India Globalization Capital, Inc. (NYSE AMERICAN: IGC)
Shares of India Globalization Capital market rose as much as 30% yesterday to close at $3.02 on the NYSE American stock exchange. ICG stock maintained its positive move today, jumping more than 16% premarket.
The gains came after the company executed a partnership agreement to distribute cannabidiol-infused beverages, including a sugarless drink known as “Nitro G.” India Globalization, which operates medical cannabis and infrastructure businesses, will offer 797,000 shares of its common stock for a ten-year license, including a 5-year extension option.
This will give it rights to market its pipeline of hemp/CBD-infused beverages in South America, United States, Mexico, and Canada, and exclusive global rights for its cannabidiol-infused products.
India Globalization CEO Comments
India Globalization CEO Ram Mukunda issued these remarks, “According to a Grand View Research forecast, the global energy drinks market is projected to be almost $85 billion by the year 2025, with non-alcoholic beverage sales expected to account for a significant portion of the market. This represents a unique opportunity for the development and commercialization of a CBD-infused, sugar free energy beverage.”
Mukunda continued, “By combining the experience of IGC with Hyalolex with the manufacturer in Malaysia, we potentially bring together unique expertise in microencapsulation, solubility, infusion, controlled dose delivery, and sugar free processes, among others. This will help introduce an exciting CBD-infused energy drink to the market and the acquired knowledge base can be further leveraged to diversify the delivery method for IGC branded products including Hyalolextm, our flagship product for patients suffering from Alzheimer’s.”
India Globalization Capital, Inc. Company Profile
India Globalization Capital, Inc. engages in the development and commercialization of cannabis-based therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs, and cats.
The company operates through two segments, Legacy Infrastructure and Medical Cannabis Based Alternative Therapies. The Legacy Infrastructure segment trades in infrastructure commodities, such as steel and iron ore; and rents heavy equipment.
The Medical Cannabis Based Alternative Therapies segment offers IGC-501 for indications of neuropathic pain; Serosapse for indications of Parkinson’s and other central nervous system disorders; Caesafin for seizures in cats and dogs; and Natrinol for indications of cancer and AIDS induced nausea and vomiting, as well as Hyalolex for Alzheimer’s patients.
The company was founded in 2005 and is based in Bethesda, Maryland. – Yahoo Finance