General Cannabis Corp (OTCMKTS:CANN) Bounce Is Inevitable

General Cannabis Corp (OTCMKTS:CANN) is a potential break out play after underperforming the past year. The company has served a number of groundbreaking catalysts expected to fuel a spike on strengthening investor’s confidence in the stock.

CANN Share Price Analysis

The company has made progress on the expansion of its footprint on the national retail space with the opening of anew CBD concept store on Long Island. General Cannabis has also expanded its footprint in Puerto Rico with an investment in a vertically integrated cannabis operation.In addition, the company has tapped apparel retail and manufacturing veteran David Hirst as it seeks to expand its footprint in the cannabis inspired apparel space. All the efforts are geared towards revitalizing the company’s revenue streams having clocked the $1 million milestone in 2018.Amidst the positive developments, the stock has continued to languish at all-time lows having succumbed to soaring short selling pressure. With the stock currently trading at the $2 a share level, it faces immediate resistance to the $2.70 level on rallies, and support at the $1.80 level on sell-offs. CANN Daily ChartA rally followed by a close above the $2.70 level should reaffirm the stock’s bounce back credentials, setting the stage for it has to make a run for the $4.20 mark, seen as the next substantial resistance level.Below the $2.70 level, General Cannabis remains susceptible to further drops in continuation of the long-term bear trend.

About General Cannabis Corp

General Cannabis is a comprehensive national resource that seeks to provide products and services to the regulated cannabis industry. The company operates through four segments whereby it provides security and cash transportation services as well as marketing consultations services.

What Next For General Cannabis Corp

After a long period of underperformance, General Cannabis Corp could as well turn out to be a breakout play, on easing short selling pressure. Easing short selling pressure comes on the company serving a string of positive news that continues to strengthen its prospects in the market.In January, the company secured a lease with WeWork Los Angeles, poised to support its expansion in Southern California. Plans are already underway to expand the company’s corporate infrastructure as it continues to pursue new opportunities for growth and revenues in the state.

“Having a Los Angeles presence allows us to deepen our relationships within the California cannabis industry. The added flexibility provided by the WeWork model allows us to scale more efficiently than a traditional office lease,” said Michael Feinsod, Chairman and CEO of General Cannabis.

The opening of a CBD concept store in Long Island is another development that underscores the company’s push for value in the multi-billion industry. With the new store, the company intends to target athletes and health-conscious consumers with a string of CBD wellness products. General Cannabis has also strengthened its online presence where it hopes to generate significant sales through its e-commerce platform.Expansion into California and the opening of a CBD store in Long Island is part of General Cannabis push for new streams of revenues. The company is fresh from reporting a third consecutive quarter of revenues above the $1 million mark.The company’ security segment continues to register quarter over quarter growth. The operations segment is also on a phase of robust growth, having posted a 36% year-over-year growth.

“In 2019, we are assertively pursuing a variety of opportunities, including loans to and investments in high-growth potential companies in the cannabis industry, acquisitions, and continued organic growth,” Chief Financial Officer of General Cannabis in a statement.

General Cannabis has consequently hired apparel-manufacturing veteran, David Hirst, to spearhead the company’s efforts in the booming cannabis-inspired lifestyle apparel space. Expansion into the new sector is part of the company’s push for new opportunities as it seeks to strengthen its revenue streams.

Bottom Line

General Cannabis is an exciting bargain as a long-term investment. While the stock has underperformed over the past year, one cannot dispute the progress made in strengthening the company’s long-term prospects.Expansion into California, as well as the opening of a new CBD store in Long Island, are some of the developments that affirm its growth metrics. The company’s core segments are also growing at an impressive rate depicted by quarter-over-quarter growth in revenues.That said the stock should rise from the dead on investors taking note of the company’s potential in the cannabis sector.We will be updating our subscribers as soon as we know more. For the latest updates on CANN, sign up below!Disclosure: We have no position in CANN and have not been compensated for this article.