The company formed a joint venture with Greenlife Ventures and GoLocalProduceRI in Rhode Island to build new facilities. The 20,000 square-foot facilities will use patented technology and LED lighting to achieve high yields. The current focus of the facilities is to grow organic produce to sell to local customers.
IGC owns 51% of the venture, and says it could produce $2 million to $2.5 million in annual revenue.
"By positioning our selves in major markets with cutting edge, pesticide free organic growing technology coupled with large scalable operating facilities that can be transformed to grow legal cannabis as soon as there is clarity on the evolving legal framework, IGC will be ready to emerge as a significant player in this high potential and currently fragmented market," IGC CEO Ram Mukunda said in a press release.
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TheStreet Ratings team rates INDIA GLOBALIZATION CAPITAL as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INDIA GLOBALIZATION CAPITAL (IGC) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."