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How General Cannabis Corp (OTCMKTS:CANN) Fared In Q3 2017?

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General Cannabis Corp

General Cannabis Corp (OTCMKTS:CANN) issued financial report for the quarter closed September 30, 2017. For Q3 2017, the company posted highest quarterly revenues on record of around $980,000, representing a jump of 21% in total revenues versus the quarter closed September 30, 2016. Total revenues for the three quarters closed September 30, 2017, increased 15% over the same period, a year earlier.

This jump was led by record revenues in company’s Operations division, Next Big Crop, which recorded increased revenues of 210% for the quarter closed September 30, 2017, over the comparable period for 2016. As the count of states with regulated marijuana segments have increased, Next Big Crop has seen a steady jump in demand for its services.

The details

Marketing division of General Cannabis, Chiefton, witnessed 54% and 26%, respectively, drop in revenue during the quarter and nine months closed September 30, 2017 as against 2016. The company’s focus on launching design agency resulted in a decline in apparel sales and a jump in consulting revenue. It engaged a new MD in August 2017 to focus on apparel business, and are intending for a winter line for the upcoming holiday season and a summer/spring line for 2018.

Our Security division, Iron Protection Group, witnessed 5% and 17%, respectively, drop in revenue during the quarter and nine months closed September 30, 2017 as against 2016. As previously reported, IPG is impacted by the decline in wholesale cannabis rates in Colorado.

In August 2017, General Cannabis bought Mile High Protection Services, which offers them the opportunity to expand their security operations into the non-cannabis segment, as they consider that market offers an opportunity for growth. Last month, the company received license to operate in California, and anticipate IPG to see notable growth in that market in 2018. The management is extremely delighted with the performance of the third quarter.

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