General Cannabis Corp (CANN) saw its loss widen to $15.83 million, or $1.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.91 million, or $0.14 a share.
Revenue during the quarter grew 13.41 percent to $0.78 million from $0.69 million in the previous year period.
Operating loss for the quarter was $3.91 million, compared with an operating loss of $1.13 million in the previous year period.
"Our year-over-year revenue growth of 69 percent and quarter-over-quarter revenue growth of 13 percent comes from both organic growth and a full year of expanding the businesses we launched in 2015," said Robert Frichtel, chief executive officer of General Cannabis. "With 28 states and the District of Columbia now having legalized medical marijuana, of which eight states also legalized recreational use, there is a tremendous opportunity for us to significantly expand our business in 2017." "We also have been focusing on managing our operating costs and expenses, and incurred only an 11 percent year-over-year increase, even as our revenue grew" Frichtel added.
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