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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Showing posts with label weed maps. Show all posts
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Friday, March 11, 2011
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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.
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.
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