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Icanic Brands Company Inc. (ICNAF)

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0.2573+0.0153 (+6.32%)
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Previous Close0.2420
Open0.2300
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.2300 - 0.2618
52 Week Range0.2300 - 0.6470
Volume222,485
Avg. Volume473,407
Market Cap58.038M
Beta (5Y Monthly)1.34
PE Ratio (TTM)51.46
EPS (TTM)0.0050
Earnings DateJun 21, 2021 - Jun 30, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • GlobeNewswire

    Icanic Brands Closes Acquisition of THC Engineering

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, May 07, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to announce, further to its news releases dated December 9, 2020 and April 15, 2021, it has completed the acquisition (the “Acquisition”) of THC Engineering, LLC (“THC Engineering”) and THC Engineering Holdings, LLC (“THC Holdings”, and collectively with THC Engineering, “THC”) pursuant to the terms of a share exchange agreement dated April 7, 2021 (the “Share Exchange Agreement”) among the Company, THC and the unitholders of THC (the “THC Unitholders”). Pursuant to the terms of the Share Exchange Agreement and in consideration for the Acquisition, the Company agreed to issue 3,734,208 common shares in the capital of the Company (the “Consideration Shares”) to the Unitholders pro rata in proportion to their holdings of Units at the time of closing (“Closing”). Further, the Unitholders shall pro rata receive fifteen percent (15%) of net revenue profit derived from the Company licensing solely the intellectual property rights owned by THC throughout North America for a period ending until May 6, 2024. In addition, subject to completion of certain technological milestones, the Company may issue additional common shares in the capital of the Company (the “Technology Shares”) to the Unitholders pro rata in proportion to their holdings of Units at Closing having an aggregate value of USD$2,750,000. The Consideration Shares and Technology Shares, as applicable, are subject to escrow and/or resale conditions as required by applicable securities laws and the policies of the Canadian Securities Exchange. None of the securities to be issued pursuant to the Acquisition have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued pursuant to the Acquisition are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act will be “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and will contain the appropriate restrictive legend as required under the U.S. Securities Act. About Icanic Brands Company, Inc. Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja Gold Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC. Per:“Brandon Kou” Chief Executive Officer For further information about Icanic Brands, please contact the Company at: Email: ir@icaninc.com Phone: (778) 999-4226 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. FORWARD LOOKING STATEMENTS: Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

  • GlobeNewswire

    Icanic Brands Announces Partnership with Leading California Based Edibles Company

    The Joint Venture will introduce Heavenly Sweet into NevadaVANCOUVER, British Columbia, May 06, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, is pleased to announce it has signed a binding Letter of Intent (“LOI”) with Heavenly Sweet (“Heavenly Sweet”), a leading California edibles company to partner with in the Nevada market. This partnership will bring the Heavenly Sweet's products to the state of Nevada under the leadership of founder and CEO Sheila Dedenbach. Heavenly Sweet was founded in 2008 and today produces a variety of 30 different ready-to-eat cannabis infused products while also producing two varieties of their famous cannabutter concentrates (www.heavenlysweet.com). The partnership also highlights Icanic’s commitment to partnering with innovative, female lead and operated businesses as a key growth driver going forward. The products will be manufactured in Icanic's Nevada facility located 25 minutes north of the world-famous Las Vegas strip. With the addition of Heavenly Sweet in Nevada and the commencement of introducing the entire Icanic portfolio of products (including GanjaGold) to Nevada, the Company’s North Las Vegas manufacturing facility will be well positioned to be a driver of top-line growth. ICAN and Heavenly Sweet will form a new entity (“NewCo”), based on the agreed upon terms and conditions, whereby Heavenly Sweet shall retain 75% and ICAN shall retain 25% of all rights, title and interests in NewCo. “We couldn't be more excited to welcome Sheila and the entire Heavenly Sweet team to our Icanic family,” said Brandon Kou, CEO of Icanic Brands. “Heavenly Sweet has done an amazing job over the years becoming one of the dominant players in the edibles space in the most competitive market in the world and we have no doubt that the team will be able to replicate their success in the Nevada market. With the addition of Heavenly, we are excited to really jumpstart our Nevada operations and look forward to significantly growing this segment of our business.” “The team at Heavenly Sweet and I are thrilled to be joining the Icanic family,” said Sheila Dedenbach, CEO of Heavenly Sweet. “Their commitment to supporting and empowering female owned and operated businesses is truly admirable and we are excited to enter the Nevada market with such a great partner who shares our same vision and values.” Terms of the LOI: Heavenly Sweet shall provide human capital, brand intellectual property, SOPs, and formulations.Icanic Brands shall provide capital including initial buildout, equipment, tenant improvements and working capital.Icanic Brands shall assign the existing edibles business, Just Edibles to NewCo.Heavenly Sweet shall provide operational services for Just Edibles.Icanic Brands shall provide manufacturing space to NewCo at an initial price of $2.00/sq foot in the currently existing Just Edibles manufacturing facility (“Premises”). The Premises shall be built out to include sufficient space for NewCo operations. Premises may be subject to expansion based on mutual agreement between the parties. The Company is pleased to announce that Christopher Cherry, a current director of the Company, has been appointed as Interim CFO, effective immediately. Mr. Cherry will serve as Interim CFO for a brief transition period while the Company conducts a search for a permanent CFO. About Icanic Brands Company, Inc.Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja Gold Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC. Per: “Brandon Kou” Chief Executive Officer For further information about Icanic Brands, please contact the Company at:Email: ir@icaninc.comPhone: (778)999-4226 The CSE does not accept responsibility for the adequacy or accuracy of this release. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

