After exploding higher in late 2017, investors in General Cannabis Corp (OTCMKTS:CANN) have had a bit of rough ride. The stock has been lower and sideways despite many events seeming to bode quite for its predominant narrative. Now, after reaffirming key support in the $2/share area, the time may be at hand for something of a comeback.
To attempt to spark such a shift, the company just announced the promotion of three key leaders within the Company. In support of an aggressive growth plan the Company promoted top contributors from across marketing, accounting and operations. According to the release, Jessica Bast was promoted to Vice President, Cindy Gonzales was promoted to Vice President of Marketing, and Hunter Garth was promoted to Vice President of Business Development.
General Cannabis Corp (OTCMKTS:CANN) trumpets itself as a company that provides products and services to the regulated cannabis industry in the United States.
The company operates through four segments: Security and Cash Transportation Services (Security), Marketing Consulting and Apparel (Marketing), Operations Consulting and Products (Operations), and Finance and Real Estate (Finance).
The Security segment advanced security services, including on-site professional and cash transport to licensed cannabis cultivators and retail shops, as well as security services to non-cannabis customers in the hospitality business.
The Marketing segment provides designing, branding, and marketing strategy consulting services to the cannabis industry; and designs and sources client-specific apparel and products. This segment offers t-shirts, hats, hoodies, and accessories through an online shop, as well as cannabis retailers, and specialty t-shirt and gift shops.
The Operations segment provides consulting services to the cannabis industry that comprise obtaining licenses, compliance, cultivation, retail operations, logistical support, facility design and construction, and expansion of existing operations.
The Finance segment engages in the acquiring and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners. This segment also offers shared office space, networking, and event services; direct term loans and revolving lines of credit; and customized finance, capital formation, and banking services.
The company was formerly known as Advanced Cannabis Solutions, Inc. and changed its name to General Cannabis Corp in June 2015. General Cannabis Corp was incorporated in 2013 and is headquartered in Denver, Colorado.
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As noted above, CANN just announced the promotion of three key leaders within the company.
Traders will note 25% added to share values of the name over the past month of action. Furthermore, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 3% above its longer-run average levels.
“Hunter, Jessica and Cindy each demonstrate the unique mix of professionalism and passion that sets General Cannabis apart and we are thrilled to recognize their contributions,” said General Cannabis’ CEO Michael Feinsod. “We are confident they will continue to position us as leaders in the industry as we look to expand both organically and through acquisition. I am also personally eager to continue to drive the expansion of the executive team, as this enhances the strong foundation we can offer entrepreneurs and clients to succeed with General Cannabis. Congratulations to each of our new Vice Presidents for your past contributions and thank you in advance for all you will bring to our Company and our shareholders in the future.”
Now commanding a market cap of $85.85M, CANN has a significant war chest ($9.9M) of cash on the books, which is balanced by about $4.9M in total current liabilities. One should also note that debt has been growing over recent quarters. CANN is pulling in trailing 12-month revenues of $4.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 11.9%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.