General Cannabis Corp (OTCMKTS:CANN) saw a healthy jump in price this week – closing Friday on a high note (+12%) – CANN has been trending upward since early November. To be more specific CANN is +130% since early November. This is one of the few cannabis companies that was actually undervalued for most of the year and now has regained steam. So why the huge turnaround?
CANN is at an interesting point operationally and could be ready to take the next step as 2018 looms. The company has improved operations. CANN saw a 17% increase in 3rd quarter revenues and a 15% increase from the previous quarter.
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 A 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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“We continue to focus on the profitability of our operating segments as we expand on a national scale,” said Robert Frichtel, Chief Executive Officer of General Cannabis. “The capital raise gives us the necessary working capital as we continue to focus on national expansion of each of our operating businesses. We enter the fourth quarter poised to continue our expansion.”
“The General Cannabis model continues to prove itself. We continue to achieve strong revenues and growth. As we look to 2018, we expect that our business will continue to expand out of Colorado and into new markets where we can leverage our knowledge and experience. With the capital raise complete, we will look to maximize revenues and gross profit,” said Michael Feinsod, Executive Chairman of General Cannabis. “Our goal is to achieve profitability within each operating segment and grow our business to absorb the overhead necessary to operate a public company. Each of our operating divisions is managed by the entrepreneurial management teams we have acquired and built in Colorado. These operating divisions can continue to expand and rely on the balance sheet and infrastructure support of General Cannabis. We plan to continue to acquire companies run by strong management teams who can leverage our platform as regulated cannabis continues its expansion nationwide.”
General Cannabis Corp (OTCMKTS:CANN) has earned a market cap of $72.37M and continues to trend upward. The stock has added significant market cap since we lost wrote about them, so investors should be watching closely. We will be updating readers soon. 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.