For those interested in the CBD and cannabis space, Ignite International Brands Ltd (OTCMKTS:BILZF) is a new flavor on the menu, generally speaking. To many, the stock “appeared” on that menu on Monday of this week when it announced its presence with a 33% advance on 20x average volume. To help build that response, the company just announced that it has qualified to trade on the OTCQX Best Market via OTC Markets. Shares advanced on Monday in a torrent of buying to kick off this week, with a break above the stock’s 50-day average.
According to the release, “OTC Markets Group is the operator of financial markets for 10,000 U.S. and global securities. Ignite upgraded to OTCQX from the Pink® market. Ignite officially began trading on September 3, 2019 on OTCQX under the symbol “BILZF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. The Company also confirms that, as of September 18, 2019, it has received approval from the Depository Trust Company (DTC) to become full service eligible, which will allow for electronic trading.”
Ignite International Brands Ltd (OTCMKTS:BILZF) trumpets itself as a company that operates in the cannabis industry in the United States and Canada. It offers joints, drops, and vape products under the IGNITE brand name. The company is based in Toronto, Canada.
Ignite International Brands Ltd. (“Ignite” or the “Company”) is a Canadian Stock Exchange (“CSE”) listed company operating in CBD and cannabis industries as permissible by the laws in each respective jurisdiction.
According to company materials, “Ignite is a CSE-listed and OTCQX traded company operating in permissible CBD and cannabis sectors. Ignite intends to expand its business, which currently includes branding, marketing, licensing, sales and distribution, across the United States, Canada and into international jurisdictions such as the United Kingdom and Mexico by leveraging multiple product platforms. The Company intends to effect this expansion through brand leverage, product development, targeted marketing and strategic supply chain partnerships in each of its active and target jurisdictions.”
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As noted above, BILZF just announced that it has qualified to trade on the OTCQX Best Market via OTC Markets.
Traders will note 18% tacked on to share pricing for the stock in the past month. In addition, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 32% beyond what we have been seeing over the larger time frame. Traders should note this as important with a float in play that’s tight — less than 11M shares. It’s something the veterans know to key on: a mechanically driven price squeeze can result from this type of mix of small float and ramping attention from traders.
“We are pleased to be trading on the OTCQX Market as it allows U.S. investors an opportunity to support Ignite as it continues to execute on its strategy of building a premium global brand,” said Jim McCormick, President of Ignite.
Currently trading at a market capitalization of $153M, BILZF has a significant war chest ($6.4M) of cash on the books, which compares with about $1.3M in total current liabilities. The company is pre-revenue at this point. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $BILZF 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 $BILZF, either long or short, and we have not been compensated for this article.