For the traders out there watching marijuana stocks, there's a few cannabis-related companies that reported financials this morning. The first two of these names are up big so far in early morning action, while markets are selling off shares of General Cannabis due to major growth in expenses.
We also see financial highlights coming out of mCig, Inc. (OTC:MCIG) this morning, although no filing yet with the SEC. Highlights include net income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings. Additionally, mCig assets increased to $6.8 million, having 6 times more assets than it does liabilities.
Also, General Cannabis Corp. (OTC:CANN)filed its 10-Q quarterly report with the SEC on Friday. The company's 10-Q showed revenues of $719,105 for the three months ended March 31, 2017 compared to revenues of $692,112 for the same period in 2016. Despite a bit of growth for revenues, total costs and expenses grew from $1,700,677 for the quarter ending March 31, 2016 all the way to $2,906,227 in costs and expenses for the same quarter in 2017.
Stay tuned for today's midday marijuana stock movers where we'll check in on these companies and more. In the meantime, be sure to subscribe to one or more of our free newsletters. Also, don't forget to connect with The Daily Marijuana Observer on Facebook, Twitter, and Instagram.
Disclaimer: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.