Indoor Harvest Corp (OTCMKTS: INQD) is making a highly explosive move up in recent days off its base at $0.05 to highs over $0.25 per share. The stock has a long history of big moves runing to $0.45 highs at the end of last year.
Indoor Harvest is at the right place at the right time with cannabis stocks on fire and CBD stocks getting a boost after reports Coca-Cola is monitoring the nascent industry and is interested in drinks infused with CBD. With a rising number of various CBD products available in mainstream markets, consumers are spending more on CBD products than ever before. The Brightfield Group estimates the space will top $22 billion within the next 4 years, making it one of the more enticing spaces from an opportunity standpoint.
Indoor Harvest Corp (OTCQB: INQD), is a precision agriculture technology company focused on delivering pharmaceutical grade cannabis for researchers, and the development of next generation personalized medicines. The Company is currently planning to develop facilities in Arizona and Colorado.
In August of last year Indoor Harvest acquired Alamo CBD via a reverse triangular merger. Alamo CBD is a pending applicant to produce cannabis in Texas, placing 16th out of 43 applicants, under the Texas Compassionate Use Program. So far three applicants have been awarded approvals to produce cannabis under the program.
The Company is a member of and is working with the Medical Cannabis Association of Texas and expects both lobbying and legislative efforts currently being undertaken to result in the program being expanded, additional permits being awarded, and new legislation being introduced in 2019 to allow for a separate permitting process to conduct cannabis research in line with the Controlled Substance Act. There is no guarantee that these efforts will result in the Company obtaining a license or permit to produce cannabis in Texas or that legislation will be adopted allowing a separate licensing or permitting process for research purposes.
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CEO Dan Weadock stated at the time “Efforts in Texas are ongoing and feedback as well as support from legislators and the medical community has been very promising. We have our foot in the door with our pending application and have put into place some really great partnerships, both in science and technology. With the world’s largest and most respected medical complex located in Houston, hosting both medical research and treatment facilities, the future of pharmaceutical development of cannabis in the state of Texas is quite promising”
On December 18, 2014, the Company entered into a Cannabis Production Pilot Agreement with Canopy Growth Corporation. At the end of last year INQD announced it had concluded its pilot agreement with Canopy Growth.
INQD founder Chad Sykes stated “We believe the initial results from our third party trials have proven the potential for our technology and we are now entering a new phase in our development. With the Company’s pivot to exclusively focus on cannabis technology complete, we will now begin working with our new technology partners in the U.S., Harvest Air and BIOS Lighting to take our research and development to the next level by developing a complete integrated facilities package for the cannabis industry. We’re also planning to demonstrate these efforts by constructing a research testing facility in Tempe, Arizona in partnership with Zoned Properties to prove the science and economics of our plans in Colorado and Texas.”
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Currently INQD has $60k in the treasury, $1.5 million in current liabilities and no revenues to date. INQD is an exciting story in small caps with several big initiatives under way; INQD recently announced their completion of a cannabis production pilot agreement with Canopy Growth and through its subsidiary Alamo CBD, INQD is a pending applicant to produce cannabis in Texas. INQD has a history of fast moves and has quickly attracted a shareholder base that is looking for this one to go higher. We will be updating on INQD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with INQD.
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Disclosure: we hold no position in INQD either long or short and we have not been compensated for this article.