Today traders witnessed a new cannabis company break 52 week highs with the announcement of the company filing for OTCQB Venture Market status. This follows a significant release from the company stating a 1300% increase in revenues. With some significant technical indicators triggered, analysts are expecting some serious gains in the short to mid term timeframe. From the Sept. 05, 2018 press release, the company stated
“Daszcal Bolton, LLP, an independent certified public accountant has completed the audit of PSIQ’s financial statements in accordance with Securities and Exchange Commission (“SEC”) Generally Accepted Accounting Principles (“GAAP”) and Jackson L. Morris, Esquire has been retained to prepare Form S-1 Registration Statement to be filed with the SEC. The objective is to become a fully reporting SEC Company subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934. This action is fundamental to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of qualified investors.”
To add, PSIQ reported revenues for the six months ending June 30th 2018 of $421,439 compared to revenues of $33,183 for the six months ending June 30th of 2017. This marks a significant milestone for both companies, as it represents just under a 1300% increase in revenues. Interestingly, just the other week PSIQ uploaded a signed letter to OTC markets to request the “Shell” status be taken down, signifying an increase in corporate activity.
Technically speaking, short term and mid term indicators are all 100% set on BUY status, as you can see from the recently updated BarChart.com upgrade.
Recently, Elite Hemp (100% owned by PSIQ) has been hitting the trade show circuit, with some of the most impressive displays. This signifies the company is coming out of the gates hard, and is expected to continue this aggressive expansion model.
Dan Oran, CEO of PSIQ stated
“We believe we’re developing a business model deserving a stronger presence in the financial markets. With consecutive strong revenue gains quarter-over-quarter and increasing market share, we are poised and ready to become a fully reporting SEC Company. Our continued growth, transparency by audit and registration of our securities with the SEC, sets the stage for significant opportunities.”