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General Cannabis Announces
2019 First Quarter Results
DENVER, May 9, 2019 General Cannabis Corp (OTCQX: CANN) (the Company), the comprehensive national resource to the regulated cannabis industry, today announced financial results for the quarter ended March 31, 2019.
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
We have surpassed $1 million in revenue for the fourth consecutive quarter, with a 47% increase in quarterly revenue in 2019 compared to 2018, said Brian Andrews, Chief Financial Officer of General Cannabis. Our Operations segment continues a strong product sales trend, coupled with sustained revenue from consulting services. Our Security segment remains consistent and expects further growth as California and other markets mature. We anticipate future growth in our Consumer Goods segment related to our CBD retail operations, STOA Wellness, and recently signed national contracts for our apparel brand, Chiefton, continued Mr. Andrews.
Michael Feinsod, Interim Chief Executive Officer and Chairman of General Cannabis, stated As the cannabis industry continues to expand, our team is energized and focused on revenue growth and investment opportunities within legal cannabis and CBD markets. The Colorado legislature recently passed the PubCo Bill that, when signed, would allow public companies to own cultivation and dispensary licenses. We have begun a significant initiative to assess and acquire companies and/or cannabis licenses in Colorado. We believe our significant experience in cannabis cultivation and retail position us to take advantage of this new bill.
Mr. Andrews added, We have recently completed several infrastructure initiatives. Most significantly, we now have a comprehensive enterprise resource planning platform, which integrates personnel utilization, e-commerce, inventory management and retail point-of-sale software. These initiatives position us for continued organic growth and expansion through acquisition. Our investment in our back office allows our entrepreneurial segment leaders to grow their businesses with confidence.
The following information was filed by General Cannabis Corp (CANN) on Friday, May 10, 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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