CANN stock of General Cannabis (OTCQX:CANN) sprung back to life this month.
According to Oracle Dispatch, “the chart shows 75% added to share values of the company.” If this is the case, what has investors jumping at this cannabis stock?
CANN Stock Gains
Growing exponentially in 2019, CANN stock is currently selling for $2.44 USD on the OTCQX market. But let’s look first at the company behind the stock, General Cannabis Corp (GC).
GC is a cannabis service provider operating in four segments of the cannabis industry:
With a market cap of $95.27 million USD, the company has experienced major top-line growth and year-over-year quarterly revenues growing at 11.9%.
As the US cannabis industry expands, it stands to reason that the demand for General Cannabis and CANN stock has grown. But now the company is entering the game on a different level.
Where it has built a business providing services for other cannabis producers and retailers, GC is now going to open its first CBD retail outlet in Long Island.
Effectively, General Cannabis is expanding its footprint into the “national retail space” by opening its first CBD store.
The store—due to open in March 2019—is located beside one of New York’s most notable cycling stores, Brickwell Cycling and Multisports. This wasn’t by accident; the new project is headed by Brickwell’s founder and owner, Andrew Motola.
CBD and CANN Stock
With CBD on investors’ minds everywhere, this news could give CANN stock a boost. The new store will focus on CBD wellness products for athletes and health-conscious consumers. Products will be available in store as well as online.
Michael Feinsod, Chairman and CEO of General Cannabis, said on the news:
“We have been watching, supporting and researching the CBD space for several years […] In the course of that research, we recognized that […] there were no retail environments conducive to serving athletes and others who are serious about maintaining peak fitness and/or mobility with the healing properties of CBD—which meant there was an opportunity to establish a strong position in this rapidly evolving, hemp-derived CBD market.”
With CBD set to be a lucrative industry, companies taking advantage of hemp-derived CBD offer serious return-potential for investors. Do you think CANN stock will gain on this news?
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