Although the Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) stock experienced a steep selloff and ended up with a decline of as much as 16% yesterday, it should be noted that the company provided a key update. It may be a good idea for investors to consider taking a look at it.
Trading Data
On Tuesday, IGPK stock fell 15.91% to $0.0019 with more than 12.98 million shares, compared to volume of 5.91 million shares. The stock moved within a range of $0.0016 – 0.0024 after opening trade at $0.0022.
Integrated Cannabis Solutions to acquire 3 Operating entities in the Cannabis space.
The company announced yesterday that it was going to form a new fully owned subsidiary unit named Houdini Group Inc. However, that is not all. The subsidiary is then going to be involved in the acquisition of three cannabis companies in the state of California. One of those is The Tahoe Group, while the other two are Houdini Labs and GCTR Management.
Integrated Cannabis is going to work with the three entities for the purpose of submitting the financials to the company’s audit team by the end of this year. The company however noted that it was looking to complete the audits by the end of March next year. The acquisitions are going to be closed over the course of the coming weeks. While the news about the new acquisitions may come as a source of intrigue for investors, it seems that initially they had not been particularly thrilled.
Technical Data
IGPK stock is trading below the 20-Day and 50-Day Moving averages of $0.0018 and $0.0019 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0020.
