India Globalization Capital to use Blockchain to Address Issues Specific to the Medical Cannabis Industry.
BETHESDA, Md., Dec. 26, 2017 (GLOBE NEWSWIRE) — India Globalization Capital, Inc. (NYSE American:IGC), today announces that it will leverage its existing team of technology and healthcare experts to develop methods utilizing blockchain in areas such as product identification assurance (PIA). According to a recent study that was published in JAMA and detailed on www.pennmedicine.org, nearly 70% of all cannabidiol products sold online are either over or under labeled.
“We understand the unique challenges facing the cannabis industry and believe that our team has the expertise to be the first to create meaningful solutions to address these issues using distributed ledgers inherent in blockchain technology. As we work to develop blockchain in the rollout of Hyalolex, our goal would be to establish a universal cannabis platform applicable to solving multiple industry challenges facing dispensaries and consumers. This would include addressing issues such as transactional difficulties, inadequate product labeling, product identification assurance (PIA) and product origin assurance,” stated Ram Mukunda, CEO.
Hyalolex Liquid Formulation
As previously reported, IGC has a two-part strategy for commercializing its lead product, Hyalolex. It is anticipated that in 2018, subject to adequate funding, to move the Alzheimer’s formulation through FDA registered pre-clinical and clinical trials. Independent of the FDA process, IGC expects to license its formulation technology for distribution as a Complimentary and Alternative Medicine (CAM) through licensed medical cannabis dispensaries in key markets of the U.S. This process will include state-by-state sourcing, formula assembly, packaging and distribution utilizing best practices to ensure quality control while complying with the current legal guidelines established by each individual state in which Hyalolex is sold. Medical cannabis is currently legal in 29 states and in Washington, D.C. IGC has identified dispensaries in Washington, D.C. and Maryland as initial distribution sites to launch the product once final inventory is secured. This is expected to occur in early 2018 with subsequent expansion into additional U.S. states dependent on product procurement and associated compliance achievement.
Alzheimer’s patients suffer from a host of end points including caregiver distress, agitation, and sleep disorders. The hallmarks of Alzheimer’s include anxiety, dementia, plaques and tangles. Hyalolex, has been shown to decrease plaques, decrease tangles, and control anxiety and help with sleep disorders among other end points thorough a patent pending pathway. Based on these and other studies we expect to bring IGC-AD1 to market in early 2018, with the hope of bringing much needed relief to Alzheimer’s patients.
The Company has two lines of businesses, a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product for treating Alzheimer’s patients. The company is based in Maryland, USA.
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Please see forward-looking statements and risk factors as discussed in detail in IGC’s Form 10K for fiscal year ended March 31, 2017, and in other reports filed with the U.S. Securities and Exchange Commission.