By Richard Sandle Posted on August 6, 2017
Since our last review of General Cannabis Corporation (OTCMKTS: CANN) on April 7, 2017, the stock continued on its downward trend to a low of $1.12 on Jun 8, 2017. The stock bounced off of the low of the sustained downtrend, and made a strong upward move to $2.26 Jun 16, 2017. It has since traded in a range between $2.10 and $1.56, where it is currently trading and is approximately a 61% retracement from the June 16th bounce.
Whether or not this is the beginning of a sustained reversal remains to be seen. The Company recently reported some positive financial results for the first quarter of 2017 which may turn out to be the catalyst for a reversal.
First, some background on the Company for those that are not familiar with the it. General Cannabis Corp is the comprehensive resource for the highest quality services available to the regulated cannabis industry. The Company is a trusted partner to the cultivation, production and retail sides of the cannabis business. The Company does this through a combination of strong operating divisions such as security, marketing, operational consulting and products, real estate and financing. As a synergistic holding company, the various divisions are able to leverage the strengths of each other, as well as a larger balance sheet, to succeed. General Cannabis now operates in Arizona, Arkansas, California, Colorado, Maryland, Massachusetts, Nevada, New York, Oregon, Pennsylvania, Vermont, and Washington.
On June 09, 2017 General Cannabis Corp announced the acquisition of GC Finance Arizona, LLC from Infinity Capital West, LLC for $106,001. GC Arizona owns 50% LLC membership interest in DB Products Arizona, LLC (“DB Arizona”), and a secured promissory note