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General Cannabis Announces 2018
First Quarter Results
DENVER, May 14, 2018 General Cannabis Corp (OTCQB: CANN), the comprehensive national resource to the regulated cannabis industry, today announced financial results for the quarter ended March 31, 2018.
The following table summarizes our results of operations:
Three months ended
Total costs and expenses
Loss per share Basic and diluted
The following provides a condensed version of our balance sheets:
Total current assets
Total liabilities and stockholders equity
General Cannabis announced first quarter financial results today. For the first quarter of 2018, we reported revenues of $942,482, a 31% increase over 2017 first quarter revenues of $719,105. Our existing operations in Colorado continue to prosper with Security, Marketing and Operations segments each showing strong year-over-year revenue growth. The team and infrastructure we have built allows us to scale with the continued expansion within cannabis industry, said Robert Frichtel, Chief Executive Officer of General Cannabis
We continue our focus on organic growth and driving each business segment to profitability, said Joe Hodas, Chief Operating Officer of General Cannabis. We have an aggressive, but achievable, plan to grow revenue in each of our existing business segments, while also evaluating opportunities for operational efficiencies. Hodas continued While Californias regulated markets rollout has been slower than anticipated, we made great progress in the quarter developing several key relationships that we believe will generate revenue for both our Security and Operations segments in the second quarter and throughout 2018.
Mr. Frichtel continued The California state regulated market continues to evolve and we are taking advantage of our experience to capitalize on this new market. We continue to work with a select group of well capitalized clients that are rolling out large scale cultivation centers. Our nationwide experience in regulated cannabis markets provides us, and our clients, a competitive advantage as the California cannabis market opens.
The following information was filed by General Cannabis Corp (CANN) on Wednesday, May 16, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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