General Cannabis Corp (OTCMKTS:CANN) continues to climb as trading has commenced for 2018. CANN is, of course, riding the wave of the industry’s biggest driver today: legalization in California. In addition, CANN is seeing a nice uptick in volume over a five-day span up 64%.
But, most importantly, and those who bought-in on CANN already know this, the stock price has zoomed from the $2 level to now climbing close to $8. What helped this significant rise is the impending legalization, but also how hard CANN hustled to close out the year. First, the company inked a deal in the Golden State worth $955k managing a cannabis grow facility for Next Big Crop.
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 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.”
A healthy bottom line for CANN was also a key driver. 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 $166.33M and the bull run shall carry on. And, in our opinion, this week should be another strong week for CANN and with Californian law changing it should stay strong. 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.