Websites Drive Down Prices with Data
Posted December 08, 2010 8:23AM PST
Online databases of street prices for marijuana are supplanting unreliable federal statistics and driving down the cost of marijuana in places where dispensaries compete.
Up until now, price data has been hard to come by, and official sources like the U.S. Office of National Drug Control Policy cannot be trusted, said an independent report released in October by the RAND Corp.
"Existing estimates about drug production and consumption are cryptic, inconsistent, and often impossible to verify," RAND stated in the study titled, "Reducing Drug Trafficking Revenues and Violence in Mexico."
Simple and anonymous new website PriceofWeed.com asks for user data on location, and marijuana cost by weight and quality, then polls for local levels of drug law enforcement and tolerance. The site strips identifying internet protocol addresses from respondent data and presents a searchable, worldwide price index with over 12,000 data points.
The state of California contains over 1,200 data points, high enough to contain statistical validity, when controlled for outliers. The vast majority of Californian PriceofWeed.com respondents report buying high-quality cannabis, which retails for $341.80 per ounce. In New York, an ounce of high-quality marijuana costs $441.87, demonstrating a relationship between drug law severity and price. An independent study by the RAND Corp. titled "Altered State" found more than 80% of the price of black-market marijuana comes from risk.
PriceofWeed.com's founders did not respond to a request for a phone interview. But it stated on its blog that it is adding technical updates to the site.
Popular dispensary-review and strain-location website Weedmaps.com also reports prices. Dispensaries voluntarily submit them to Weedmaps.com and pay for higher placement in user searches. The market data helps drive down prices, said founder Justin Hartfield. Fueled by the price pressure, San Francisco dispensaries have begun to regularly advertise new menu additions and deals online via email lists, Twitter and Facebook.
Friday, March 11, 2011
Weedmaps Goes Public through Reverse Merger with General Cannabis
Weedmaps Goes Public through Reverse Merger with General Cannabis
Posted December 08, 2010 8:23AM PST
Marijuana dispensary advertising website Weedmaps became a publicly traded company through a reverse merger with General Cannabis, formerly known as LC Luxuries. General Cannabis plans to expand in managing medical marijuana clinics and providing internet technology services to the industry.
General Cannabis also signed closing documents to acquire all the assets of Synergistic Resources, doing business as Marijuana Medicine Evaluation Centers, which specializes in the turn-key management of medicinal marijuana clinics throughout California, General Cannabis announced in a statement Monday.
LC Luxuries, a Nevada-based company with headquarters in Costa Mesa, Calif., officially began trading on the Pink Sheets as General Cannabis Inc. on Nov. 19 under the new ticker symbol CANA. Its stock was trading at $4.05 on Dec. 6. Jim Pakulis serves as chief executive.
It also closed on the acquisition of Weedmaps, an online directory of medical marijuana clinics, on Nov. 19. General Cannabis bought the domain from co-founders Justin Hartfield and Keith Hoerling for 16.4 million shares of common stock and $3.6 million in promissory notes, according to a financial statement. Hartfield and Hoerling were also hired as chief web officer and chief technology officer respectively, each earning $30,000 per month, according to the statement.
Weedmaps, which charges clinics to appear in the directory, reportedly claimed in October to have 50,000 members and monthly revenues of $400,000.
"Weedmaps is a tight-knit group of creative engineers, a technology think-tank at the core, and fusing with General Cannabis builds a more holistic synergy of talent that better positions us to serve our industry as it matures," said Hoerling in a Nov. 19 news statement.
General Cannabis plans to create multiple vertical operational and business-to-business services in the market that will create new ancillary businesses, according to Pakulis.
"The acquisition of Weedmaps, and the addition of Hartfield and Hoerling to the intellectual and creative process of General Cannabis will create a wealth of innovation that this Company intends to develop as it redefines this industry," he said in the news statement.
Synergistic Resources is also being purchased with a combination of cash and stock, Monday's statement said. Founder Brent Inzer is being hired for business development. Inzer said the company, which receives more than 500 calls a day at its call center, will be overseeing at least 20 clinics by the end of 2011.
In October, before the name change, LC Luxuries' subsidiary U.S. Cannabis, entered into a letter of intent with Synergistic Resources to assume all marketing and advertising responsibilities for 10 clinics in California.
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Posted December 08, 2010 8:23AM PST
Marijuana dispensary advertising website Weedmaps became a publicly traded company through a reverse merger with General Cannabis, formerly known as LC Luxuries. General Cannabis plans to expand in managing medical marijuana clinics and providing internet technology services to the industry.
