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General Cannabis Corp (OTCMKTS:CANN) Reports Closing Of Private Financing

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General Cannabis Corp

General Cannabis Corp (OTCMKTS:CANN) reported the closing of a private placement financing leading in cash of $725,000 and cancellation of debt amounting to $25,000. The financing comprised of units sold at a price of $1 per unit, with each unit comprising of one warrant and one share of common stock to buy single share of common stock at an exercise rate of $0.50 per share exercisable through October 9, 2019.  At completion, the firm issued total 750,000 warrants and shares of common stock to buy up to 750,000 shares of common stock.

The details

General Cannabis reported its preliminary unaudited Q3 2017 revenue of around $980,000, a jump of nearly 17% compared to the same quarter in 2016, led by growth in its operations consulting and products division. Projected Q3 2017 third quarter jumped by 15% over the second quarter of 2017, mainly due to organic growth in its security division, as well as the acquisition deal of Mile High Protection Services. The company anticipate to have its highest level of quarterly revenue this quarter since inception.

Robert Frichtel, the Chief Executive Officer of General Cannabis, expressed that they continue to emphasis on the profitability of their operating divisions as they expand on a national scale. The capital raise provides them the required working capital as they continue to focus on countrywide expansion of each of its operating businesses. They enter the fourth quarter set to continue their expansion.

Michael Feinsod, the Executive Chairman of General Cannabis, expressed that the company model continues to validate itself. They continue to record strong growth and revenues. As they look into 2018, they anticipate that their business will continue to grow into new regions, where they can leverage their experience and knowledge. With the funds generated, they intend to maximize gross profit and revenue.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.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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