India Globalization Capital (NYSE:IGC) stock popped on Wednesday, March 27th. Why? It comes down to the company’s recent news about Hyalolex, its cannabis-based product for Alzheimer’s patients.
India Globalization Capital Today
Earlier today, India Globalization Capital, which is an infrastructure company with a cannabis pharmaceutical branch based in Bethesda, Maryland, shared news about Hyalolex. Specifically, IGC said the cannabis product will now be available in dispensaries located in San Juan, Puerto Rico.
Meant to improve the quality of life for patients with the chronic neurodegenerative disease, Hyalolex works by delivering “micro-doses of cannabinoids from hemp oil, melatonin, and turmeric,” according to sources. The product also has THC below the federal limit, which is 3%.
IGC Stock Reacts Positively to News
Reportedly at one point in the trading day, shares of India Globalization Capital jumped almost 19% to a trading price of $2.36. At the time of writing, according to Yahoo Finance, IGC stock is up 6.58%. The trading price is sitting at $2.11.
India Globalization Capital also said it will be holding a doctor-patient education conference in San Juan this Saturday, March 30th. The purpose of the conference is to inform Alzheimer patients and their families about Hyalolex. Specifically, about how it is a “gentler treatment journey.” Alongside the initial announcement, it’s likely the news of the conference contributed to the jump IGC stock witnessed today.
There’s more, too. India Globalization Capital has been making several moves as of late. For instance, the infrastructure/cannabis company created a new website for its customers. The website allows customers to place orders on the following: hemp distillate, wholesale hemp crude extract, and hemp isolate.
While there are several cannabis companies to watch right now, investors might consider following along with India Globalization Capital and the products it is creating.
What do you think of the news? Let us know in the comments below.
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