General Cannabis also signed closing documents to acquire all the assets of Synergistic Resources, doing business as Marijuana Medicine Evaluation Centers, which specializes in the turn-key management of medicinal marijuana clinics throughout California, General Cannabis announced in a statement Monday.
LC Luxuries, a Nevada-based company with headquarters in Costa Mesa, Calif., officially began trading on the Pink Sheets as General Cannabis Inc. on Nov. 19 under the new ticker symbol CANA. Its stock was trading at $4.05 on Dec. 6. Jim Pakulis serves as chief executive.
It also closed on the acquisition of Weedmaps, an online directory of medical marijuana clinics, on Nov. 19. General Cannabis bought the domain from co-founders Justin Hartfield and Keith Hoerling for 16.4 million shares of common stock and $3.6 million in promissory notes, according to a financial statement. Hartfield and Hoerling were also hired as chief web officer and chief technology officer respectively, each earning $30,000 per month, according to the statement.
Weedmaps, which charges clinics to appear in the directory, reportedly claimed in October to have 50,000 members and monthly revenues of $400,000.
"Weedmaps is a tight-knit group of creative engineers, a technology think-tank at the core, and fusing with General Cannabis builds a more holistic synergy of talent that better positions us to serve our industry as it matures," said Hoerling in a Nov. 19 news statement.
General Cannabis plans to create multiple vertical operational and business-to-business services in the market that will create new ancillary businesses, according to Pakulis.
"The acquisition of Weedmaps, and the addition of Hartfield and Hoerling to the intellectual and creative process of General Cannabis will create a wealth of innovation that this Company intends to develop as it redefines this industry," he said in the news statement.
Synergistic Resources is also being purchased with a combination of cash and stock, Monday's statement said. Founder Brent Inzer is being hired for business development. Inzer said the company, which receives more than 500 calls a day at its call center, will be overseeing at least 20 clinics by the end of 2011.
In October, before the name change, LC Luxuries' subsidiary U.S. Cannabis, entered into a letter of intent with Synergistic Resources to assume all marketing and advertising responsibilities for 10 clinics in California.
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More weed maps news!
General Cannabis Says Revenue Improved, but No Financial Statements
Posted February 15, 2011 3:19PM PST
Publicly traded General Cannabis' main enterprise, WeedMaps.com, is generating 6 million page views per month as it launches a coupon program for marijuana, the Costa Mesa, Calif.-based company said in a statement today.
WeedMaps has "improved revenue consistently for the 14th straight month ending in January," General Cannabis said in a Feb. 4 statement. But neither statement said how much WeedMaps or General Cannabis has earned.
Justin Hartfield, chief web officer at General Cannabis, told The Marijuana Business Report last month that financial statements would be filed with the Securities and Exchange Commission by the end of January. But as of today, no financial statements have been filed. On Friday, General Cannabis CEO Jim Pakulis declined to comment.
General Cannabis closed at $2.80 per share today, up 7.69%, according to Google Finance. Its stock price has fluctuated between $0.01 and $5.60 over the last year.
Launched out of Southern California with Weedmaps.com, followed by a handful of clinics, General Cannabis is moving into Northern California and other states. General Cannabis said it plans three new medical clinics, increasing the total under management to 14.
General Cannabis' merchant services division, General Merchant Solutions, produced "greater than $1.2 million" in merchant processing volume in January. This was an increase from $700,000 generated in December, the company stated on Feb. 4.
As part of its purchase of Revyv, General Cannabis reported on Jan. 25 the issuance of 500,000 shares of common stock, bringing the total to 83,140,256 shares of common stock issued. The company hired former Revyv employees David Johnson and James Johnson. David Johnson, lead user interface engineer, received a $25,000 monthly salary and a $10,000 signing bonus, with options for 700,000 shares if gross sales increase 50%. Senior project manager James Johnson received the same package.
Revyv owns 13 domain names, Saleforce.com-licensed clinic software, patient data, and contracts with 17 clinics.
Posted February 15, 2011 3:19PM PST
Publicly traded General Cannabis' main enterprise, WeedMaps.com, is generating 6 million page views per month as it launches a coupon program for marijuana, the Costa Mesa, Calif.-based company said in a statement today.
WeedMaps has "improved revenue consistently for the 14th straight month ending in January," General Cannabis said in a Feb. 4 statement. But neither statement said how much WeedMaps or General Cannabis has earned.
