International Consolidate Companies Inc (OTCMKTS:INCC), better known as INCC, has seen its stock emerge as one of the notable gainers in the past two days. On Wednesday, the INCC stock surged by as much as 31% to takes its gains over the course of the past two trading sessions to 85%.
While the gains made by the INCC stock are impressive, it is also important to point out that there has been no news about the company this week that might have led to such a rally. In this sort of a situation, it could be a good idea for investors to perhaps take a look at a development from earlier on in the month.
Back on May 4, INCC announced that it signed a definitive agreement in order to acquire the assets and businesses of the company Blue Plant Farms LLC. As per the announcement from the company, the deal is expected to be closed on May 30, 2021.
In order to understand the implications of this acquisition, it is important for investors to know a bit more about Blue Plant’s business. The company is involved in the production of CBD products derived from hemp oil and the products are sold under a range of brands.
The products also offer a higher degree of bioavailability since those are produced by deploying Blue Plant’s proprietary water soluble formulas. It goes without saying that it is a significant acquisition for INCC, especially considering the fact that its National Go To Strategy is going to be launched by way of the sale and distribution of products manufactured by Blue Plant.
INCC is going to sign a distribution contract with a convenience store association that boasts of as many as 90000 members. Initially, INCC is trying to take its products to a total of 5000 convenience stores over the course of the next 24 months.