General Cannabis Corp (OTCMKTS:CANN) Losing More Altitude
General Cannabis Corp (OTCMKTS:CANN) had a great run in March and April, but the ticker began to quickly lose altitude. The company stock also began trading less and less shares daily, strengthening the conviction that things were not looking very good.
But it couldn’t be any other way. After all, CANN isn’t doing all that well when it comes to business and there are a couple of things that show this. First off, there is the financial report for the first quarter of this year, which contained the following numbers of prime interest.
- cash: $14 thousand
- current assets: $189 thousand
- current liabilities: $4.23 million
- quarterly revenues: $692 thousand
- quarterly net loss: $1.18 million
Those numbers certainly don’t warrant excitement. The cash and assets are just too low and the liabilities are big. The quarterly revenues have increased significantly on a year-over-year basis, but the net loss has also increased, suggesting that CANN is not capable of operating at a profit any time soon.
The company stock began falling more rapidly in recent sessions, despite the fact that investors fooled themselves it can sustain a price above $1 per share last month. CANN finished yesterday’s session at $0.66 after a 14.29% drop. The 123 thousand traded share managed to generate only $87 thousand in daily dollar volume.
The ticker is still falling today and it seems like this will be just another bad for CANN and its shareholders. Be sure to do your due diligence and weigh out the risks before putting any money on the line.
