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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.