India Globalization Capital Inc. (IGC) closed trading up 46.3% on Tuesday, Oct. 2, meaning the cannabis stock has jumped more than 450% over the past five sessions.
IGC announced last week that it executed a partnership deal for several products including infusing an energy drink called "Nitro G" with cannabidiol. Since then, the stock has been unstoppable.
"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," said IGC CEO Ram Mukunda.
The Bethesda, Maryland-based company will offer 797,000 shares of restricted, unregistered, common stock for a 10-year license to market the products in the U.S., Canada, Mexico and South America as well as global rights to all CBD-infused products that are developed under the partnership.
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