On February 20, 2018, General Cannabis Corp. (OTCQB:CANN) announced revenue results for the quarter ended December 31, 2017. Denver based General Cannabis Corp. reported its highest quarterly revenues ever (approximately $990,000), representing an increase of 27% in total revenues when compared to the three months ended December 31, 2016. In addition, annual revenues in 2017 increased by $540,000 to approximately $3,522,000, or 15%, when compared to annual 2016 revenues of approximately $2,982,000.
The Operations segment of the company, Next Big Crop, led the way with a 323% increase in revenue compared to the quarter ended December 31, 2016. As the number of states with regulated marijuana markets has increased, Next Big Crop has found a steady increase in demand for its services. General Cannabis Corp. has also obtained its license to operate in California and expects to see significant growth in that market in 2018.
General Cannabis Corp. has also paid down all of its existing long-term debt. The company raised approximately $7.5 million in 2017 through investors and stock options and used these funds to eliminate nearly $3 million in long term debt, achieving a significant corporate milestone. The company plans to use the extra funds and the lack of debt to aggressively pursue acquisition targets and expansion.
About General Cannabis Corp.:
General Cannabis Corp is a holding company and national resource for service providers in the cultivation, production and retail sides of the regulated cannabis business. They implement this strategy through a combination of operating divisions such as security, marketing, operational consulting and products, real estate and financing. The company website address is www.generalcann.com.