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General Cannabis Corp (OTCMKTS:CANN) Continues With Its Gains

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In the last trading session, the stock price of General Cannabis Corp (OTCMKTS:CANN) gained more than 1% to close the day at $10.05. The gains came at a share volume of 2.62 million compared to average share volume of 580,500. CANN is up more than 55%, so far in this year.

The buzz

As per a latest report by New Frontier Data, the approved cannabis market was valued at $6.6 billion in 2016 and is expected to rise to $24.1 billion by 2025, enrolling a CAGR of 16%. By segment, the medicinal cannabis segment was valued at $4.7 billion in 2016 and is projected to surge to $13.3 billion by 2025. As per the report, recreational cannabis sales are estimated to surge at a 21% CAGRd uring the same period, to $10.9 billion from $1.9 billion.

The continued decriminalization of cannabis products for recreational as well as medical use is a key factor leading to the market growth. On November 8, 2016, California has approved California Proposition 64 by a poll of 57.13% in favor and 42.87% against, letting residents in California to grow and use cannabis for personal use. Latest recreational cannabis regulation in California were officially implemented on January 1, 2018. The firms in focus include General Cannabis, Pivot Pharmaceuticals Inc (OTCMKTS:PVOTF), Kush Bottles Inc (OTCMKTS:KSHB), to name a few.

Giadha Aguirre De Carcer, who is Chief Executive Officer of New Frontier Data, stated on California’s prospective market growth that California provides the perfect instance of why it is so vital to understand trends in customer behavior. The state’s legal cannabis market is forecast to grow to $5.6 billion in 2020 from $2.8 billion in 2017. That outlay will be increasingly aimed at retailers and products who serve and understand the market’s evolving preferences and tastes.

Post the recent session, the market cap of General Cannabis was noted at $213.2 million.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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