Shares of Iconic Brands Inc (OTCMKTS:ICNB) ended higher on Thursday, extending its monthly gain to 29%.
Market Reaction
On Thursday, ICNB stock jumped 5.30% to $0.7370 with 9.69k shares, compared to its average volume of 45k shares. The stock has moved within a range of $0.6800 – 0.7400 after opening trade at $0.68.
Recent News
Iconic Brands, along with its wholly owned subsidiary TopPop, which is involved with the production and sale of alcohol and non-alcoholic beverages, while creating sustainable packaging solutions for the consumable goods market, has provided an update on TopPop’s new 64,000 sq. ft. Pennsauken manufacturing facility expansion initiatives.
News about the facility was announced back in August 2021. It is expected to triple the manufacturing capacity of the company’s ice pops and cocktails in 2021, to more than 150 million units in 2022. It will consist of 150,000 flexible stand-up cocktail pouches per day, including thermo-formed shot cups and alcohol jelly shots. A custom plastic bottling line is expected to be added by Q3 of 2022.
Iconic has invested around $4 million in this facility, for improvements and manufacturing and packaging equipment. Almost half of this investment is for three cutting-edge, high-speed liquid-filling machines that can produce approximately five million ice pops per week using continuous motion. The company has just received approval from US Alcohol and Tobacco Tax and Trade Bureau to manufacture wine, malt, and spirits, and do custom product blending in-house at this facility.
Production at the Pennsauken facility should start early in Q1 of 2022, and begin operating in full swing, by the end of the quarter.
Traders Review
ICNB stock is trading above the 20-Day and 50-Day Moving averages of $0.73 and $0.60 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.45. The stock is up 105% over the past 3-month.
