General Cannabis Corp (OTCMKTS:CANN) Surging
After a great run in March and April we saw the stock of General Cannabis Corp (OTCMKTS:CANN) lose altitude pretty fast and things weren’t looking all that well. Meanwhile, the company wasn’t too eager to issue any new press releases.
Its latest financial report didn’t look all that well either. The company issued its filing covering the first quarter of this year in the first half of last month and it contained the following numbers of prime interest in its balance sheet.
- cash: $14 thousand
- current assets: $189 thousand
- current liabilities: $4.23 million
- quarterly revenues: $692 thousand
- quarterly net loss: $1.18 million
We see a decent increase in revenues on a year-over-year basis, but the net loss has also gone up. Meanwhile, the cash and current assets are staying frighteningly low and the liabilities are quite significant.
Still, we see CANN surging in the past couple of sessions, without being aided by any press releases. After gaining 32.73% in Tuesday we saw the ticker gain another 38.22% yesterday and it closed at $0.95, while a total of 726 thousand traded shares generated a daily dollar volume of $699 thousand.
CANN is still going up in today’s trading and we see the ticker sitting at $1.07 per share. The climb, however, is slowing down so you might want to do your due diligence and weigh out the risks before putting any money on the line.
