- WeedMaps Media, Inc. Revenues Increase for 16th Consecutive MonthGlobeNewswire(Mon, Apr 4)
"Our IT team is really starting to ramp up and produce amazing results. Combining that with a new, huge office gives us tremendous running room for continuing our expansion into an ever growing number of verticals. The recent approval of version 3.0 of 'LegalMaps', WeedMaps.com iPhone application, is just the latest example of our robust mobile software and maturing core APIs."
WeedMaps.com recently exceeded 500,000 downloads in total on its 'LegalMaps' iPhone application in the App Store. In addition, WeedMaps.com surpassed 10,000 subscribers for its DailyDeals coupon program, less than 30 days after its initial launch. DailyDeals offers the ability for dispensaries and collectives to offer discounts on medicinal cannabis to their patients.
General Cannabis, Inc. announces it has filed Form S-1 with the Securities and Exchange Commission. The company has reported consolidated gross revenues of $7,699,634 for 2010, up from $2,670,721 in 2009.
Additional noteworthy press releases in April that are stock specific:
Crystal Research Associates, LLC Issues Executive Informational Overview (NYSEMKT:EIO) on General Cannabis, Inc.Marketwire(Mon, Apr 18)
We continue to hold a "Strong Buy" on CANA and will be buyers on the secondary offering.
Additional reporting on the sector and why so much interest:
- Medical-Marijuana Firms Hold High Hopes for Fund Raisingat The Wall Street Journal(Mon, Apr 25)
Medical Marijuana Companies Chase Investors, Eye IPOsAdvertisement
By Lynn Cowan and Daisy Maxey
Dow Jones News Service
WASHINGTON (Dow Jones) -- In what was once a pipe dream, medical-marijuana companies are courting private investors and even planning public stock sales.
In Colorado, a seed supplier is raising $500,000 in a private financing round. In California, hydroponic equipment supplier GrowOp Technology Ltd. has raised $1 million privately, with plans to launch an initial public offering this fall. Los Angeles-based Medicine Dispensing Systems, a company that has placed 60 medical marijuana vending machines in 15 states, would also like to complete an IPO by the end of the year.
A former broker on the East Coast is busy planning the launch of a hedge fund next year that will invest in the medical cannabis industry.
"I'm launching it because the market has a need for it," said Robert Kane, who worked at Stifel Nicolaus & Co. before he started organizing his New York-based hedge fund, which he will call Kaneabis. "There are people looking to get into this space."
Though the matchmaking dance between capital-seekers and potential investors can best be seen in California and Colorado, the two largest medical marijuana markets in the U.S., those states could be the vanguard of similar fund-raising ventures. The industry is growing fast as more areas of the country permit pot prescriptions, and investors are slowly starting to explore where to best deploy their capital.
"I prefer seasoned people who have been involved in other investment deals before, not dumb capital," said Ben Holmes, who founded Centennial Seeds in Boulder in 2009 and is raising $500,000 through a private offering.
Holmes has been featured in several television news segments on the medical marijuana industry, and each time a show is aired, he receives calls and e-mails from people who want to invest in his seed company.
"I could go to these people and do a financing round, and bam, it would be done. But they are unsophisticated, which put both sides at risk," Holmes said.
Vincent Mehdizadeh, founder of Medicine Dispensing Systems, said he has invested $1 million in a patented dispensing system and software program that uses pre-paid member contribution cards to dispense medical marijuana through a vending machine. Mehdizadeh opened three medical marijuana clinics in the Los Angeles area in 2007, which he sold in 2008.
That experience led to his vending machine. Meant to be used inside dispensaries, it ensures a buyer has the appropriate certification to use the product, checks identities through fingerprints, and regulates the amount of marijuana sold. Medicine Dispensing Systems has grossed about $4 million in the last 12 months, Mehdizadeh said, and he hopes to take the company public by the end of the year.
"This is an industry that has a lot of legs, and it's just getting started," he said.
Fifteen states and the District of Columbia have decriminalized the use of medical marijuana, but laws vary over what conditions are covered and how patients may obtain the drug. In some states, dispensaries are authorized to sell marijuana to patients who have a doctor's clearance or have registered as medical marijuana users. Other states allow patients to grow and posses their own pot in limited quantities.
Continue reading on Examiner.com: Cannabis sector gaining momentum....CANA the one to watch - Denver Stock Market | Examiner.com http://www.examiner.com/stock-market-in-denver/cannabis-sector-gaining-momentum-cana-the-one-to-watch#ixzz1KpNpJRHl