET

for

GENERAL CANNABIS, INC.

Updated December 16, 2011

 

	Company:	 	General Cannabis, Inc., a Nevada corporation (the “Company”).
	 	 	 
	Offering:	 	200,000 shares of common stock
	 	 	 
	Capitalization:	 	
        Before the offering:

         

        ·    The
        Company is authorized to issue 200,000,000 shares of common stock and 20,000,000 shares of preferred stock.

        ·   There
        are 83,140,256 shares of common stock, and no shares of preferred stock, outstanding.

        ·    There
        are contractual obligations to issue another 16,000,000 shares of common stock through January 2014 if certain financial milestones
        are met by one of our recently acquired subsidiaries.

         

        After the offering:

         

        ·   There
will be 83,340,256 shares of common stock issued and outstanding.

	 	 	 
	Subsidiaries:	 	The Company has eight wholly-owned subsidiaries, namely General Processing Corporation, a California corporation, WeedMaps Media, Inc., a Nevada corporation, General Health Solutions, Inc., a California corporation, General Merchant Services, Inc., a California corporation, General Marketing Solutions, Inc., a California corporation, General Management Solutions, Inc., a California corporation, CannaCare Management, Inc., a California corporation, and LV Luxuries Limited, a Nevada corporation.

 

    	DEMPLOYMENT
AGREEMENT 

 

This
Employment Agreement is entered into this 4th day of January, 2012, by and between General Cannabis, Inc., a Nevada corporation
(“Employer”), and Alex Weidmann, (“Employee”). In consideration of the mutual promises made
herein, the parties agree as follows:

 

ARTICLE
1. AT-WILL EMPLOYMENT

 

Section
1.1.       At-Will Employment. Employer hereby employs Employee and Employee hereby accepts
employment with Employer on an at-will basis, with both Employer and Employee able to terminate the employment relationship at
any time, with or without cause. This at-will status can only be changed by a writing signed by Employer’s President.

 

Section
1.2.       Annual Review. Employer will provide Employee annual reviews, which may result
in an increase in salary to Employee, but any increase in salary is in the sole discretion of Employer.

 

ARTICLE
2. DUTIES AND OBLIGATIONS OF EMPLOYEE

 

Section
2.1.       General Job Responsibilities. Employee is being hired for the position of Sr.
Software Engineer for the Employer. Employee shall report directly to Employer’s executive team, primarily Justin Hartfield
and Douglas Francis. In that capacity, Employee shall do and perform the following services:

 

·   The
Sr. Software Engineer will be responsible for acting as lead developer and product engineer for MMJ Menu, and developing analytical
applications that will mine customer data to drive value for the leading online medical marijuana portal. The Employee will be
involved throughout the application lifecycle, from requirements gathering through production rollout. The Employee will work
to maintain existing MMJ Menu architecture and continue to launch new feature sets within MMJ menu. The Employee will also manage
operations at MMJ menu and work directly with GC management to ensure proper operations and procedures. The Employee will have
balance sheet accountability for their respective work on MMJ menu and future projects in which they are involved.  

 

·   It
is anticipated that after the first 90 days the Employee will also build out new software products with feedback from sales, marketing,
IT and executive teams.

 

·   Additional
responsibilities as required by the Employer.

 

Section
2.2.       Matters Requiring Consent of Employer’s President. Employee shall not,
without specific written approval of the Employer’s President, do or contract to do any of the following:

 

(1)       Bind
the Employer to any contract or agreement outside the Employer’s ordinary course of business (meaning – e-commerce
and marketing as it relates to the cannabis industry and any other industry in which Employer is either operating in or is in
the pre-operation development stage at the time of Employee’s departure (the “Business”)) that could
cause the Employer to expend in excess of $1,000.00 (One Thousand Dollars);

 

    	1 of 9

    	 

    

 

(2)             Bind
the Employer to a liquidation event, such as liquidation, dissolution or winding up of the Employer, whether voluntary or involuntary;

(3)             Bind
the Employer to a sale of all or substantially all of the assets of the Employer;

(4)             Bind
the Employer to a transaction that would result in a change of the control of the Employer;

(5)             Bind
the Employer to any transaction that would result in the issuance of any shares of any class of stock of the Employer after the
date of this Agreement, or any security convertible into or exchangeable for any shares of any class of the Employer’s stock;

(6)             Guaranty
any debt or obligation in the name of the Employer; or

(7)             Any
other matter prohibited by the Employer’s written practices and policies that have been, or will be, distributed to Employer’s
employees.

 

Section
2.3.       Devotion to Employer’s Business.

