International Consolidated Companies Inc (OTCMKTS:INCC) has been working on solving one of the major problems, facing marijuana companies in the U.S, obtaining loans. Banks continue to refuse loans to marijuana related companies, despite the substance being legal in 28-states. Their skepticism is mainly due to the fact that marijuana is still illegal under federal law. As such, banks have started issuing notices to landlords to either evict their marijuana growing tenants or repay their notes.
In response to this growing problem, INCC has received commitment from an institutional investor, for marijuana based real estate debt financing. The company’s real estate division now aims to develop its own portfolio of real estate holdings for the cannabis industry and help current growers, refinance their loans. INCC plans to raise over $100 million, through equity financing, for this very purpose.
The real estate division of the company is being led by Arnold ‘Avi’ Yoskowitz, who has extensive experience of the real estate industry. Antonio Uccello, the CEO of INCC, expressed his excitement at becoming the first marijuana real estate holding company, while overcoming barriers, related to the sale of marijuana related products. He also claimed that the company has identified over $30 million, worth of properties, for the initial phase of development. Mr. Uccello also revealed that their investor has agreed to finance $200 million, allowing the company to have a cap space of $300 million, for future acquisitions.
Earlier, INCC voiced its intent to acquire St. James Remedies Inc, which would now be focused on the marketing and licensing of its Hemp based products. This includes a better and smarter delivery system, which is crucial for marijuana infused product manufacturers, for adding THC to Hemp capsules. The move allows the company to enter the market for Hemp based medical solutions, without being directly involved in the development or sale of the products.
International Consolidated Companies Inc (OTCMKTS:INCC) recorded a trade volume of 34.18 million and lost 7.14% of its share value, during the February 10 trading session, to reach a close at $0.0013 per share.