SearchCore Q3 Profits UpMonday, November 19, 2012
SearchCore Inc. posted a 38% increase in third-quarter profit to $1.2 million.
The Newport Beach-based company operates websites and software related to medicinal marijuana. Those include WeedMaps.com, a consumer finder site for medicinal marijuana dispensaries; MMJMenu.com, a site targeted to the operators of medicinal marijuana dispensaries; and SafeAccessMD, software designed for use by doctors who prescribe medicinal marijuana.
Quarterly revenue rose 21% from a year earlier to $4.3 million.
The company said the increase in revenue was primarily due to increases in fees charged for listing packages offered to customers. SearchCore also boosted its customer base and expanded the variety of packages it offers.
The company’s stock fell 36% and was trading at 56 cents per share midday on Monday for a market value of $33 million.
SearchCore trades on the over-the-counter stock market and doesn’t have analyst coverage. The company changed its name from General Cannabis Inc. earlier this year to reflect its intent to expand beyond the medical-marijuana industry.
It was recently featured as the Business Journal’s No. 1 fastest-growing public company based in Orange County.
SearchCore had revenue growth of 1,657% for a two-year span ended June 30. It had $11.9 million in revenue in 2011.
The company has 67 employees.