General Cannabis Corp (OTCMKTS:CANN) surged over 40% after the firm submitted its quarterly financial report for the period that closed on September 30th. The company is based out of Denver and offers numerous services to the rapidly burgeoning legal cannabis industry. It is consisted of 5 subsidiaries, each concentrated on capitalizing on a certain aspect of the industry.
The highlights
Through its subsidiary firms, General Cannabis is concentrated on providing products and services to a number of sub-sectors of the legalized cannabis industry. The firm is focused on implementing on the different growth opportunities. In March 2015, the company bought Iron Protection Group, which provides security offerings to its 16 customers throughout Colorado.
Coming to marketing and products, in September 2015, the firm bought Chiefton Supply Company, a design and apparel firm that offers design, marketing and branding strategy consulting services. Through the Next Big Crop, it offers cannabis industry consulting services.
General Cannabis owns a 3-acre cultivation asset in Pueblo, which comprises a parking lot and steel building. The property is zoned for growing cannabis and is leased to a medicinal cannabis cultivator until December 31, 2022.
In October 2014, the company bought a previous retail bank, which has been stated as The Greenhouse. The building is utilized as firm’s corporate headquarters and the retail base of Chiefton Supply Company. Industry finance strategy comprises assessing prospects to make direct term loans or to offer revolving lines of credit to companies involved in the sale and cultivation of cannabis and associated products.
During the third quarter, the company posted net loss of a $14.4 million on revenue of $810,380. General Cannabis posted operating loss of a $1.29 million, which was slightly higher over the same period last year.
Though revenue has surged, the higher revenue is mainly due to the IPG acquisition, which happened in late March 2015, the procurement of Chiefton, which happened in late September 2015, the re-launch of GC Supply in April 2016 and again release of its consulting exercise as Next Big Crop in 2015.
