$CANN
TREES Corp (Colorado)

2020 Q4 Form 10-Q Financial Statement

#000155837020013716 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $2.134M $1.586M $862.9K
YoY Change -41.8% 83.74% -21.34%
Cost Of Revenue $1.742M $304.0K $452.2K
YoY Change -29.41% -32.77% -47.31%
Gross Profit $392.4K $1.282M $410.7K
YoY Change -67.28% 212.03% 72.0%
Gross Profit Margin 18.39% 80.83% 47.59%
Selling, General & Admin $1.167M $751.2K $1.181M
YoY Change -88.26% -36.41% -55.54%
% of Gross Profit 297.52% 58.62% 287.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $107.7K $44.54K $47.54K
YoY Change 117.86% -6.31% 21.06%
% of Gross Profit 27.45% 3.48% 11.58%
Operating Expenses $1.275M $751.2K $1.181M
YoY Change -87.33% -36.41% -56.47%
Operating Profit -$882.7K -$1.366M -$1.853M
YoY Change -90.04% -26.3% -25.13%
Interest Expense -$1.901M $84.72K $76.00K
YoY Change -58.39% 11.47% -104.37%
% of Operating Profit
Other Income/Expense, Net $97.95K $930.5K -$36.75K
YoY Change -2632.1%
Pretax Income -$3.277M -$435.3K -$1.890M
YoY Change -76.27% -76.97% -55.15%
Income Tax -$108.7K $68.20K
% Of Pretax Income
Net Earnings -$3.150M -$600.0K -$2.254M
YoY Change -79.66% -73.38% -46.51%
Net Earnings / Revenue -147.62% -37.84% -261.24%
Basic Earnings Per Share
Diluted Earnings Per Share -$52.74K -$9.888K -$57.21K
COMMON SHARES
Basic Shares Outstanding 59.84M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $750.2K $734.3K $631.9K
YoY Change 512.97% 16.21% -93.58%
Cash & Equivalents $750.2K $734.3K $631.9K
Short-Term Investments
Other Short-Term Assets $567.7K $674.8K $683.5K
YoY Change -41.45% -1.27% 442.64%
Inventory $371.8K $285.4K $141.3K
Prepaid Expenses $225.1K $590.3K
Receivables $140.6K $300.2K $373.5K
Other Receivables $350.0K $350.0K $400.0K
Total Short-Term Assets $2.550M $2.345M $2.230M
YoY Change 64.26% 5.14% -79.09%
LONG-TERM ASSETS
Property, Plant & Equipment $411.5K $372.4K $1.765M
YoY Change -72.7% -78.91% 22.58%
Goodwill $2.484M $2.562M
YoY Change
Intangibles $984.4K $20.88K
YoY Change
Long-Term Investments $320.8K $250.0K $250.0K
YoY Change 9.76% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $5.969M $5.883M $2.381M
YoY Change 206.14% 147.07% 58.54%
TOTAL ASSETS
Total Short-Term Assets $2.550M $2.345M $2.230M
Total Long-Term Assets $5.969M $5.883M $2.381M
Total Assets $8.519M $8.228M $4.611M
YoY Change 143.25% 78.43% -62.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.052M $1.341M $794.2K
YoY Change 19.59% 68.84%
Accrued Expenses $801.6K $514.3K $288.3K
YoY Change 55.38% 78.42% -35.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.700M $0.00
YoY Change -100.0%
Long-Term Debt Due $1.639M $2.251M
YoY Change -27.2% -45.12%
Total Short-Term Liabilities $3.130M $6.221M $5.683M
YoY Change -66.22% 9.45% 16.53%
LONG-TERM LIABILITIES
Long-Term Debt $2.889M $600.0K $0.00
YoY Change
Other Long-Term Liabilities $1.499M $2.330M $19.28K
YoY Change 11985.48%
Total Long-Term Liabilities $2.889M $600.0K $19.28K
YoY Change 3012.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.130M $6.221M $5.683M
Total Long-Term Liabilities $2.889M $600.0K $19.28K
Total Liabilities $7.518M $9.151M $5.703M
YoY Change -18.87% 60.47% 16.92%
SHAREHOLDERS EQUITY
Retained Earnings -$74.95M -$71.80M
YoY Change 11.42%
Common Stock $60.81K $58.72K
YoY Change 53.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.001M -$922.9K -$1.091M
YoY Change
Total Liabilities & Shareholders Equity $8.519M $8.228M $4.611M
YoY Change 143.25% 78.43% -62.1%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$3.150M -$600.0K -$2.254M
YoY Change -79.66% -73.38% -46.51%
Depreciation, Depletion And Amortization $107.7K $44.54K $47.54K
YoY Change 117.86% -6.31% 21.06%
Cash From Operating Activities -$616.0K -$1.216M -$1.395M
YoY Change -22.93% -12.87% 36.55%
INVESTING ACTIVITIES
Capital Expenditures -$158.4K -$76.91K -$52.83K
YoY Change 602.57% 45.58% 585.21%
Acquisitions
YoY Change
Other Investing Activities $800.00 $0.00 $0.00
YoY Change -99.7% -100.0%
Cash From Investing Activities -$157.6K -$76.92K -$52.83K
YoY Change -163.7% 45.6% -109.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 809.0K 815.0K 1.287M
YoY Change 457.93% -36.68% 1194.65%
NET CHANGE
Cash From Operating Activities -616.0K -1.216M -1.395M
Cash From Investing Activities -157.6K -76.92K -52.83K
Cash From Financing Activities 809.0K 815.0K 1.287M
Net Change In Cash 35.35K -477.7K -161.0K
YoY Change -108.69% 196.7% -51.96%
FREE CASH FLOW
Cash From Operating Activities -$616.0K -$1.216M -$1.395M
Capital Expenditures -$158.4K -$76.91K -$52.83K
Free Cash Flow -$457.6K -$1.139M -$1.342M
