Indoor Harvest Corp (OTCMKTS: INQD) made an explosive move up at the end of last year running from just over a nickel to highs of $0.28 a share. Currently the stock is maintaining a strong position over $0.03 after trading as low as $0.0305 earlier this year.
Indoor Harvest Corp 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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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.
On January 31 INQD announced it has postponed the previously scheduled virtual special meeting of shareholders until February 5, 2019 at 5:00pm (Central Standard Time) due to a lack of voting by shareholders. As of this morning, approximately 97% of Series A Convertible Preferred shareholders had voted in favor of management’s proposed changes to the Company’s certificate of formation and approximately 60% of all common stock shareholders had voted, with approximately 55% of all common stock shareholders in favor and 5% against the proposed changes. In order to pass the proposed changes, the Company needs a minimum of 66.67%, or 2/3’s of both Series A Convertible Preferred shareholders and common stock shareholders to vote in favor to pass the proposals under Texas law.
Dan Weadock, INQD Chief Executive Officer stated:
“The majority of our Series A and registered shareholders have overwhelmingly voted in favor of the proposed changes. We have had a weaker turn out than expected, however, from our beneficial shareholder population with approximately 50% of beneficial shareholders having not cast a vote. Every single vote is important regardless of your ownership size. If the proposals fail to gain enough votes, the Company’s ability to capitalize new efforts will be severely disrupted and the Company will be forced to hold the vote again, or consider an undesirable reverse split as an alternative to recapitalization. We ask that everyone please make an effort to vote.”
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Currently trading at a $1.2 million market valuation 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.