General Cannabis Corp (OTCMKTS:CANN) moved higher on the dawn of California’s legalization vote. Since that time its been a different story as you can tell by the chart below. Small cap cannabis stocks have been on fire recently, and perhaps none more so than General Cannabis Corp. (OTCMKTS:CANN), which has shot up from levels near just $0.73 last fall to its current trading price of $1.82. The stock has been beaten down and but have even more room to run, given the upcoming ballot initiatives on marijuana legalization in Canada, which is sure to give all cannabis stocks a bump.

At a current price of $1.82, CANN has a total market capitalization of $33.24 million. Over a 52-week period, shares have traded as low as $0.50 and as high as $5.19. The current trading range for the stock is $1.75 and $1.86.

General Cannabis Corp (OTCMKTS:CANN) describes itself as an all-in-one services provider for the cannabis industry. Through four different business segments, CANN provides services and consulting options that are specifically tailored to the unique needs of firms within the cannabis industry.

For example, the Security and Cash Management Services segment, which does business as Iron Protection Group, does everything from provide training in firearms to arrange security details. The Marketing and Products segment, which does business as Chiefton Supply Co., provides apparel and graphic design services. Consulting and Advisory provides assistance in obtaining licenses, maintaining compliance and providing logistical support. And, finally, Finance and Real Estate provides services related to real estate leasing, shared office space, and events.

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The important point to focus on here is that the company has strong, profitable operations in place. In the first half of 2016 alone, revenues were $1.394 million, up 188 percent from the year-earlier period. Even though the company is geared towards the cannabis industry, it is essentially a cash-generating business services company rather than a cash-intensive R&D operation. That provides a floor for the stock price, while still giving the company room to benefit from a fast-growing industry.

The opening of the California market for recreational marijuana via Prop 64 tripled the size of the legal cannabis industry literally overnight. For CANN, that could represent a huge windfall in the near term, as the state’s nascent cannabis industry needs exactly the types of services that it provides. For example, CANN is now able to help new California marijuana businesses obtain the right licenses, fill out all the required regulatory paperwork, and even find new real estate for opening up dispensaries.

The only concern, however, is that we’ve seen this story before with CANN. Back in March 2014, during the first “green rush,” shares of CANN once traded higher than $35. But that was back when the company was known as Advanced Cannabis Solutions. In June 2015, the company changed its name to General Cannabis Corp. And 2015 was also the year that the company acquired Next Big Crop, a top-ranked consulting company focused on the growing and cultivation of marijuana, thereby strengthening the company’s core offerings. So you can think of the new CANN as older, wiser and stronger than it was back in 2014.

As a result, it’s possible to think of General Cannabis Corp. as a highly leverged play on the red-hot cannabis industry.  Any expansion of the marijuana industry is good news for CANN. And now that we’re looking at the legalization of recreational marijuana across N. America, that can have a significant impact on shifting momentum around CANN. At a current trading price of $1.81, there’s still plenty of room to run before the company hits its 52-week high of $5.19. For more information on General Cannabis Corp. and other fast-moving penny stocks, subscribe now to  FinanceRegistrar.com