 

(a)        Subject
to the exceptions set forth herein, Employee shall devote his full professional time, attention, best efforts, energy and skill
to the business of Employer during the term of his employment necessary to effectively and efficiently execute all job responsibilities
set forth in Section 2.1. Employee may devote time and attention to other activities that do not compete with Employer or interfere
with Employee’s obligations, duties and responsibilities to Employer hereunder.

 

(b)        During
Employee’s employment with Employer, Employee shall not engage in any other business duties or pursuits whatsoever, or directly
or indirectly render any services of a business, commercial, or professional nature to any other person or organization, whether
for compensation or otherwise, that competes with Employer’s Business or interferes with Employee’s obligations, duties
and responsibilities to Employer hereunder, without the prior written consent of Employer’s President. However, the expenditure
of reasonable amounts of time for educational, charitable, or professional activities shall not be deemed a breach of this agreement
if those activities do not materially interfere with the services required under this agreement and such activities shall not
require the prior written consent of Employer’s President.

 

(c)        This
agreement shall not be interpreted to prohibit Employee from making passive personal investments or conducting private business
affairs if those activities do not interfere or conflict with the services required under this agreement. However, during the
term of Employee’s employment, Employee shall not directly or indirectly acquire, hold, or retain any material interest
in any business competing with or similar in nature to the Business.

 

Section
2.4.       Competitive Activities. While Employee is an employee of Employer, Employee
shall not, directly or indirectly, either as an employee, employer, consultant, agent, principal partner, stockholder, corporate
officer, director, or in any other individual or representative capacity, engage or participate in any business that competes
with the Business.

 

Section
2.5.       Uniqueness of Employee’s Services. Employee hereby represents and agrees
that the services to be performed by Employee under this agreement are of a special, unique, unusual, extraordinary and intellectual
character that gives them a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an
action at law. Employee therefore expressly agrees that Employer, in addition to any other rights or remedies that the Employer
may possess, shall be entitled to injunctive and other equitable relief to prevent or remedy a breach of this contract by Employee.
The parties are aware that under California law specific performance may not be available to enforce all breaches of this agreement
but acknowledge that for all such material breaches of this agreement the non-breaching party would be harmed and both parties
agree that this harm will be recoverable through monetary damages.

 

    	2 of 9

    	 

    

 

Section
2.6.       Trade Secrets.

 

(a)        The
parties acknowledge and agree that during Employee’s employment and in the course of the discharge of his duties hereunder,
Employee shall have access to and become acquainted with confidential trade secret information concerning the operation and processes
of Employer, including without limitation, confidential financial, personnel, sales, and other information that is owned by Employer,
and confidential information concerning Employer’s current or any future and proposed work, services, or products, and the
facts as well as any descriptions thereof, and that such information constitutes Employer’s trade secrets (“Trade
Secrets”).

 

(b)        Employee
specifically agrees that he shall not misuse, misappropriate, or disclose any such Trade Secrets, directly or indirectly to any
other person or use them in any way, either during the term of this Agreement or for so long thereafter that such Trade Secrets
remain trade secrets under the California Uniform Trade Secrets Act, California
Civil Code Section 3426-3426.11, as amended, except as is required in the course of his employment hereunder.

 

(c)        Employee
acknowledges and agrees that the sale or unauthorized use or disclosure of any of Employer’s Trade Secrets obtained by Employee
during the course of his employment with Employer, would constitute unfair trade practices and unauthorized use of the Employer’s
Trade Secrets, whether such information is used during the term of Employee’s employment or at any other time thereafter.

 

(d)        Employee
further agrees that all files, records, documents, drawings, specifications, equipment, and similar items relating to Employer’s
business, whether prepared by Employee or others, are and shall remain exclusively the property of Employer and that they shall
be removed from the premises of Employer only with the express prior written consent of Employer. Employee shall not solicit or
hire any client(s) or employee(s) of Employer for one (1) year following termination of employment.

 

(e)        Trade
Secrets do not include (1) information that was in the public domain at the time of disclosure; (2) information that
subsequently becomes part of public knowledge or literature through a deliberate act of Employer or Employee that is not in violation
of this agreement as of the date of its becoming public, or (3) information that is not a “trade secret” as defined
under the California Uniform Trade Secrets Act.

