Should investors be searching for further proof of the robust growth potential of the medicinal marijuana industry, they need only have to direct their attention to Southern California-based General Cannabis, Inc. (CANA). The technology-based internet marketing services company has been on an upwards revenue trajectory since their inception and they’re not showing any signs of stopping. Most recently, General Cannabis reported that its subsidiary, WeedMaps Media, Inc., reported increased revenue for the 18th consecutive month. June revenue reached an excess of $1.0 million for the burgeoning business.
The continued success of WeedMaps.com represents the company’s capacity to generate major revenues through Internet portals in niche markets, in this instance, medicinal cannabis. General Cannabis has been a leader in growing industry, which continues to expand by the day as states and Federal authorities consider bills allowing medicinal or even recreational marijuana use. Thus far, General Cannabis has observed impressive demand for its services and noted a market opening for intelligent applications and software that have the capacity to monetize efficiencies between buyers and sellers.
As the use of medical marijuana, now legal in 16 states, continues to broaden, it has outgrown simplistic cash exchanges. General Cannabis has found its niches in modernizing those transactions. Beyond facilitating credit card transactions, General Cannabis’ WeedMaps has displayed innovation in its ability to connect patients and dispensaries through a map and dispensary reviews. WeedMaps has quickly become the ‘go-to’ destination for patients looking to find a new dispensary and now refers more patients than any other medium.
General Cannabis; however, is not content by that progress alone. Instead, seeking continued possibility for growth, the company expanded its technology department and the breadth of its capabilities, developing the site’s WeedMenu. WeedMenu allows dispensaries across the country to update and display their inventory information online and in real time. They have also introduced the WeedExchange, designed to centralize the dispensary data and display where to get favorite strains at the lowest price. Additionally, the company rolled out its successful Daily Deal application, which capitalizes on the recent coupon trend and encouraged group buying within the cannabis industry and through the new deals it presents to patients daily.
Justin Hartfield, founder of WeedMaps and Chief Web Officer of General Cannabis, feels that there is continued opportunity for growth within both the company and the industry, mentioning the WeedMaps’ newest feature would display potency testing results.
“We strive to improve the industry standard through technology and save patients money while improving the overall quality of care,” he said.