The BC Bud Corp. (CSE: BCBC) announced Friday it plans to transform from a pure cannabis company to an investment firm focused on digital and physical non-fiat assets, cryptocurrencies and resource sector investments.
The Canadian-based company will change its name to Digital Commodities Capital Corp. and begin trading under the ticker symbol RIPP once it receives final approval from the Canadian Securities Exchange, according to a news release.
“With the dollar losing purchasing power and inflation eroding wealth, we are committed to positioning our shareholders ahead of the curve,” Brayden Sutton, CEO of BC Bud Corp., said in the announcement. “By investing in precious metals, cryptocurrencies like XRP and strategic stakes in resource companies, we will not only hedge against currency debasement but also gain exposure to the critical commodities that power the digital revolution.”
The pivot comes after what the company described as “a thorough evaluation” of its existing operations and strategic options.
Recent financial statements showed quarterly revenue dropped to C$36,499 from C$262,213 a year earlier, according to a January report. The company reported a C$397,745 net loss, wider than C$192,662 the previous year, citing increased competition and market returns.
BC Bud has been actively raising capital in recent months. In January, the company upsized a C$1 million private placement to C$1.5 million “due to significant demand,” and in December, it announced the purchase of C$250,000 in XRP cryptocurrency.
The company said it will continue operating its existing cannabis business while implementing the new investment strategy, noting these assets “will be evaluated and managed in alignment with the company’s overall investment strategy.”
The change constitutes a “Change of Business” under CSE Policy 8 and requires both shareholder and exchange approval. BC Bud said it intends to obtain shareholder approval through written consent and has filed a draft Form 2A Listing Statement with the CSE.
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