General Cannabis Corp (OTCMKTS:CANN) has gone from the hottest show on turf to a deep pullback possibility not for the faint of heart. And the transition didn’t take long. In just a matter of about two months, we have seen this stock launch from under $1.50/share to over $11/share (on an intraday basis), and back down to under $3.50/share. That is a remarkable adventure on the charts, and the question before us now is this: is the stock ready to bounce?

Part of the answer to that question lies with catalysts for the company. In that vein, CANN just recently announced that its client, Green Leaf Medical LLC, a leading grower and supplier of medical cannabis in Maryland, has successfully harvested its first crop and has passed all state-required laboratory tests. According to the release, “now producing an estimated 500-600 pounds of high-quality medical marijuana on a monthly basis, Green Leaf is one of the leading fully approved suppliers in Maryland.”

General Cannabis Corp (OTCMKTS:CANN) bills itself as a company that provides services to the regulated cannabis industry in the United States. The company engages in the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners; and provision of security services, including on-site professionals, video surveillance, and cash transport to licensed cannabis cultivators and retail shops.

CANN also designs, distributes, and sells apparel featuring graphic designs; and offers consulting services to the cannabis industry that comprise obtaining licenses, compliance, cultivation, logistical support, facility design, and building services. In addition, General Cannabis Corporation provides shared office space, networking, and event services; and leases cultivation equipment and facilities.

According to company materials, “General Cannabis Corporation is the comprehensive resource for the highest quality service providers available to the regulated Cannabis Industry. We are a trusted partner to the cultivation, production and retail side of the cannabis business. We do this through a combination of strong operating divisions such as real estate, consulting, security, financing and the distribution of important infrastructure products to grow facilities and dispensaries. As a synergistic holding company, our subsidiaries are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed.

Incorporated in 1987, General Cannabis Corp is a leader in the cannabis industry based in Denver, Colorado which prides itself in being a comprehensive resource for the highest quality service providers available to the regulated Cannabis Industry.

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“From the outset, Green Leaf worked with Next Big Crop to help design and build its state-of-the-art grow facility, and to establish rigorous operational procedures, ensuring the highest quality product for Maryland patients,” said Richard Cardinal, managing director of Next Big Crop. “Our operational model is most effective when we are able to participate in each phase of the planning, building and management of these facilities. Green Leaf’s success is a great example of that.”

Philip Goldberg, CEO of Green Leaf Medical, added: “Our commitment to meeting pharmaceutical manufacturing standards combined with Next Big Crop’s established operational protocol and oversight helped us achieve this level of productivity in just four months of operation.”

“Next Big Crop’s consulting success in Maryland reflects the growing national presence, reputation and strategy of General Cannabis,” according to Robert Frichtel, Chief Executive Officer of General Cannabis. “We recently signed several new contracts in California and we are expanding our business opportunities in Arizona.”

The listing has seen a jump in recent trading volume to the tune of topping 220% over what the stock has registered over the longer term. This is particularly important due to the tight float size in the stock (not even 22M shares). This type of thing is something to watch out for: ramping trading activity can overwhelm available supply in a stock with this type of small float, leading to an upward burst in prices.

Earning a current market cap value of $111.1M, CANN has a store ($253K) of cash on the books, which must be weighed relative to about $2.7M in total current liabilities. One should also note that debt has been growing over recent quarters. CANN is pulling in trailing 12-month revenues of $3.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 20.9%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $CANN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $CANN, either long or short, and we have not been compensated for this article.