Justin Hartfield, chief web officer at General Cannabis, told The Marijuana Business Report last month that financial statements would be filed with the Securities and Exchange Commission by the end of January. But as of today, no financial statements have been filed. On Friday, General Cannabis CEO Jim Pakulis declined to comment.
General Cannabis closed at $2.80 per share today, up 7.69%, according to Google Finance. Its stock price has fluctuated between $0.01 and $5.60 over the last year.
Launched out of Southern California with Weedmaps.com, followed by a handful of clinics, General Cannabis is moving into Northern California and other states. General Cannabis said it plans three new medical clinics, increasing the total under management to 14.
General Cannabis' merchant services division, General Merchant Solutions, produced "greater than $1.2 million" in merchant processing volume in January. This was an increase from $700,000 generated in December, the company stated on Feb. 4.
As part of its purchase of Revyv, General Cannabis reported on Jan. 25 the issuance of 500,000 shares of common stock, bringing the total to 83,140,256 shares of common stock issued. The company hired former Revyv employees David Johnson and James Johnson. David Johnson, lead user interface engineer, received a $25,000 monthly salary and a $10,000 signing bonus, with options for 700,000 shares if gross sales increase 50%. Senior project manager James Johnson received the same package.
Revyv owns 13 domain names, Saleforce.com-licensed clinic software, patient data, and contracts with 17 clinics.
General cannabis Inc. - weedmaps company revenue, stocks, shares and profits!
General Cannabis May Run Out of Cash This Year
Posted March 04, 2011 4:25PM PST
General Cannabis Inc., the company behind website WeedMaps.com, could run out of money this year unless it raises capital, the company said in a Securities and Exchange Commission filing this week.
The Costa Mesa, Calif.,-based corporation, which provides medical cannabis industry services, is seeking to raise $10.5 million through the sale of 3 million shares of common stock at $3.50 per share, the company said in the Tuesday filing. It also registered more than 20.5 million shares of stock for sale by 30 existing shareholders.
General Cannabis shares were trading at $2.85 today, according to Google Finance.
General Cannabis reported net income of $1.2 million, or 4 cents per share, for 2010. That compared to a $1.28 million loss, or 9 cent loss per share, for 2009.
It had $1.39 million in cash on hand as of Dec. 31. Revenue last year totaled $7.7 million. The company posted an $87,768 loss in operating income and interest expense for 2010. It also reported $1.35 million in income attributed to "discontinued operations" related to a reverse merger and purchase of Revyv Inc.
"Based on our current financial situation we may have difficulty continuing our operations at their current level, or at all, if we do not raise additional financing in the near future," the company said in the filing. "Additionally, we would like to continue to acquire assets and operating businesses, which will likely require additional cash."
General Cannabis stated that it faces intense competition, as well as threats to its business from U.S. federal law, state law and sometimes local ordinances.
Posted March 04, 2011 4:25PM PST
General Cannabis Inc., the company behind website WeedMaps.com, could run out of money this year unless it raises capital, the company said in a Securities and Exchange Commission filing this week.
The Costa Mesa, Calif.,-based corporation, which provides medical cannabis industry services, is seeking to raise $10.5 million through the sale of 3 million shares of common stock at $3.50 per share, the company said in the Tuesday filing. It also registered more than 20.5 million shares of stock for sale by 30 existing shareholders.
General Cannabis shares were trading at $2.85 today, according to Google Finance.
General Cannabis reported net income of $1.2 million, or 4 cents per share, for 2010. That compared to a $1.28 million loss, or 9 cent loss per share, for 2009.
It had $1.39 million in cash on hand as of Dec. 31. Revenue last year totaled $7.7 million. The company posted an $87,768 loss in operating income and interest expense for 2010. It also reported $1.35 million in income attributed to "discontinued operations" related to a reverse merger and purchase of Revyv Inc.
"Based on our current financial situation we may have difficulty continuing our operations at their current level, or at all, if we do not raise additional financing in the near future," the company said in the filing. "Additionally, we would like to continue to acquire assets and operating businesses, which will likely require additional cash."
General Cannabis stated that it faces intense competition, as well as threats to its business from U.S. federal law, state law and sometimes local ordinances.
Hawaii medical marijuana updates!
Hawaii's Marijuana Legislation Makes Advances
Posted March 09, 2011 12:53PM PST
Five Senate bills dealing with marijuana were overwhelmingly passed by Hawaii's Senate and moved on to the House of Representatives yesterday. Meanwhile, one House bill was passed and headed to the Senate.
