One stock that has pulled back sharply in the sell-the-Canada-news stretch over the past couple weeks, but that remains very interesting at present, is Integrated Cannabis Co Inc (OTCMKTS:ICNAF). The stock remains above rising major moving averages even after the brunt of this pullback. And catalysts continue to stack up.
In addition, the company just announced an agreement to license Cannabidiol (CBD) formulated gummies. According to the release, “Integrated Cannabis plans to begin distributing CBD-based gummies through its contract manufacturer, Titration Technologies, in Phoenix, Arizona. Each gummy will contain 10mg of CBD – the non-psychoactive component of cannabis – and will be 100% vegan, utilizing all natural ingredients.”
INTEGRATED CANNABIS ORD (OTCMKTS:ICNAF) promulgates itself as a company that focuses on the development, manufacturing, marketing, and distribution of botanically-based consumable products in Canada and internationally.
It offers a novel line of health care and life-enhancement nutraceutical sprays for pain relief, awareness, sleep, libido, energy, and recovery under the X-SPRAYS brand name. The company was formerly known as CNRP Mining Inc. and changed its name to Integrated Cannabis Company, Inc. in June 2018.
Integrated Cannabis Company, Inc. was incorporated in 2011 and is based in Vancouver, Canada.
According to company information, “Empower is a leading owner and operator of medical cannabis and wellness clinics, as well as a developer of medical products in the US, focused on enabling individuals to improve and protect their health. The company provides treatment solutions through its physician-staffed clinics that are focused on education, data, and efficacy. Empower is a recognized leader and the first choice for patients seeking quality experience and improved health. Integrated Cannabis Company, Inc. is comprised of dedicated scientists and product engineers who are passionate about health and creating health and lifestyle products utilizing advanced delivery systems and formulations.”
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As noted above, ICNAF just announced an agreement to license Cannabidiol (CBD) formulated gummies. In all, the chart shows in excess of -30% stripped out of shares during the past month.
“Gummies are an excellent way to introduce CBD to an older demographic that is typically wary of cannabis products. Our gummies will provide an approachable delivery method, that is easy to consume and with a great taste. We expect the bulk of the sales to take place online but also have plans to distribute through our existing networks to brick and mortar stores in Colorado and throughout the United States. We also plan to expand and introduce a product line of THC formulated gummies upon licensure approval”, said John Knapp, CEO of Integrated Cannabis.
Furthermore, the listing has seen interest climb, with an increase in recent trading volume of greater than 460% beyond what we have been seeing over the larger time frame. It pays to take note of this fact due to the relatively small float size in the stock (fewer than 18M shares). As savvy traders are well aware, a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed.
Earning a current market cap value of $29.08M, ICNAF has about $2.1M in cash on the books, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again as soon as further details emerge. Sign-up for continuing coverage on shares of $ICNAF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ICNAF, either long or short, and we have not been compensated for this article.