 

Section
2.7       Discoveries. All inventions, discoveries, ideas, and other intellectual
property rights, whether they can be patented or not, made or conceived by Employee during the term hereof, either solely or jointly
with others, to the extent related to and arising out of Employee’s performance under this agreement, shall be promptly
and fully disclosed to the Employer, considered work for hire and all right, title and interest thereto anywhere in the world
shall be the Employer’s property. In the event that such inventions, discoveries and ideas are not considered work for hire
for any reason, Employee hereby unconditionally assigns to the Employer all of his right, title and interest therein. Employee
agrees to execute any and all documents deemed necessary by Employer to effectuate the foregoing at any time, whether before or
after the expiration or earlier termination of this agreement. Compensation for any such inventions, discoveries or ideas shall
be deemed to be included in the compensation paid to Employee hereunder.

 

    	3 of 9

    	 

    

 

ARTICLE
3. OBLIGATIONS OF EMPLOYER

 

Section
3.1.       General Description. Employer shall provide Employee with the compensation,
incentives, benefits, and business expense reimbursement specified elsewhere in this agreement.

 

Section
3.2.       Office and Staff. Employer shall provide Employee with an office, office equipment,
supplies, and other facilities and services, suitable to Employee’s position and adequate for the performance of his duties.
Employee shall work virtually from Employee’s location of choice in the Denver, Colorado metropolitan area, or at Employee’s
election from the Employer’s corporate headquarters, which is currently located in Newport Beach, California. Employee is
required to spend time in the field as necessary to effectively carry out his job duties and responsibilities, maintain team continuity
and direction, grow and maximize sales, and to achieve his established goals. Employee understands and agrees that frequent travel
may be necessary to accomplish his job responsibilities outlined herein.

 

ARTICLE
4. COMPENSATION OF EMPLOYEE

 

Section
4.1.       Annual Salary.

 

(a)        As
compensation for the services to be rendered hereunder, Employee shall receive an annual salary at the rate of $10,000 per
month, payable twice a month.

 

(b)        Employee
may receive such annual increases in salary as may be determined by Employer in its sole discretion on the anniversary of this
agreement. Nothing herein requires Employer to increase Employee’s salary at any time.

 

Section
4.2.       Tax Withholding. Employer shall have the right to deduct or withhold from the
compensation due to Employee hereunder any and all sums required for federal income and Social Security taxes and all state or
local taxes now applicable or that may be enacted and become applicable in the future.

 

ARTICLE
5. EMPLOYEE BENEFITS

 

Section
5.1.       Eligibility. Employee will be entitled to begin accruing the benefits listed
in this Section immediately after Employee’s start date.

 

Section
5.2.       Annual Vacation. Employer does not currently offer vacation leave. However,
to the extent that the Employer offers vacation leave to its employees in the future, Employee will be eligible to participate
in such a plan, in accordance with what the Employer offers to other comparable employees.

 

Section
5.3.       Sick Leave. Employer does not currently offer sick leave. However, to the extent
that the Employer offers sick leave to its employees in the future, Employee will be eligible to participate in such a plan, in
accordance with what the Employer offers to other comparable employees.

 

    	4 of 9

    	 

    

 

Section
5.4.       Medical Coverage. Employer agrees to provide Employee coverage for medical,
major medical, and hospital insurance, in accordance with Employer’s current plan and benefits. All or a portion of the
cost of such coverage will be the responsibility of Employer, in accordance with the Employer’s standard medical benefits
coverage offered to its like-level employees.

 

Section
5.5.       Retirement Plan. Employer does not currently offer retirement benefits.
However, to the extent that the Employer offers retirement benefits to its employees, Employee will be eligible to participate
in such benefits, in accordance with what the Employer offers to other comparable employees.

 

Section
5.6.       Stock Options. Employee shall participate in Employer’s employee Stock
Option Plan, and shall receive stock options in the amounts and at the times specified in Annex A to this agreement.

 

ARTICLE
6. BUSINESS EXPENSES

 

Section
6.1.       Reimbursement of Business Expenses.

 

(a)        Employer
shall reimburse Employee for all reasonable business expenses incurred by Employee in connection with the business of Employer,
including travel expenses, conditional on Employee receiving written authorization from the President or CEO, prior to incurring
such expense.

 

(b)        Each
such expenditure shall be reimbursable only if Employee furnishes to Employer adequate records and other documentary evidence
required by federal and state statutes and regulations issued by the appropriate taxing authorities for the substantiation of
each such expenditure.

 

ARTICLE
7. TERMINATION OF EMPLOYMENT

 

Section
7.1.       Termination At Will. Employee’s employment hereunder is at will and may
be terminated by either Employer or Employee at any time for any reason, with or without cause.

