General Cannabis Announces Q2 2019 Results

General Cannabis (OTCQX:CANN) announced its financial results for the quarter ended June 30, 2019.

As quoted in the press release:

“We have surpassed $1 million in revenue for the fifth consecutive quarter, with a 34% increase in year-to-date revenue in 2019 compared to 2018,” said Brian Andrews, Chief Financial Officer of General Cannabis. “During the first six months of the year, we have increased our focus on securing significant consulting contracts in emerging markets across the country and providing wholesale products to new and existing customers. Both efforts have resulted in significant increases in Operations revenue compared to the prior year. Security revenues were negatively impacted by customers deciding to forego guard services and slower than expected growth in California. We continue to explore additional revenue streams within the Security segment, such as camera monitoring design and installation, and product transport. In response to lower revenues from Chiefton, within our Consumer Goods segment, over the course of the last three months we have eliminated annualized overhead by approximately $350,000 in order to better match our cost structure to estimated potential revenues,” continued Mr. Andrews.

Click here to read the full press release.