One bill, Senate Bill 58, increases the patient-to-caregiver ratio and the amount of cannabis permitted per patient or caregiver. It also allows transfer and transport to another qualified patient without prosecution. It passed by a vote of 24-0. Another bill, Senate Bill 113, establishes a three-year pilot medical cannabis research program involving local medical cannabis patients. It passed 23-2.
Senate Bill 175 would take jurisdiction of medical marijuana laws away from the Department of Public Safety and assign oversight to the Department of Health. Senate Bill 1458 creates three classes of medical marijuana licenses: a compassion center license, a marijuana cultivation license, and a marijuana-infused products manufacturing license. Both bills were passed on a 24-1 vote.
Unrelated to medical marijuana, Senate Bill 1460 would reduce the penalties of possession of less than one ounce of marijuana to no more than $100. It passed by a vote of 24-0.
In the House, House Bill 1085 passed unanimously. This measure amends Hawaii's statutes on controlled substances to make them consistent with federal laws and increases the fee to $35 for the patient registration certificates.
Hawaii has been a medical marijuana state since 2000.
Source: Hawaii State Legislature
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Posted March 09, 2011 12:53PM PST
Five Senate bills dealing with marijuana were overwhelmingly passed by Hawaii's Senate and moved on to the House of Representatives yesterday. Meanwhile, one House bill was passed and headed to the Senate.
One bill, Senate Bill 58, increases the patient-to-caregiver ratio and the amount of cannabis permitted per patient or caregiver. It also allows transfer and transport to another qualified patient without prosecution. It passed by a vote of 24-0. Another bill, Senate Bill 113, establishes a three-year pilot medical cannabis research program involving local medical cannabis patients. It passed 23-2.
Senate Bill 175 would take jurisdiction of medical marijuana laws away from the Department of Public Safety and assign oversight to the Department of Health. Senate Bill 1458 creates three classes of medical marijuana licenses: a compassion center license, a marijuana cultivation license, and a marijuana-infused products manufacturing license. Both bills were passed on a 24-1 vote.
Unrelated to medical marijuana, Senate Bill 1460 would reduce the penalties of possession of less than one ounce of marijuana to no more than $100. It passed by a vote of 24-0.
In the House, House Bill 1085 passed unanimously. This measure amends Hawaii's statutes on controlled substances to make them consistent with federal laws and increases the fee to $35 for the patient registration certificates.
Hawaii has been a medical marijuana state since 2000.
Source: Hawaii State Legislature
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Florida Legalization Bill Covers Adults, Minors Posted March 09, 2011 12:31PM PST Florida State Rep. Jeff Clemens, a Democrat from Lake Worth, has introduced a bill that would remove criminal penalties for use of medical marijuana. House Joint Resolution 1407 would modify Florida's constitution starting in July 2013. Medical cannabis users would need to obtain a doctor's diagnosis for a condition and a recommendation that cannabis treatment would be helpful. Individuals under the age of 18 would be covered under the bill, which calls for two medical recommendations and parental consent for minors. Property could not be seized in matters involving legitimate medical use, and authorities would be required to return both marijuana and paraphernalia if the owner is determined to be a medical user. Possession of amounts of marijuana inconsistent with personal medical use would continue to be illegal. The bill provides the Legislature latitude for establishing criminal penalties for fraudulently representing a medical condition to physicians or law enforcement officials. Health insurers would not have to pay medical marijuana claims. Political interest group People United for Medical Marijuana (PUFMM) is also pursuing a legalization initiative in Florida. PUFMM's website says it needs more than 675,000 signatures by February 2012
Florida Legalization Bill Covers Adults, Minors
Posted March 09, 2011 12:31PM PST
Florida State Rep. Jeff Clemens, a Democrat from Lake Worth, has introduced a bill that would remove criminal penalties for use of medical marijuana. House Joint Resolution 1407 would modify Florida's constitution starting in July 2013.
Medical cannabis users would need to obtain a doctor's diagnosis for a condition and a recommendation that cannabis treatment would be helpful.
Individuals under the age of 18 would be covered under the bill, which calls for two medical recommendations and parental consent for minors.
Property could not be seized in matters involving legitimate medical use, and authorities would be required to return both marijuana and paraphernalia if the owner is determined to be a medical user. Possession of amounts of marijuana inconsistent with personal medical use would continue to be illegal.
The bill provides the Legislature latitude for establishing criminal penalties for fraudulently representing a medical condition to physicians or law enforcement officials.
Health insurers would not have to pay medical marijuana claims.
Political interest group People United for Medical Marijuana (PUFMM) is also pursuing a legalization initiative in Florida. PUFMM's website says it needs more than 675,000 signatures by February 2012 for a ballot initiative.
