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Lack of Updates Hurting Integrated Cannabis Co Inc (OTCMKTS:ICNAF)

Lack of Updates Hurting Integrated Cannabis Co Inc (OTCMKTS:ICNAF)
Written by
Jim Bloom
Published on
March 24, 2019
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Integrated Cannabis Co Inc (OTCMKTS:ICNAF) might as well have shot itself if its performance, in the market, is anything to go by. A 70% plus slide, from last year highs, underscores an underperformance that raises serious concerns about long-term prospects.

Share Price Analysis

The stock is currently languishing near all-time lows. While the company has tremendous potential to be a key player in the cannabis sector, a lack of updates detailing the company’s plans and prospects, continues to hurt the stock prospects.The last piece of information detailing the company’s plans came last year. At the time, the company announced the formation of a strategic partnership with New Age Brands to set up a first-ever CBD Pop up a retail location.Ever since, the company’s news dashboard has gone dark, making it difficult for investors to take a closer look at the stock. Lack of press releases explains the subdued market activity as the stock continues to languish at lows of $0.3 a share ICNAF Daily ChartWhile the stock has shown signs of bottoming out in recent weeks, it faces an uphill task to rally past a crucial resistance level. The $0.37 is a crucial resistance level standing in the way of Integrated Cannabis Company turning bullish, be it in the short term.The stock needs to rise and stabilize above the $0.37 level, to avert further slides. Conversely, below the $0.31 mark, bears remain in control and could continue to push the stock lower in continuation of the underlying bear trend.

About Integrated Cannabis Co

Integrated Cannabis Company bills itself as a cannabis-focused company backed with a dedicated team of scientists and product engineers. The company is focused on coming up with wellness and lifestyle products utilizing advanced delivery systems.

Recent Developments

Integrated Cannabis Company needs to serve a string of updates or groundbreaking catalysts if the stock is to continue its upward trajectory. In November of last year, the company confirmed it had signed a definitive agreement for the distribution of its X-SPRAYS products.The products were to be distributed in clinics operated by Empower Clinics Inc., a leading owner and operator of medical cannabis and wellness clinics across the United States. With the deal, the company received a purchase order for a select array of X-SPRAYS.

“This milestone marks another significant move for distribution of X-SPRAYS™ with its' first shipment to the Chicago market. We are excited to align with Empower and the City of Chicago and have our products available for people visiting their clinics in search of relief with issues like opioid addiction, pain, anxiety, sleep issues and people seeking overall well-being," said Mr. John Knapp, CEO of Integrated Cannabis.

The Empower Clinics deal paved the way for Integrated Cannabis Company to expand its sales operations in Oregon, Washington, and Illinois.Fast forward, the company is yet to come out and detail how the deal panned and whether it provided a reliable stream of revenue.In addition to the Empower Clinics purchase order, the company had also entered into a licensing agreement for a Cannabidiol Gummy formulation. At the time, the company had hinted that it was in the process of starting the distribution of the CBD gummies through its contract manufacturer, Titration Technologies in Arizona.

“Our gummies will provide an approachable delivery method, that is easy to consume and with a great taste. We expect the bulk of the sales to take place online but also have plans to distribute through our existing networks to brick and mortar stores in Colorado and throughout the United States,” said John Knapp, CEO of Integrated Cannabis.

The company had also hinted at plans of introducing a product line of THC formulated gummies upon license approval. Fast forward, the company is yet to come forward and provide an update on how it is going about the CBD gummies and the launch of a new line of THC gummies.

Bottom Line

Integrated Cannabis needs to come out and provide clear-cut updates and plans for the year if the stock is to bounce back from current lows. Investor sentiments appear to be at all-time lows. The serving of groundbreaking catalysts is the only way the company will be able to bounce back and edge higher.We will be updating our subscribers as soon as we know more. For the latest updates on ICNAF, sign up below!Disclosure: We have no position in ICNAF and have not been compensated for this article.

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