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As we come together during these unprecedented times, our sincerest hope is that you, your families and friends are safe and in good health. Our collective focus is, first and foremost, on our stakeholders health and safety. At the same time, we recognize that the cannabis industry finds itself a source of relief and support for many people.
Our world has taken a turn none of us could have ever anticipatedand the U.S. economy faces historic pressure as a result of COVID-19. Where shelter-in-place restrictions have been enacted, marijuana-related businesses have been deemed essential along with food and agriculture, transportation, energy, financial services, communications and information technology.
Clearly, the COVID-19 outbreak has challenged our business operations. Nonetheless, we start with this news: General Cannabis Corp enjoyed record revenue in 2019. In fact, we expect to report revenues for the year ended December 31, 2019 at approximately $6.0 million, which is up more than 30% from the prior year, led especially by the continued strong performance from Next Big Crop (NBC), our cultivation consulting business.
At the close of last year, we made a strategic decision to focus on the acquisition of state licensed cannabis cultivation, manufacturing and retail operations in mature markets, primarily Colorado and California. We also streamlined our operations to ensure our capital was being put to use most efficiently, discontinuing our Security and Consumer Segments, which were performing well but without the margins that we felt justified continued investment. At the same time, we increased our focus and investment in NBC. Since acquiring NBC in 2015, we have continued to grow market share in the design, construction and management of regulated marijuana cultivation in retail facilities throughout the country. Our confidence in NBCs potential to drive continued revenue growth opportunities in existing and newly legalized states is significant. Equally important, our operating experience at NBC enables us to identify, acquire and operate underperforming cultivation assets.
Although our definitive acquisition agreement to acquire 75 Farms, a light deprivation greenhouse cultivation facility outside of Boulder, Colorado, is subject to closing conditions including the approval of the State of Colorado, we believe we can significantly increase revenues from the facility by leveraging NBCs capabilities following the closing of the transaction. We also believe that if the State of Colorado approves the acquisition, we will be able to close subsequent transactions more quickly in Colorado versus our competitors.
On March 20, 2019, we closed the sale of our Denver office building, whereby we paid down all secured debt. Further, we also successfully re-financed and extended the maturity of other outstanding debt. And although the need for remote working and related disruptions due to the COVID-19 crisis will result in our 10-K filing being delayed, we are on track to complete that filing shortly.
At a time of great uncertainty, our top priority is the needs of our team, our business partners and our stakeholders. Like so many companies, we have organized our management team and dedicated employees to remain fully operational through this disruption in our lives and our business.
As always, we appreciate your support and confidence. Please feel free to reach out at any time. And stay well.
Chief Executive Officer
Note: An overview of our business strategy can be found here:
The following information was filed by General Cannabis Corp (CANN) on Monday, March 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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