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General Cannabis Announces 2019 First Quarter Results
General Cannabis Announces 2019 First Quarter Results.
About this update from Trees Corporation
[{"type":"text","content":"\nDENVER, May 09, 2019 (GLOBE NEWSWIRE) -- 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.\n Financial Highlights The following table summarizes our results of operations:  Three months ended March 31,  20192018Percent (Unaudited)ChangeSegment Revenues   Security$564,592 $551,977 2%Operations 780,101  306,014 155%Consumer Goods 29,775  84,491 (65) %Investments 14,821  -- 100%  1,389,289  942,482 47%    Total costs and expenses 4,619,945  4,108,964 12%Operating loss (3,230,656) (3,166,482)2%    Other expense 1,283,039  1,299,905 (1) %Net loss$(4,513,695)$(4,466,387)1%    Loss per share – Basic and diluted$(0.12)$(0.14)(11) % The following provides a condensed version of our balance sheets:  March 31,2019(Unaudited) December 31,2018PercentChangeTotal current assets$7,152,984 $8,986,903(20) %Long-term assets 2,154,766  1,755,32223%Total assets$9,307,750 $10,742,225(13) %    Total liabilities$7,799,115 $6,190,88826%Stockholders’ equity 1,508,635  4,551,337(67) %Total liabilities and stockholders’ equity$9,307,750 $10,742,225(13) % “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 ...