 

Section
7.2.       Termination Upon Death. Employee’s employment hereunder shall terminate
upon his death, in which event the Employer shall pay to such person as the Employee shall have designated in a written notice
filed with the Employer, or if no such person shall have been designated to his estate, all salary, amounts due under benefit
plans and profit sharing plans, and reimbursement of business expenses through the date of termination.

 

Section
7.3.       Termination Upon Disability. If, as a result of a permanent mental or physical
disability, Employee shall have been absent from his duties hereunder on a full-time basis for six (6) consecutive months, (“Disability”)
and, within thirty (30) days after the Employer notifies Employee in writing that it intends to replace him, (which notice can
be given at the end of the fifth month during such six-month period), Employee shall not have returned to the complete performance
of his duties on a full-time basis, the Employer shall be entitled to terminate Employee’s employment. In addition, Employee
shall, upon his Disability, have the right to terminate his employment with Employer. If such employment is terminated (whether
by the Employer or Employee) as a result of Employee’s Disability, then Employer shall pay, if applicable, to Employee all
salary, amounts due under benefit plans and profit sharing plans, and reimbursement of business expenses, through the date of
termination.

 

    	5 of 9

    	 

    

 

Section
7.4.       Termination for Cause. Employer shall be entitled to terminate Employee’s
employment for Cause, in which event Employee shall be entitled, if applicable, to all salary, amounts due under benefit plans
and profit sharing plans, and reimbursement of business expenses, through the date of termination. For purposes of this agreement,
“Cause” shall mean (i) the conviction of Employee of a felony, (ii) the commission by Employee of an act
of fraud or embezzlement involving assets of the Employer or its customers, suppliers or affiliates, (iii) a willful breach or
habitual neglect of Employee’s duties which he is required to perform under the terms of his employment (See Section 2.1,
above) and which causes material harm to the Business, (iv) refusal to timely produce any and all documentation related to the
Employer’s business to the President upon request therefore, which refusal causes material harm to the Business; or (v)
gross misconduct or gross negligence in connection with the business of the Employer or an affiliate which has a material adverse
effect on the Employer and any of its subsidiaries. Notwithstanding the foregoing, Employee shall not be deemed to have been terminated
for Cause unless and until there shall have been delivered to Employee a notice of termination which specifies the grounds for
termination and a statement of supporting facts.

 

Section
7.5       Termination without Cause. Subject to the provisions of Section 7.7 of
this agreement, Employee’s employment hereunder may be terminated by Employer without Cause at any time and without prior
notice to Employee.

 

Section
7.6       Termination with Good Reason. Employee may resign at any time with Good Reason.
For purposes of this agreement, Employee shall be deemed to have terminated his service to Employer for “Good Reason”
if he terminates his service because: (i) he experiences a material reduction in salary, benefits or role without his prior written
consent unless (A) within the prior six (6) months, Employee committed one or more of the acts defined as Cause in Section 7.4,
above or (B) all of Employer’s employees are subject to a similar reduction; or (ii) Employer relocates Employee’s
office or reporting location more than 40 miles away from Employer’s current corporate offices in Costa Mesa, California.

Section
7.7       Payments upon Termination without Cause or With Good Reason. If Employee’s
employment with Employer is terminated by Employer without Cause pursuant to Section 7.5 or by Employee with Good Reason pursuant
to Section 7.6 above, then Employee shall be entitled to receive payment of four (4) weeks of Employee’s base salary in
effect as of the date of such termination. The severance payments will be made in accordance with the normal payroll cycle of
Employer and subject to any required tax withholdings and deductions. If Employee breaches any of the covenants set forth in Article
2, above, Employer shall have no further obligation to provide, and Employee shall have no further right to receive, any payments
or benefits pursuant to this Section 7.7.

 

Section
7.8       Return of Documents. Upon the termination of Employee's employment with Employer
for any reason, including without limitation termination by the Employer for Cause, Employee shall promptly deliver to Employer
all correspondence, manuals, orders, letters, notes, notebooks, reports, programs, proposals, appraisal documents, agreements,
and any documents and copies concerning Employer’s customers or concerning products or processes used by Employer and, without
limiting the foregoing, will promptly deliver to the Employer any and all other documents or material containing or constituting
Trade Secrets.

 

    	6 of 9

    	 

    

 

ARTICLE
8. GENERAL PROVISIONS

 

Section
8.1.       Notices. Any notices to be given hereunder by either party to the other shall
be in writing and may be transmitted by personal delivery or facsimile or overnight mail. Notices shall be addressed to the parties
at the addresses below. Such notice or communication shall be deemed to have been given or made, as of the date of delivery, as
evidenced by a signed declaration under penalty of perjury in the event of personal delivery, as evidenced by a facsimile confirmation
sheet in the event of facsimile delivery, or as evidenced by prove of overnight delivery in the event of delivery by overnight
courier.

