IGC Provides Corporate Updates
March 27, 2019BETHESDA, Md.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Hyalolex?src=hash” target=”_blank”gt;#Hyalolexlt;/agt;–India Globalization Capital, Inc. (NYSE:IGC) announces today that, as of
Wednesday, March 27, 2019, Hyalolex™, the Company’s cannabinoid-based,
non-FDA approved product designed to assist in helping improve the lives
of patients suffering from Alzheimer’s disease, will be available for
purchase in select dispensaries in San Juan, Puerto Rico. The MSRP for a
30 ml bottle of Hyalolex™ is $55.00. For more information about
Hyalolex™, visit the Company’s recently updated website at hyalolex.com.
The Company will host a doctor-patient education conference on Saturday,
March 30, 2019, from 9:00 a.m. to 5:00 p.m., in San Juan, featuring
several speakers.
On January 24, 2019, the Company terminated its Licensing Agreement with
DaMa Pharmaceutical, LLC, with a 90-day notice period, with the
termination effective April 24, 2019, and the parties were unable to
negotiate a replacement agreement. DaMa Pharmaceutical is not presently
involved in the launch of Hyalolex™ in Puerto Rico.
On March 22, 2019, the Company launched a new website where customers
can place orders for wholesale hemp crude extract, hemp distillate, or
hemp isolate, subject to certain terms and conditions, including
compliance with applicable local laws and regulations. For more
information about Holi Hemp, visit holihemp.com.
The Company further announces that, due to the U.S. Food & Drug
Administration’s current general prohibition on the distribution of
CBD-infused drinks, the Company has elected to terminate its Strategic
Distributor & Partnership Agreement with Treasure Network SDN BHD,
related to the sugar-free energy drink, Nitro G, effective March 26,
2019.
About IGC:
IGC has two lines of business: infrastructure and
hemp-derived medical cannabis/industrial hemp. The company is based in
Maryland, U.S.A. Our website: www.igcinc.us.
Twitter @IGCIR
Forward-looking Statements:
This press release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are
based largely on IGC’s expectations and are subject to a number of risks
and uncertainties, certain of which are beyond IGC’s control. Actual
results could differ materially from these forward-looking statements as
a result of, among other factors, competitive conditions in the
industries in which IGC operates, failure to commercialize one or more
of the technologies of IGC, general economic conditions that are less
favorable than expected, and other factors, many of which are discussed
in our SEC filings. In light of these risks and uncertainties, there can
be no assurance that the forward-looking information contained in this
release will in fact occur.
Contacts
Claudia Grimaldi
301-983-0998