Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) Stock Corrects Following The Acquisition News
One of the companies which could be worth tracking this morning is Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) after the company came up with a significant update.
Trading Data
On Monday, IGPK stock moved down 14.66% to $0.0025 with 28.40 million shares, compared to its average volume 6.86 million shares. The stock moved within a range of $0.0022 – 0.0029 after opening trade at $0.0029.
Integrated Cannabis Solutions Closes Acquisition of Houdini Labs
The company announced that its subsidiary unit Houdini Group Inc had been successful in completing the acquisition of Global Consortium Group LLC and also its dba named Houdini Labs. In this regard, it ought to be noted that Houdini Labs is a modern Type 7 facility meant for manufacturing cannabis. It is one of the only two Type 7 labs present in Sacramento, California. In the press release yesterday, it was noted that there had been a contraction in the size of the cannabis space in the state of California and that created a void.
Houdini was hoping to fill that particular void. The management of the company has estimated that if the hours of operation at the facility are expanded then it could help in boosting revenues to as much as $1 million a month.
However, that estimate had been made without taking into account the spike in cannabis distilling prices in recent times. That price went up to as much as $1200 a litre from $550 a litre. That rise in demand could well be a blessing for Houdini.
