Industrial Company Turned Cannabis-Product Maker Jumps 25%
(Bloomberg) -- India Globalization Capital, the heavy equipment rental business that also develops cannabis-based products, rose as much as 25 percent in early trading in New York after launching its THC-based drops in San Juan, Puerto Rico.
The company markets the product, Hyalolex, as help for patients with Alzheimer’s disease but it has not been approved by U.S. regulators. Investors have been cheering the firm’s pivot to cannabis-based products, sending shares surging late last year after the company announced a distribution and partnership deal to create a cannabidiol-infused energy drink.
The drinks partnership hit a snag, however, as the Food & Drug Administration’s current prohibition on the distribution of CBD-infused drinks led the company to terminated that agreement, the company said Wednesday. India Globalization shares remain up more than 600 percent this year through Tuesday, lifting its market value to $78 million, after the company in February successfully appealed the NYSE American’s decision to delist its shares.
Story Link: Industrial Turned Cannabis-Product Maker Gains on THC Oil Launch
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