Diego Pellicer Worldwide Inc. said a majority of its stockholders approved a 20-to-1 reverse stock split and an amendment to the company's certificate of incorporation to effect the split.

The reverse stock split will help the company meet OTC Markets' requirement of maintaining a minimum 1-cent bid price for its publicly traded common shares.

The Seattle-based company, which acquires and leases real estate properties to licensed marijuana operators in the U.S., said it received consent for the reverse stock split from stockholders representing 53.31% of its outstanding shares of voting capital stock.

The board had approved the reverse stock split Oct. 1.