General Cannabis Corp (OTCMKTS: CANN) has been on the rise in recent weeks. The stock is one to watch when Cannabis heats up with a long history of spectacular moves running from under $2 per share to highs of $11.19 this time last year. CANN has quickly attracted a significant shareholder base that has transformed the stock into a volume leader.
Cannabis is a great place to be; according to a recent report from Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe and spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%. The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. Of course much of this hinges on how laws progress.
General Cannabis Corp (OTCMKTS: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. CANN is a trusted partner to the cultivation, production and retail sides of the cannabis business. As a synergistic holding company, CANN divisions are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed.
The Company provides advanced security, including on-site professionals and cash transport, to licensed cannabis cultivators, cannabis processing facilities and retail shops, under the business name Iron Protection Group (“IPG”) in California and Colorado, and security services to non-cannabis customers in Colorado, such as hotels, apartment buildings and retail, under the business name Mile High Protection Services (“MHPS”). CANN strategically acquired MHPS in order to expand their Colorado security business into the non-cannabis space, as the Company believes that market provides an opportunity for growth.
General Cannabis has seen significant growth in recent years fueled by an aggressive acquisition strategy. Subsidiaries include; Chiefton Supply Co, the original high-quality Colorado Cannabis apparel company. Born, based, and designed in Colorado, everything from its employees to their designs are curated exclusively within state lines. Chiefton Design which delivers the highest quality brand development and design to the legal cannabis market and the Next Big Crop which offers hands-on experience and proven techniques for every phase of the cultivation, processing, and sale of cannabis.
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CANN has fast growing sales reporting $1,114,541 in revenues for the 3 months ended June 30, 2018. CEO Robert Frichtel commented “We broke the $1 million revenue ceiling in the second quarter of 2018, with revenues of $1,114,541, an increase of 34% over 2017. Year to date revenues increased 32% in 2018 over 2017. Our Operations segment continues to find opportunities from the expansion of legalized cannabis in numerous states, our Security segment is gaining traction in California, and Chiefton’s apparel business is achieving broader, national success.”
Last month CANN announced it is expanding its presence on the East Coast with the opening of a New York office. The New York office provides General Cannabis a strategic location to better serve existing East Coast clients while also attracting new talent and partnerships as the cannabis market in the eastern U.S. continues to develop. Further, the opening of the New York office provides a hub for current clients looking for East Coast expansion opportunities.
On October 1 CANN announced it hired accomplished national trial attorney, Brett Wendt, as Executive Vice President and General Counsel. Prior to joining General Cannabis, Wendt most recently served as a lead member of the National Employment Group for respected law firm, Kutak Rock, LLP (Kutak Rock). While at Kutak Rock, Wendt represented national, regional and local clients in all matters related to business and employment law, having tried dozens of cases in both federal and state courts in Florida and Colorado.
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Currently trading at a $109 million market valuation CANN has a war chest of over $10 million in the treasury, very little debt and fast growing revenues reporting $1,114,541 in revenues for the 3 months ended June 30, 2018 a 34% increase over the same period last year. CANN is an exciting Company making waves in the cannabis space; the Company has established itself as comprehensive resource for the highest quality service providers available to the regulated cannabis industry and is uniquely positioned to take a leading role in many new US markets that ere currently opening up. We will be updating on CANN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CANN.
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Disclosure: we hold no position in CANN either long or short and we have not been compensated for this article.