NEWPORT BEACH, Calif., April 11, 2011 (GLOBE NEWSWIRE) -- General Cannabis, Inc. (Pink Sheets:CANA) (GeneralCannabis.com, Weedmaps.com) subsidiaries, including WeedMaps Media, Inc., General Health Solutions, Inc. and General Merchant Solutions, Inc., moved into over 21,000 square feet of Class A office space in Newport Beach, CA in March. The new space allows for the continuing growth of the company's technology and sales departments.
General Merchant Solutions reports greater than $2,200,000 in total credit card processing volume in March, up from $1,700,000 of volume in February. The company began in November 2010 after recognizing the absence of credit card processing systems in medical cannabis dispensaries. General Merchant Solutions currently has over 170 clients.
General Health Solutions launched the new CannaCare and CannaCare.com name, logo and website in early April, which replaces the MMEC name and logo that was included in the acquisition of Synergistic Resources. During the first quarter the company revamped, updated and re-configured the software and platform creating a scalable and multifaceted system. In addition, CannaCare has been designed to be the definitive education and medical portal for individuals seeking information about medicinal cannabis.
"We had strong success with the previous system, but we realized that to be cost effective and efficient, we needed to update. Our IT department re-configured the existing system, and created proprietary software that we believe will be profitable in the retail market should we decide to license it, as well as satisfying our internal needs," States Dale Foster, Regional Manager of General Cannabis.
General Health Solutions increased the number of medical cannabis clinics under management to 14 medical, up from 10 facilities on 12/31. All 14 clinics are located throughout California. The company anticipates managing and/or owning a total of 20 clinics by year end.
GENERAL CANNABIS, INC.
About General Cannabis, Inc. (Pink Sheets:CANA)
General Cannabis, Inc. (Pink Sheets:CANA), a Nevada based company with headquarters in Costa Mesa, California, is a technology driven company that is material in defining the multi-billion dollar medicinal cannabis industry. The wholly owned subsidiaries of General Cannabis include WeedMaps Media, Inc., General Health Solutions, Inc., General Merchant Solutions, Inc. and US Cannabis, Inc. Each subsidiary plays a vital role in the ongoing success of General Cannabis. General Cannabis explores opportunities of vertical integration through the five core industry sectors identified as probable high growth areas including media, technology, merchant services, medical and management. General Cannabis, Inc. trades on the OTC Pink Current Information tier of OTC Markets Group, Inc. under the symbol "CANA."
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). General Cannabis, Inc. cautions that statements made in this news release relating to the change of control and new business direction constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. General Cannabis, Inc. undertakes no obligation to revise these statements following the date of this news release.
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