Business
General Cannabis Announces Closing of Private Financing and Preliminary Third Quarter Revenue
General Cannabis Announces Closing of Private Financing and Preliminary Third Quarter Revenue.
About this update from Trees Corporation
[{"type":"text","content":"\n\n DENVER, Oct. 10, 2017 (GLOBE NEWSWIRE) -- General Cannabis Corp. (OTCQB:CANN), the comprehensive national resource to the regulated cannabis industry, today announced the closing of a private placement financing resulting in $725,000 of cash and cancellation of $25,000 of debt. The financing consisted of units sold at a price of $1.00 per unit, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $0.50 per share exercisable immediately through October 9, 2019.  At closing, the Company issued an aggregate of 750,000 shares of common stock and warrants to purchase up to 750,000 shares of common stock. \n General Cannabis also reported today its preliminary unaudited 2017 third quarter revenue of approximately $980,000, an increase of approximately 17% compared to the same period in 2016, driven by growth in our operations consulting and products segment. Estimated 2017 third quarter revenue increased by 15% compared to the second quarter of 2017, due primarily to organic growth in our security segment, as well as the acquisition of Mile High Protection Services. We also expect to have our highest level of quarterly revenue since inception. “We continue to focus on the profitability of our operating segments as we expand on a national scale,” said Robert Frichtel, Chief Executive Officer of General Cannabis. “The capital raise gives us the necessary working capital as we continue to focus on national expansion of each of our operating businesses.  We enter the fourth quarter poised to continue our expansion.” “The General Cannabis model continues to prove itself.  We continue to achieve strong revenues and growth.   As we look to 2018, we expect that our business will continue to expand out of Colorado and into new markets where we can leverage our knowledge and experience.  With the capital raise complete, we will look to maximize revenues and gross profit,” said Michael Feinsod, Executive Chairman of General Cannabis.  “Our goal is to achieve profitability within each operating segment and grow our business to absorb the overhead necessary to operate a public company.  Each of our operating divisions is managed by the entrepreneurial management teams we have ac...