India Globalization Capital, Inc. (NYSE MKT: IGC), a developer of cannabis-based therapies to treat a variety of life-altering conditions, this morning announced the sale of its investment interest in Brilliant Hallmark for a consideration of four million shares of IGC. The shares, which were previously issued to Brilliant Hallmark on August 4, 2016, will be returned and retired, while the Brilliant Hallmark investment will be removed from the company’s balance sheet with an associated reduction of roughly $1.88 million. Per this morning’s update, IGC does not expect to record a gain or loss from this transaction. “This strategic move is consistent with our Board’s mandate to consolidate our corporate focus on developing cannabis-based therapies while efficiently disposing with all non-core assets,” Ram Mukunda, chief executive officer of IGC, stated in the news release. “In the past twelve months, the Company has retired almost seven million common shares, and exited from non-core assets in China, Hong Kong, and Malaysia while closing overseas subsidiaries and offices. We remain committed to streamlining operations and this transaction represents another significant step in executing on our initiatives.”
To view the full press release, visit http://nnw.fm/Xegc4
India Globalization Capital is engaged in the development of cannabis-based therapies to treat pain, PTSD, seizures, cachexia, chronic and terminal neurological and oncological diagnoses, and other life altering conditions. In support of this mission, IGC has assembled a portfolio of patent filings for its phytocannabinoid-based treatments. The company is based in Bethesda, Maryland. For more information visit www.igcinc.us
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