On Thursday, the Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) stock suffered from a selloff and went down by as much as 6% after the company provided a key update. The company announced yesterday that it had formed a new fully owned subsidiary unit named Houdini Group Inc and the subsidiary had then gone on to sign the acquisition agreements for two California based cannabis companies.
On Thursday, IGPK stock decreased 5.88% to $0.0016 with more than 45.43 million shares traded, compared to volume of 4.07 million shares. The stock moved within a range of $0.0014 – 0.0017 after opening trading at $0.0017.
Integrated Cannabis Solutions Executes Acquisition Agreements to acquire 2 Operating Entities in the Cannabis space
One of those is The Tahoe Group and the other is Houdini Labs. It was also noted that the two entities currently generate monthly revenues in excess of $500,000. It was a major new announcement from Integrated Cannabis but the announcement did not come as a source of optimism for investors.
In addition to that, it was also announced that the subsidiary unit Houdini Group had the capability of growing rapidly in the next few months and generate as much as $1.5 million in the form of gross monthly revenues. Additionally, it was also noted that the net income of Houdini Group could hit as much as $400,000 per month. While the projections may be fairly positive it is fair to say that investors were not particularly optimistic yesterday and it remains to be seen if the Integrated Cannabis can bounce back today.