YoY Change -41.09% -15.17% 32.38%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1.  NATURE OF OPERATIONS, HISTORY AND PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Nature of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">General Cannabis Corp, a Colorado Corporation (the “Company,” “we,” “us,” “our,” or “GCC”) (formerly, Advanced Cannabis Solutions, Inc.), was incorporated on June 3, 2013, and provides services and products to the regulated cannabis industry. We currently trade on the OTCQB® Venture Market. As of September 30, 2020, our operations are segregated into the following three segments:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Operations Consulting and Products (“Operations Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Through Next Big Crop (“NBC”), we deliver comprehensive consulting services to the cannabis industry that include obtaining licenses, compliance, cultivation, retail operations, logistical support, facility design and construction, and expansion of existing operations. During the three and nine months ended September 30, 2020, 60% and 76% of NBC’s revenue was with one and four customers, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">NBC oversees our wholesale equipment and supply business, operated under the name “GC Supply,” which provides turnkey sourcing and stocking services to cultivation, retail and infused products manufacturing facilities. Our products include building materials, equipment, consumables and compliance packaging. There are generally multiple suppliers for the products we sell; however, there are a limited number of manufacturers of certain high-tech cultivation equipment. NBC also provides operational support for our internal cultivation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Cultivation (“Cultivation Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Through our acquisition of SevenFive Farm ("SevenFive") in May 2020, we operate a licensed light deprivation greenhouse cultivation facility. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">During the three and nine months ended September 30, 2020, 15% and 27% of SevenFive’s revenue was with one and two customers, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Capital Investments (“Investments Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As a publicly traded company, we believe that we have access to capital that may not be available to businesses operating in the cannabis industry. Accordingly, we may provide debt or equity capital through investing in businesses using cash or shares of our common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The accompanying condensed consolidated financial statements include all accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States of America ("U.S. GAAP") can be condensed or omitted. The condensed consolidated balance sheet for the year ended December 31, 2019 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto of the Company for the year ended December 31, 2019 which were included in the annual report on Form 10-K/A filed by the Company on July 7, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, these condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and notes thereto of the Company and include all adjustments, consisting only of normal recurring adjustments, considered necessary for the fair presentation of the Company's financial position and operating results. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the year ending December 31, 2020, or any other interim or future periods. Since the date of the Annual Report, there have been no material changes to the Company’s significant accounting policies except for inventories and goodwill and long-lived assets as disclosed below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business and markets. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including revenues, expenses, reserves and allowances, fair value measurements and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The condensed consolidated financial statements have been prepared on a going concern basis, which assumes we will be able to realize our assets and discharge our liabilities in the normal course of business for at least the twelve months from the date these condensed consolidated financial statements are issued. As of September 30, 2020, our cash balance of approximately $0.7 million is not sufficient to absorb our operating losses and repay our notes payable of $2.3 million, of which $1.7 million is short-term. The warrants associated with this debt, if exercised in cash, would provide sufficient funds to retire the debt; however, there is no guarantee that these warrants will be exercised in cash or at all. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that (a) we will be successful obtaining additional capital and (b) actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances that we will be successful in such efforts. Accordingly, there is substantial doubt about our ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Summary of Significant Accounting Policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">See our Annual Report on Form 10-K for the year ended December 31, 2019, as amended, for discussion of the Company's significant accounting policies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Inventories</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Inventories consist of raw materials, supplies, growing and harvested plants (work-in-process), and finished goods, and are stated at the lower of cost or net realizable value. All direct and indirect costs of growing plants are accumulated until the time of harvest and allocated to the plants during the growing process. All