General Cannabis Corp (OTCMKTS:CANN) announced financial numbers for the quarter closed March 31, 2017. Total revenue surged 4% in Q1 2017 compared to the equivalent quarter ended March 31, 2016. The firm’s Operations unit, Next Big Crop, revenues jumped 119% over Q1 2016. Offsetting this surge, the Security division experienced a drop of 16% in revenue, due to a decline in wholesale cannabis rates in Colorado, and the company’s penchant to work merely with well-capitalized consumers and not overstretch credit to security clients.
Robert Frichtel, the CEO of General Cannabis, reported that Next Big posted record revenues in the reported quarter. With many states having legalized therapeutic marijuana, Next Big has expanded its business scope by assisting entities submitting applications to avail licenses, and have signed contracts to present operational consulting and products. It is working on a robust pipeline of operations for the next year.
General Cannabis CEO mentioned that they are pleased as their diversified model has been working well, with newer units providing ways for nationwide revenue growth. The continued product price drops in the Colorado market has reduced overall security guard application throughout the state. In order to overcome this, Iron Protection Group has strategized to expand into California and is widening the suite of services for clients.
The increase in quarterly costs and expenses exhibits commitment of General Cannabis in developing and maintaining a solid infrastructure. Chiefton, for example, added personnel to mark its presence as a full-service marketing agency. They have created a strong institutional cannabis stage that continues to gain strength.
In the last trading session, the stock price of General Cannabis declined more than to 13% to close the day at $1.48. The decline came at a share volume of 393,387 compared to average share volume of 104,448. After the recent decline, the market capitalization of firm now stands at $28.76 million.
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