It has been a few days since General Cannabis Corporation (OTCQX:CANN) has announced any news, but that's not stopping CANN stock from trading up in double-digits today.
In case you missed it, here's the latest with the Denver, Colorado-based cannabis company.
CANN Stock Jumps More Than 10%, But Why?
On Monday, August 12, General Cannabis Corp., which is a trusted partner to the retail, production, and cultivation side of the cannabis industry, announced that it elected a new member for its Board of Directors. With 25 years of experience in corporate communications, public affairs, politics, and marketing, it was an easy decision for CANN to elect Seth Oyster, a graduate of The George Washington University.
“Seth’s expertise in communications, experience with game-changing companies, and time in the government trenches all will help strengthen General Cannabis’ business as it evolves into a leader in its field,” explained CEO Michael Feinsod.
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The news is a few days old, but looking at CANN stock Friday, one wouldn't think so. Then again, the General Cannabis Q2 earnings report also came out on Monday, so that's likely played a role in the stock movement as well. After all, the company surpassed $1 million in revenue, making this the fifth consecutive quarter to do so. The report also highlighted a 34% increase in Y-T-D revenue this year compared to last year.
“It was a busy quarter with a focus on our existing businesses while making significant other operational and business improvements as described in this release. We expect these steps to reap benefits over the near term."
According to Yahoo Finance, as of 11:12 AM EDT, CANN stock is trading at $0.9250; this puts the stock up 12.67%.
Takeaway
CANN stock has been trading up since Monday; one has to assume this has to do with the earnings report and the appointment of Seth Oyster. But how long will this bull run last?
Let us know your thoughts in the comments below!
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