General Cannabis, Inc. (OTCPK: CANA) Experiences Revenue Growth in Line with Public Support

Brittney Barrett |

 

The Medicinal Cannabis Industry has been garnering increased support recently; and companies that have positioned themselves to benefit from the changing landscape are reaping the rewards. A Harris Interactive poll, released on Thursday, revealed that nearly 75 percent of Americans favor legalizing cannabis for medical use within their respective states, while just 18% oppose such a measure. The new statistic is indicative of a shifting attitude toward medicinal cannabis that can be recognized in equal measure in these polls and in the success of the businesses within the industry. Today, General Cannabis Inc., (OTCPK: CANA), a technology driven company with dealings in ancillary medicinal cannabis businesses acts as proof of this, announcing the continuation of its growth trajectory. WeedMaps Media, Inc., a wholly owned subsidiary of General Cannabis, announced that revenue increased for the 16th consecutive month ending in March. 

Q1, according to the company’s press release, marks the most successful three-month period in the company’s history. In the release, General Cannabis Chief Web Officer Justin Hartfield notes the growing support and widening options for the company.

"Our IT team is really starting to ramp up and produce amazing results. Combining that with a new, huge office gives us tremendous running room for continuing our expansion into an ever growing number of verticals. The recent approval of version 3.0 of 'LegalMaps', a WeedMaps.com iPhone application, is just the latest example of our robust mobile software and maturing core APIs."

WeedMaps.com, currently the largest medicinal marijuana website in the world, exceeded 500,000 downloads in total on its 'LegalMaps' iPhone application and is continuing to grow. WeedMaps.com also surpassed 10,000 subscribers for its DailyDeals coupon program, fewer than 30 days following its initial launch. DailyDeals offers dispensaries and collectives the opportunity to offer discounts on medicinal cannabis to their patients.
General Cannabis is engaging in a novel business plan, intended to remove any remaining stigma surrounding medicinal cannabis and create an organized and public industry deserving of its massive support base.

General Cannabis, Inc. announced it has filed Form S-1 with the Securities and Exchange Commission. The company reported consolidated gross revenues of $7,699,634 for 2010, up from $2,670,721 in 2009.

 

 

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