The OTCQB® Venture Marketplace (“OTCQB”) is the next level market tied available to companies listed in the OTCmarkets domain. Companies must have an initial and ongoing $0.01 per share minimum bid price, along with other reporting standards. In addition, companies must submit an initial OTCQB application, pay annual fees, and submit annual certifications to the OTC Markets in order to be eligible.
Interestingly, Wisconsin cannabis company – Integrated Cannabis Solutions (OTC:IGPK) has announced the company will be submitting an application to OTCMarkets to upgrade IGPK from OTCpink to OTCQB.
The CEO of IGPK release the following statement on Friday (September 20,2019).
$IGPK will be ready to make an application to upgrade to the OTCQB in October. Since the Company will have a 2 yr audit all it will need is to add a few new directors and establish an audit committee. All components needed for the S1 Registration and a PPS of $.01 for 30 days..
Currently, the price of the stock is sitting at $0.002 and since OTCQB requires the issuing company to have a PPS of at least $0.01, analysts are keen to see what the company has to release in terms of news/updates in order to reach the mandatory $0.01 listing requirement. The CEO if IGPK also ruled out a Reverse Split on Friday, with the following statement.
A company doing a R/S files an Amended and Restated of the Articles of the Company and they make reference to the R/S. $IGPK ONLY amended the Preferred. The Company is not planning on anything outside of building the Company is the Cannabis space and CBD in WI right now.
In a recent story about the cannabis market in Wisconsin, IGPK was mentioned as they have released information on a large acquisition by the company, with plans to have it finalized within 2019. This is a large deal for a company of this size, suggesting the company has aggressive growth plans in place not only for the company, but to satisfy OTCmarkets requirement for OTCQB status of $0.01.
Newly expanded Cannabis Farm based out of Wisconsin is making headlines again with a new acquisition of a cannabis dispensary, making it a true seed-to-consumer Cannabis company, with an additional purchase of a new growing farm expected to be completed in December of 2019. According to recent press releases, the company is now expanding their sights on entering Canada for a dual-US stock exchange listing, as they complete stock exchange uplist in the USA.
Integrated Cannabis Solutions Inc (OTC:IGPK) has announced they have entered into a contract to purchase a 200-acre farm with 160 acres of tillable land on which to grow and process hemp. The original Closing date was set for June 30, 2019, but now that they are planning to submit a S-1 registration statement (needed to uplist to a higher stock exchange) the closing date is now moved December 31, 2019. The purchase includes 4 vehicles and 4 bungalows in addition to the land.
This comes at an interesting time as the company recent reduced the number of shares out in the market, effectively lowering their market cap to a level that is grossly undervalued,
The block of Outstanding Common shares has been canceled by the Transfer Agent, reducing the number of outstanding shares to below 650,000,000. A filing will be made today with the NVSOS that will reduce the total amount of Authorized shares to 900,000,000 with another reduction planned before the end of the month.
One of lesser known requirements of OTCQB status is based on reporting standards, such making public the identity of the securities lawyer or law firm that assisted the company in the preparation of its annual report on Form 10-K or other disclosures. Just last month, the company did just that with the release of the FORM 10-K, and now has released the identify of the securities law firm that was involved in the 10-K, as well as helping them prepare the needed filings for OTCQB status.
Integrated Cannabis has retained the law firm of Waller Lansden Dortch & Davis, LLP as counsel to begin drafting the S-1 Registration document. IGPK’s target goal to file the S-1 Registration Statement remains on track for no later than 05/01/2019.
Taken together, the company is in a position to grow without any negative financing, no revere split, no increase in common shares, etc. In fact, the company has already announced no reverse split will be made, and in fact the company lowered the common shares in the market. Logically speaking, the company should have no problem hitting and maintaining its required $0.01 share price. The reduction in shares will assure this, and the majority of requirements already met by the company, many believe the company will hit its mark. To add, in may of 2019 the company had a PPS of $0.02. This was BEFORE the company lowered the amount of Authorized Shares.
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