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General Cannabis Announces 2017 Year-End Results and 2018 Outlook
General Cannabis Announces 2017 Year-End Results and 2018 Outlook.
About this update from Trees Corporation
[{"type":"text","content":"\n\n DENVER, March 13, 2018 (GLOBE NEWSWIRE) -- General Cannabis Corp (OTCQB:CANN), the comprehensive national resource to the regulated cannabis industry, today announced financial results for the year ended December 31, 2017.\n Financial Highlights The following table summarizes our results of operations:     Year ended December 31,Percent  2017  2016 ChangeSegment Revenues   Security$  1,884,618 $  2,232,915 (16) %Marketing   239,605    188,594 27 %Operations   1,265,072    432,046 193 %Finance   132,780    128,427 3 %    3,522,075    2,981,982 18 %    Total costs and expenses   10,569,249    10,038,790  5 %Operating loss   (7,047,174)   (7,056,808)-- %    Other expense   1,173,677    3,109,152 (62) %Net loss$ (8,220,851)$ (10,165,960)(19) %    Earnings (loss) per share – Basic and diluted$  (0.40)$  (0.66)(39) %         The following provides a condensed version of our balance sheets:     December 31,Percent  2017 2016 ChangeTotal current assets$  6,190,411$  1,117,685 454 %Long-term assets   1,413,515   1,740,186 (19) %Total assets$  7,603,926$  2,857,871 166 %    Total liabilities$  4,097,929$  3.048,092 34 %Stockholders’ equity (deficit)   3,505,997   (190,221)1,943 %Total liabilities and stockholders’ equity (deficit)$  7,603,926$  2,857,871 166 %         “Fiscal 2017 was a transformative year for General Cannabis.  Our balance sheet has never been stronger.  Along with generating record revenues in 2017, we successfully paid down substantial amounts of debt, raised new equity, and significantly increased our book value,” said Robert Frichtel, Chief Executive Officer of General Cannabis.  “Our liquidity continued to improve in 2018, as we paid off all of our debt and gener...