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General Cannabis Corp (OTCMKTS:CANN) Q2 2017 Revenue Jumps 19%

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General Cannabis Corp

General Cannabis Corp (OTCMKTS:CANN) released financial report for the quarter closed June 30, 2017. For the Q2 2017, the company posted its highest quarterly revenues on record of around $834,000, registering a jump of 19% in total revenues as compared to the quarter closed June 30, 2016. Total revenues for the first two quarters closed June 30, 2017, surged 11% over the comparable period, a year earlier.

These increases were led by record revenues in company’s Operations division, Next Big Crop, which had recorded revenue growth of 403% and 239%, for the three and six months closed June 30, 2017, respectively, versus the same periods, a year ago. As the count of states with approved marijuana markets have grown, Next Big Crop has seen a steady jump in demand for its services.

The highlights

General Cannabis marketing division, Chiefton, also had posted revenues during the quarter closed June 30, 2017. They continue to invest in this division and are pleased to report that Bryan Dehaven has returned to Chiefton as a MD. Chiefton’s growth over the previous year has been led by a robust jump in design services. They anticipate to invigorate their own internal Chiefton Supply lines and follow national growth of both segments.

Offsetting the revenue growth in these segments, the Security division, Iron Protection Group, recorded revenue decline of 31% and 24%, during the quarter and six months closed June 30, 2017, respectively when compared to 2016. IPG is impacted by the decline in wholesale cannabis rates in Colorado. Therefore, IPG has turned highly selective in reestablishing its Colorado customer base and, unlike some peers, does not extend credit to its consumers.

While the impacts of this operations decision had an adverse impact on comparable revenues, as compared to the June quarter the company witnessed stabilization in its Colorado security segment and are now witnessing increased daily revenues and an expanded customer base. General Cannabis anticipate IPG to record considerable growth in California in the imminent year.

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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