After a substantial hair cut in the share price of General Cannabis Corp (OTCQB:CANN) over the last few weeks on a broad based selloff, which hit particularly hard on marijuana related companies, the Company today announced revenue results for the quarter ended December 31, 2017.
During those three months, the company reported its highest quarterly revenues on record of approximately $990,000, representing an increase of 27% in total revenues when compared to the three months ended December 31, 2016. Annual revenues in 2017 increased by $540,000 to approximately $3,522,000, or 15%, when compared to annual 2016 revenues of approximately $2,982,000.
The increases were driven by record revenues in the company’s operations segment, Next Big Crop, which had increased revenues of 323% and 193%, respectively, for the three and 12 months ended December 31, 2017, compared to the same periods for 2016.
CANN’s marketing segment, Chiefton, experienced 95% and 26%, respectively, increases in revenue during the three and 12 months ended December 31, 2017 when compared to 2016 while their security segment, Iron Protection Group, experienced 11% and 16%, respectively, decreases in revenue during the three and twelve months ended December 31, 2017, when compared to 2016.
General Cannabis also announced that it has paid down all of its existing long-term debt. While the reaction to the largely positive announcement was somewhat muted, shares of CANN are up 5.65% at $4.30 in early afternoon trading, still a far cry from the $11.19 high on January 9. However, the decline seems to have stabilized over the last couple of weeks, providing hope that a near-term floor is building for this stock.
