General Cannabis Corp (OTCMKTS:CANN) Drops Further Down

[[tagnumber 0]][[tagnumber 1]]After a rather bad performance in the beginning of the year we saw General Cannabis Corp (OTCMKTS:CANN) begin to climb the charts in the end of March. The ticker gained quite a lot of altitude really fasting, going above $1 per share and reaching for $2 a pop on increased volumes.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The upward run continued for quite some time, but it was certain to come to an end and we could see why [[tagnumber 6]]CANN[[tagnumber 7]] will lose a lot of the value that it had gained. The company’s market cap had already got quite high, while the contents of the balance sheet have not been that great. Here is a quick example from the annual report for 2015.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $59 thousand[[tagnumber 13]] [[tagnumber 12]]current assets: $246 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $3.7 million[[tagnumber 13]] [[tagnumber 12]]annual revenues: $1.76 million[[tagnumber 13]] [[tagnumber 12]]annual net loss: $8.78 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The numbers are pretty discouraging and the fact that [[tagnumber 6]]CANN[[tagnumber 7]] rarely issues any press releases, apart from commenting on its financial results, makes it rather strange that the ticker could make such a long upward run.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The correction was to come at some point and it did in the middle of last month. The last time we wrote about [[tagnumber 6]]CANN[[tagnumber 7]] we saw it make a dead cat bounce, before returning to slide down the charts once again. Yesterday’s session saw the ticker lose 11.45% of its value and close at $1.16, registering a daily dollar volume of $208 thousand.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The stock attempted to recover some lost value early in today’s session, but has since lost it and is trading almost at yesterday’s closing price. Be certain to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]