direct and indirect costs of finished goods are accumulated and allocated to the products between the harvest and completion stages. The Company uses an average costing method to allocate costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and estimated costs necessary to make the sale. The Company periodically reviews physical inventory for excess, obsolete, and potentially impaired items, noting none for the period ended September 30, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Goodwill and Long-Lived Assets</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill and long-lived intangible assets are tested for impairment at least annually in accordance with the provisions of ASC No. 350, “Intangibles-Goodwill and Other” (“ASC No. 350”). ASC No. 350 requires that goodwill be tested for impairment at the reporting unit level (operating segment or on level below an operating segment) on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carry value. Application of the goodwill impairment test requires judgement, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We test goodwill and long-lived assets annually in April, unless an event occurs that would cause the us to believe the value is impaired at an interim date.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Intangible assets with finite useful lives are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Recently Issued Accounting Standards</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">FASB ASU 2020-06 – “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”- </i><span style="white-space:pre-wrap;">In June 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Accounting Standards Updates (“ASU”) also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2021, although early adoption is permitted. We are in the process of evaluating the impact of this new guidance on our consolidated financial statements.</span><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">FASB ASU 2019-12 – “Income Taxes (Topic 740)”</i> –<i style="font-style:italic;"> </i>In December 2019, the FASB issued guidance which simplifies certain aspects of accounting for income taxes. The guidance is effective for interim and annual reporting periods beginning after December 15, 2020, and early adoption is permitted. We do not expect adoption of this ASU to have a material effect on our consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">FASB ASU 2018-13 </i><i style="font-style:italic;white-space:pre-wrap;">– “Fair Value Measurement (Topic 820)”- </i>In August 2018, the FASB issued new disclosure guidance on fair value measurement. This new guidance modifies the disclosure requirements on fair value measurements, including removal and modifications of various current disclosures as well as some additional disclosure requirements for Level 3 fair value measurements. Some of these disclosure changes must be applied prospectively while others retrospectively depending on requirement. We adopted ASU 2018-13 as of January 1, 2020. There was no material impact to our consolidated financial statements or disclosures. </p>
us-gaap Number Of Operating Segments
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business and markets. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including revenues, expenses, reserves and allowances, fair value measurements and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.</p>
cann Going Concern
GoingConcern
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The condensed consolidated financial statements have been prepared on a going concern basis, which assumes we will be able to realize our assets and discharge our liabilities in the normal course of business for at least the twelve months from the date these condensed consolidated financial statements are issued. As of September 30, 2020, our cash balance of approximately $0.7 million is not sufficient to absorb our operating losses and repay our notes payable of $2.3 million, of which $1.7 million is short-term. The warrants associated with this debt, if exercised in cash, would provide sufficient funds to retire the debt; however, there is no guarantee that these warrants will be exercised in cash or at all. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that (a) we will be successful obtaining additional capital and (b) actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances that we will be successful in such efforts. Accordingly, there is substantial doubt about our ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</p>
CY2020Q3 us-gaap Cash
Cash
700000
CY2020Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
2300000
CY2020Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
1700000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
376444
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
382091
CY2020Q3 cann Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4319535
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3210217
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2694134
CY2020Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1585564
CY2019Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1680887