 

	 	If to Employer:	General Cannabis, Inc.
	 	 	1300 Dove Street, Suite 100
	 	 	Newport Beach, CA  92660
	 	 	Attn.  James Pakulis, CEO
	 	 	Facsimile (949) 515-1625

 

	 	with a copy to:	The Lebrecht Group, APLC
	 	 	9900 Research Drive
	 	 	Irvine, CA  92618
	 	 	Attn:  Craig V. Butler, Esq.
	 	 	Facsimile:  (949) 635-1244

 

	 	If to Employee:	Alex Weidmann
	 	 	 	 
	 	 		 
	 	 	Facsimile:		 

 

Section
8.2.       Arbitration.

 

(a)        Any
controversy between Employer and Employee involving the construction or application of any of the terms, provisions, or conditions
of this agreement shall on written request of either party served on the other be submitted to arbitration.

 

(b)        Employer
and Employee shall each appoint one person to hear and determine the dispute. If the two (2) persons so appointed are unable to
agree, then those persons shall select a third impartial arbitrator whose decision shall be final and conclusive upon both parties.

 

(c)        The
cost of arbitration shall be borne by the losing party or in such proportions as the arbitrators decide.

 

(d)        Arbitration
will be held in Orange County, California, unless mutually agreed upon by the parties in writing.

 

Section
8.3.       Attorney’s Fees and Costs. If any action at law or in equity is necessary
to enforce or interpret the terms of this agreement, the prevailing party shall be entitled to reasonable attorney’s fees,
costs, and necessary disbursements in addition to any other relief to which that party may be entitled. This provision shall be
construed as applicable to the entire contract.

 

    	7 of 9

    	 

    

 

Section
8.4.       Entire Agreement. This agreement supersedes any and all other agreements, either
oral or in writing, between the parties hereto with respect to the employment of Employee by Employer and contains all of the
covenants and agreements between the parties with respect to that employment in any manner whatsoever. Each party to this agreement
acknowledges that no representation, inducements, promises, or agreements, orally or otherwise, have been made by any party, or
anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained
in this agreement shall be valid or binding on either party.

 

Section
8.5.       Amendment. This agreement may be amended, modified, superseded, cancelled, renewed
or extended and the terms or covenants hereof may be waived, only by a written instrument executed by both parties as hereto,
as in the case of a waiver, by the party waiving compliance.

 

Section
8.6.       Effect of Waiver. The failure of either party to insist on strict compliance
with any of the terms, covenants, or conditions of this agreement by the other party shall not be deemed a waiver or relinquishment
of any right or power at any one time or times be deemed a waiver or relinquishment of that right or power for all or any other
times.

 

Section
8.7.       Partial Invalidity. If any provision in this agreement is held by a court of
competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force
without being impaired or invalidated in any way.

 

Section
8.8.       Law Governing Agreement/Venue. This agreement shall be governed by and construed
in accordance with the laws of the State of California. Any legal action, suit, arbitration, or proceeding
arising from or relating to this Agreement shall be brought and maintained in the appropriate court or arbitrator located in and
with jurisdiction over Orange County, California and the parties hereby submit to the jurisdiction thereof.

 

Section
8.9.       Understanding Agreement.  Employee has read and fully understands the points
listed above and has agreed to adhere to all sections as presented. Employee has had an opportunity to seek the advice of legal
counsel regarding the terms of this agreement.

 

Section
8.10.       Assignment. This agreement, and the Employee’s rights and obligations
hereunder, may not be assigned by the Employee.

 

IN
WITNESS WHEREOF, the parties hereto, by their duly authorized officers or other authorized signatory, have executed this Amendment
as of the date first above written. This agreement may be signed in counterparts and facsimile signatures are treated as original
signatures.

 

	“Employer”	 	“Employee”
	 	 	 
	General Cannabis, Inc.	 	 
	a Nevada corporation	 	 
	 	 	 
	/s/ James
    Pakulis                                  	 	/s/ Alex
    Weidmann                               
	By:  James Pakulis	 	By:  Alex Weidmann
	Its:  Chief Executive Officer	 	 

 

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ANNEX A

 

STOCK OPTIONS

 

Subject
to the effectiveness of the currently pending registration statement on Form S-1, the employee will receive the number of stock
options that managers of equal responsibilities receive from the Company.

 

    	9 of 9

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