  • GlobeNewswire

    Icanic Brands Enters into Definitive Agreement to acquire THC Engineering

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) -- Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to announce that it has entered into a share exchange agreement dated April 7, 2021 (the “Definitive Agreement”) among the Company, THC Engineering, LLC (“THC Engineering”), THC Engineering Holdings, LLC (“THC Holdings”, and collectively with THC Engineering, “THC”), and the unitholders of THC (the “Unitholders”), pursuant to which the Company will acquire 100% of the issued and outstanding units of membership interest (the “Units”) of THC (the “Transaction”). In consideration for the Transaction and pursuant to the terms of the Definitive Agreement, the Company will issue 3,734,208 common shares in the capital of the Company (the “Consideration Shares”) to the Unitholders pro rata in proportion to their holdings of Units at the time of closing (“Closing”). Further, the Unitholders shall pro rata receive fifteen percent (15%) of net revenue derived from the Company licensing solely the intellectual property rights owned by THC throughout North America for a period ending three (3) years following Closing. In addition, subject to completion of certain technological milestones, the Company may issue additional common shares in the capital of the Company (the “Technology Shares”) to the Unitholders pro rata in proportion to their holdings of Units at Closing having an aggregate value of USD$2,750,000. The Consideration Shares and Technology Shares, as applicable, will be subject to escrow and/or resale conditions as required by applicable securities laws and the policies of the Canadian Securities Exchange (the “CSE”). The Transaction remains subject to certain closing conditions including, without limitation: (a) the receipt of all necessary corporate and regulatory approval; (b) each party's representations and warranties in the Definitive Agreement being true and correct in all aspects as of the date of Closing; and (c) each party meeting its terms and conditions and completing its covenants and obligations as contained therein. There can be no assurance that the Transaction will be completed as proposed or at all. Closing of the Transaction is expected to occur on or about April 15, 2021. None of the securities to be issued pursuant to the Transaction have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act will be “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and will contain the appropriate restrictive legend as required under the U.S. Securities Act. About Icanic Brands Company, Inc. Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. For more information, please visit the company’s website at: www.icaninc.com. About Ganja Gold Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience. For more information about Ganja Gold, visit their website at www.ganjagold.com ICANIC BRANDS COMPANY INC. Per:“Brandon Kou” Chief Executive Officer For further information about Icanic Brands, please contact the Company at: Email: ir@icaninc.com Phone: (778) 999-4226 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. FORWARD LOOKING STATEMENTS: Completion of the Transaction is subject to a number of conditions, including receipt of appropriate regulatory approvals. The Transaction cannot close until all such conditions are satisfied. There can be no assurance that the Transaction will be completed as proposed or at all. Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.