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4986077
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4443902
CY2020Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-643465
CY2019Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1616340
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4548926
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-10243814
CY2020Q3 cann Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.01
CY2019Q3 cann Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.03
cann Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.09
cann Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.22
CY2020Q3 cann Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
58097819
CY2019Q3 cann Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
48261711
cann Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
52704502
cann Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
46965898
cann Deferred Revenue Refunds To Customers During Period Current
DeferredRevenueRefundsToCustomersDuringPeriodCurrent
146263
CY2019Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
562803
cann Deferred Revenue Additional Deposits Received During Period Current
DeferredRevenueAdditionalDepositsReceivedDuringPeriodCurrent
3140017
cann Deferred Revenue Deposits Recognized As Revenue During Period Current
DeferredRevenueDepositsRecognizedAsRevenueDuringPeriodCurrent
3253616
CY2020Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
302941
CY2020Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
10027
CY2020Q3 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
275378
CY2020Q3 us-gaap Inventory Net
InventoryNet
285405
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
90000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
365400
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
370881
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
92473
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
225649
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
2238527
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
2330351
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1638527
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2330351
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
600000
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.40
CY2020Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.00
CY2020Q3 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
7453888
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
2345736
CY2019Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
2014560
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4620593
cann Recognition Of Warrant Liability On Issuance Dates
RecognitionOfWarrantLiabilityOnIssuanceDates
2416422
cann Fair Value Of Warrants Exercised
FairValueOfWarrantsExercised
-903779
CY2020Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-1076264
CY2019Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-420840
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-2447342
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-822702
CY2020Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1269472
CY2019Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1593720
CY2020Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1269472
CY2019Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1593720
us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
2
CY2020Q3 cann Debt Instrument Notes Payable Recalled By Investors
DebtInstrumentNotesPayableRecalledByInvestors
145000
CY2020Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
420990
CY2019Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
768079
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1427931
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3013042
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10883780
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.28
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M24D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
61000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1902020
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3189161
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.47
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9596639
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
7427999
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
115866
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P15M
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2020Q3 cann Net Income Loss Net Of Discontinued Operations
NetIncomeLossNetOfDiscontinuedOperations
-575269
CY2019Q3 cann Net Income Loss Net Of Discontinued Operations
NetIncomeLossNetOfDiscontinuedOperations
-1889913
cann Net Income Loss Net Of Discontinued Operations
NetIncomeLossNetOfDiscontinuedOperations
-4342195
cann Net Income Loss Net Of Discontinued Operations
NetIncomeLossNetOfDiscontinuedOperations
-8506141
CY2020Q3 cann Assets Net Of Discontinued Operations
AssetsNetOfDiscontinuedOperations
8143376
CY2019Q4 cann Assets Net Of Discontinued Operations
AssetsNetOfDiscontinuedOperations
2980224

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