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General Cannabis Announces
Preliminary 2018 Results and 2019 Outlook
DENVER, February 12, 2019 General Cannabis Corp (OTCQX: CANN) (the Company), the comprehensive national resource to the regulated cannabis industry, today announced unaudited preliminary financial results for the year ended December 31, 2018.
The following table summarizes our unaudited preliminary results for 2018:
Year ended December 31,
(Unaudited / Preliminary)*
Total costs and expenses
Loss per share Basic and diluted
The following provides a condensed version of our 2018 approximate balance sheet:
(Unaudited / Preliminary)*
Total current assets
Total liabilities and stockholders equity
* 2018 amounts are estimates, have not been audited, and are subject to change.
Our fourth quarter and year-to-date 2018 estimated revenues mark record setting results for General Cannabis, while recording our third consecutive quarter of revenues over $1 million, said Michael Feinsod, Interim Chief Executive Officer and Chairman of General Cannabis. Our Security segment continued to show consistent quarter-over-quarter growth, while our Operations segments 2018 estimated revenues grew 36% year-over-year, and 93% in the fourth quarter compared to the third quarter.
Our security business completed several initiatives in 2018, including further expansion into the California market, adjusting bill rates to sustainable, profitable levels, and implementing new hiring and retention programs to better manage personnel costs, said Joe Hodas, Chief Operating Officer of General Cannabis. In addition to continuing to provide cultivation management services, our operations consulting business also accomplished several goals in 2018, including completing several successful license applications, expanding equipment sales, and developing an on-line platform for additional product and equipment sales.
We continue to invest in our infrastructure in order to better serve our current customers and position General Cannabis for expansion through organic growth and acquisition, said Brian Andrews, Chief Financial Officer of General Cannabis. In 2019, we are assertively pursuing a variety of opportunities, including loans to and investments in high-growth potential companies in the cannabis industry, acquisitions, and continued organic growth.
The following information was filed by General Cannabis Corp (CANN) on Wednesday, February 13, 2019 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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