General Cannabis Corp (OTCMKTS:CANN) shot up 35% to end the week and volume spiked 3x the 10-day average to 1.3M. The company has a small float and saw some nice revenues for Q2. In short, CANN should be back on your watchlist for those reasons and more.
Besides the revenues that hit records highs – a 21% increase all told – the company added Miles High, a security company for hotels and cannabis dispensaries – to bring in some service industry expertise. “Mile High will complement our current security business, Iron Protection Group. It expands our footprint within the Colorado cannabis security market, as well as providing the opportunity to expand our entire security business into the hospitality and other industries. The combination brings natural synergies across hiring, management and operating expenses,” said CEO Robert Fritchtel. With the largest focus of CANN being service delivery ranging from general consulting to security, this acquisition promises to significantly influence the profit-making capabilities of General Cannabis.
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, andA 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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In other news, CANN also made a play at GC Finance Arizona, LLC which they acquired in a bid to ensure operational efficiency. The latter, which has 14,000 square feet of idle space, is a major producer and distributor medical marijuana-infused products in the state of Arizona. With a gross revenue of $194,000 in 2017, CANN found this to be a great chance in their bid to ensure GC Finance is growing as are they.
All this stacks up to a company that is trending in the right direction.
General Cannabis Corp (OTCMKTS:CANN) has earned a market cap of $42.23M and has been trending upward most of November. December could bring much of the same good cheer, so interested 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.