The Greater Cannabis Company, Inc. reported no revenue for the fiscal year ending December 31, 2024, consistent with the previous year. The company's operating expenses decreased to $156,276 from $175,364 in 2023, while the net loss narrowed to $179,041 compared to a loss of $188,402 in the prior year. The company continues to face challenges in generating revenue, which has remained stagnant at zero for two consecutive years. As of December 31, 2024, the company held $57,368 in cash, a significant decline from $166,859 at the end of 2023.
In terms of liabilities, Greater Cannabis reported total liabilities of $898,058, up from $833,508 in 2023. The company’s accumulated deficit increased to $4,660,345 from $4,481,304 the previous year. The financial statements indicate that the company is operating under substantial doubt regarding its ability to continue as a going concern, primarily due to its ongoing losses and limited cash reserves.
Strategically, the company has shifted its focus towards the development and commercialization of cannabinoid therapeutics. This includes a license agreement with Shaare Zedek Scientific Ltd. for a novel cannabinoid therapy aimed at treating various neuropsychiatric disorders. The company plans to allocate approximately $250,000 from financing proceeds to support research and development efforts, although it has not yet reported any product sales or significant customer engagement metrics.
Operationally, the company has maintained a minimal workforce, with only one full-time employee, the CEO. The company’s stock is traded on the OTC market under the symbol "GCAN," with 337 holders of record as of the report date. The management has indicated that future operating results will be influenced by government regulations surrounding the cannabis industry and potential changes in federal banking regulations.
Looking ahead, Greater Cannabis Company acknowledges the inherent risks and uncertainties in its business model, particularly in securing additional financing and attracting qualified personnel. The company has not provided specific forward-looking revenue projections but emphasizes the importance of regulatory developments and market conditions in shaping its future operations.
About Greater Cannabis Company, Inc.
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