If investors needed further proof that the robust growth potential of the medicinal marijuana market is real, they only have to pay attention to what Southern California-based General Cannabis, Inc. (OTCPK: CANA) is doing to capitalize on the industry trends. The company announced that its wholly owned subsidiary, WeedMaps Media, Inc., reported increased revenue for the 17th consecutive month. In addition, General Cannabis also highlighted positive trends at its subsidiary, General Merchant Solutions, Inc.
For the month of April, WeedMaps Media reported $887,000 in revenue compared to $780,000 in the month prior. Last week, WeedMaps Media also launched a new portal for businesses in the medicinal cannabis industry as well. The portal, WeedMaps.com/Doctors, enables patients to locate, rate, and review doctors and other service providers who specialize in medical marijuana services and products.
Moving beyond the progress being made at WeedMaps Media, General Cannabis also reported heightened total processing volume and rising customer registration at its subsidiary, General Merchant Solutions, Inc.
General Merchant Solutions provides merchant processing services to medical cannabis-related entities, namely medical cannabis dispensaries. Total gross credit card processing volume continued its month-over-month growth, exceeding $2.6 million in April 2011, compared to a reported volume of $2.2 million in March 2011. General Merchant Solutions experienced record monthly growth adding 40 new customers for its merchant processing services in April 2011.
The medicinal cannabis industry has received increasing awareness among the investment community as well as national financial media coverage in recent months. But with an estimated market valued at $35 billion to $45 billion by CNBC, it's not hard to figure out why. More importantly, there appears to be a shift in public and investor sentiment regarding the potential large-scale profitability of medicinal cannabis as evidenced by the increasing number of states legalizing treatment.
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