Source: HJR 1407
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Posted March 09, 2011 12:31PM PST
Florida State Rep. Jeff Clemens, a Democrat from Lake Worth, has introduced a bill that would remove criminal penalties for use of medical marijuana. House Joint Resolution 1407 would modify Florida's constitution starting in July 2013.
Medical cannabis users would need to obtain a doctor's diagnosis for a condition and a recommendation that cannabis treatment would be helpful.
Individuals under the age of 18 would be covered under the bill, which calls for two medical recommendations and parental consent for minors.
Property could not be seized in matters involving legitimate medical use, and authorities would be required to return both marijuana and paraphernalia if the owner is determined to be a medical user. Possession of amounts of marijuana inconsistent with personal medical use would continue to be illegal.
The bill provides the Legislature latitude for establishing criminal penalties for fraudulently representing a medical condition to physicians or law enforcement officials.
Health insurers would not have to pay medical marijuana claims.
Political interest group People United for Medical Marijuana (PUFMM) is also pursuing a legalization initiative in Florida. PUFMM's website says it needs more than 675,000 signatures by February 2012 for a ballot initiative.
Source: HJR 1407
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Amergence group changing its name!
Amergence Heralds Marijuana Focus with Name Change
Posted March 10, 2011 4:37PM PST
The Amergence Group said today that it is changing its name to Altitude Organic Corp. to reflect its focus on the medical marijuana industry.
Amergence Group, which once operated a digital copy protection business as SunnComm International, said in a statement that it is basing its operations in Arizona to capitalize on that state's new medicinal cannabis laws. SunnComm withdrew its registration with the Securities and Exchange Commission in 2006.
Last month, Amergence announced it was hiring Altitude Organic Corp. CEO Brian Cook as president and chief executive of Amergence. The statement said Altitude Organics is a division of Amergence.
Altitude Organic's website said it founded its first dispensary in 2009 in Denver, where it incorporated in 2010. The company recently launched Doctor MMJ, a medical marijuana doctor referral service. It also licenses its Altitude Organic federal trademark and seed-to-sale business services.
Posted March 10, 2011 4:37PM PST
The Amergence Group said today that it is changing its name to Altitude Organic Corp. to reflect its focus on the medical marijuana industry.
Amergence Group, which once operated a digital copy protection business as SunnComm International, said in a statement that it is basing its operations in Arizona to capitalize on that state's new medicinal cannabis laws. SunnComm withdrew its registration with the Securities and Exchange Commission in 2006.
Last month, Amergence announced it was hiring Altitude Organic Corp. CEO Brian Cook as president and chief executive of Amergence. The statement said Altitude Organics is a division of Amergence.
Altitude Organic's website said it founded its first dispensary in 2009 in Denver, where it incorporated in 2010. The company recently launched Doctor MMJ, a medical marijuana doctor referral service. It also licenses its Altitude Organic federal trademark and seed-to-sale business services.
SPARC recorded an award from IIDA
San Francisco Dispensary Design Wins International Award
Posted March 09, 2011 12:19PM PST
The San Francisco Patient and Resource Center (SPARC) received an accolade this week when the San Francisco dispensary took top international honors for its interior design.
The International Interior Design Association (IIDA) announced Monday it awarded SPARC's designer, Sand Studios of San Francisco, first place in commercial design from small firms for 2011.
SPARC marketing director Nicholas Smilgys said he believed it was the first time a dispensary had ever won an IIDA award.
Jenny Palmer, IIDA manager of industry relations, said Sand Studios' minimal, modernist and zen design utilizing concrete, iron, and recycled oak beat about 52 entrants. It was judged by four IIDA members, including a former association president and several principals of major design firms. Called the "Will Ching Award," Sand Studios will receive the award at a gala in June.
Posted March 09, 2011 12:19PM PST
The San Francisco Patient and Resource Center (SPARC) received an accolade this week when the San Francisco dispensary took top international honors for its interior design.
The International Interior Design Association (IIDA) announced Monday it awarded SPARC's designer, Sand Studios of San Francisco, first place in commercial design from small firms for 2011.
SPARC marketing director Nicholas Smilgys said he believed it was the first time a dispensary had ever won an IIDA award.
Jenny Palmer, IIDA manager of industry relations, said Sand Studios' minimal, modernist and zen design utilizing concrete, iron, and recycled oak beat about 52 entrants. It was judged by four IIDA members, including a former association president and several principals of major design firms. Called the "Will Ching Award," Sand Studios will receive the award at a gala in June.
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