BC Bud (BCBC.CN) is a vertically integrated player in the legal cannabis space which promotes product quality and consistency through exclusive partnerships with the best small-batch cannabis cultivators. Led by founder and legal cannabis icon, Brayden Sutton, BC Bud, is built on the legacy of uber-high quality weed grown in British Columbia before legislation allowed legal sale of cannabis in Canada. It offers cannabis based flower products; edibles, including chocolate-covered coffee beans under the Canna Beans brand name; concentrates under the Solventless Solutions brand; beer-like cannabis infused beverages under the Buds brand name; and lifestyle apparel.
Today, the Company applauded the DEA and US Federal movement towards rescheduling cannabis as a substance of lower risk, making a historic shift to recognize its medicinal benefits. This move carries significant implications for cannabis-related research and the industry as a whole.
Cannabis stocks popped on this news yesterday:
The US Department of Justice is anticipated to suggest the rescheduling of cannabis as a Schedule III controlled substance. This classification aligns it with prescription medications like ketamine and Tylenol with codeine.
“The BC Bud Co has long awaited this historic shift and remains dedicated to evaluating opportunities across North America and soon globally to introduce our brands to evolving consumer markets,” stated CEO Brayden Sutton. “We are confident in our positioning for growth, despite the challenges present in the cannabis sector. Preparation for this change has involved ongoing discussions with key US contacts over an extended period. With conditions becoming increasingly favorable for commerce in the cannabis space, we are committed to advancing these discussions further.”
The Company also provided a corporate update. BC Bud is primed for strategic growth in North America and beyond as it is actively pursuing promising Merger and Acquisition prospects, though at this time no specific transactions have progressed beyond initial negotiations. The BC Bud Co. is actively scouting for US-based advisors to access top-tier, value-enhancing opportunities.
The BC Bud Co. is ramping up its focus on direct delivery services to bolster the accessibility and transparency of its premium cannabis products with new BC-based partners.
With Canada entering its sixth year of cannabis legalization, The BC Bud Co. looks ahead with optimism, particularly as the sector navigates a bottoming-out phase. Positioned strategically, the company is poised to seize emerging opportunities for a prosperous and transformative 2024.
After printing all time record lows, the stock has slowly drifted upwards and is forming a nice channel. The stock reclaimed the $0.04 level, an area which was once support then turned resistance. It is now once again support after the reclamation. We did see a nice bounce from this support yesterday on the DEA news reaction.
$0.07 is the next resistance zone. For reversal traders, we could be forming a structure of an inverse head and shoulders pattern. If price hits $0.07 and then briefly pulls back before eventually closing above $0.07, we would have the right shoulder in an inverse head and shoulders pattern.
