Medicinal cannabis becomes more accepted with each year that passes and with that growing legitimacy comes a broader marketplace and heightened competition within the industry. General Cannabis Inc. (CANA), a technology-based internet marketing services company, recognized the changing structure within the industry and capitalized on it. The company appears to have identified its niche in the market and the ways to simplify the process of procuring medicinal cannabis from the end of both the customer and the dispensary. Their success can be tracked via their ascending revenues.
In the most recent financial results for the second quarter ended June 30, 2011., revenue was $3.5 million, a year-over-year increase of 98 percent compared with $1.8 million for the second quarter of 2010. The continued growth of WeedMaps Media, the leading, on-line community and finder site for cannabis patients, dispensaries and medical clinics, helped broaden its presence and profits of General Cannabis last quarter.
General Cannabis is not prepared to stop there. The company is continuing to pursue growth strategies that include adding new talent in technology, research and development as well as heightening marketing efforts.
The company’s strong second quarter performance allowed for these long-term investments in the growth of General Cannabis. Among the most impressive investments in the past quarter is the expanded the technology platform, which includes a wide array of new products offered through WeedMaps Media, CannaCenters, CannabisCenters and SafeAccessMD. These improvements and expansions were accompanies by the company’s decision pay down the debt on their balance sheet, a move that helps to further heighten the appeal of General Cannabis as investment opportunity in a growing industry.