Another day, another cannabis stock jumping double digits.
India Globalization Capital Inc. (IGC) - Get Report was up 26% Wednesday, Sept. 26, after the company announced that it executed a partnership deal for several products including a infusing an energy drink called "Nitro G" with cannabidiol.
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.
The deal also comes with the option for multiple five-year extensions.
"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.
Canadian pot company Tilray Inc.(TLRY) - Get Report rose 5% in tandem with no new developments to report Wednesday. Fellow CBD-infused drink maker New Age Beverages Corp (NBEV) - Get Report was falling 1% after rising earlier in the session.
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