General Cannabis Corp (OTCMKTS:CANN) is trending upward this week. CANN is seeing average volume over 1.1M and CANN’s bullish run looks to be the company reaching a serious inflection point. Since September, CANN has gone from a little more than a dollar to now above the $5 mark. For many, it looked the stock would see resistance at $3, but CANN has continued to surge.
One catalyst for the continued growth is CANN’s news of locking up a grow facility deal in California. This a huge contract for the company earning them $955,000 to manage a cannabis grow facility for Next Big Crop. “We have been developing potential clients in California for the past year, where cannabis becomes legalized for adult use on Jan. 1, 2018,” said Robert Frichtel, CEO of General Cannabis. “California will become the world’s largest legalized and regulated cannabis market at the beginning of the new year. We are pleased to have gained a solid foothold in what is projected to be a $7 billion state-wide market.”
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.
Find out when $CANN reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
“Revenue from this new contract alone for the two-year contract period would be nearly equal to Next Big Crop’s trailing 12-month operations revenue stream for the period ending Sept. 30, 2017,” said Michael Feinsod, CANN Chairman. “The foundation for General Cannabis is now not only stronger but more expansive. We are very excited about the opportunities for business growth in 2018 and beyond. We continue to actively seek new opportunities in regulated markets across the country
Also, solid financial results have been another key driver of CANN from its 52-week low. Record revenues for the three months ended September 30, 2017, strengthened investor confidence on the stock, triggering buyers. Total revenues in the quarter came in at $980,000, representing a 21% year-over-year increase. Record revenues in the Operations segment which registered a 210% increase as well as 227% growth in Next Big Corp accounted for a good chunk of the record revenues.
General Cannabis Corp (OTCMKTS:CANN) has earned a market cap of $141.61M and continues to run with the bulls. 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.