BETHESDA, Md.--(BUSINESS WIRE)--India Globalization Capital, Inc. (NYSE: IGC) announced today that it has opened a marketing and research office in Colombia, South America. Hamsa Biochem SAS, a new beneficially owned subsidiary of IGC, will focus on marketing and research initiatives to advance Hyalolex™, Holi Hemp™, and other products in Latin America and among the greater Hispanic community in the United States, in compliance with applicable law and regulations. Hyalolex™, which is currently available in more than 40 dispensaries in Puerto Rico, is based on a formulation described in a patent filing acquired from the University of South Florida (USF) in 2017, with pre-clinical research that indicates that micro-doses of cannabis, in combination with other natural compounds, may be beneficial to Alzheimer’s cell lines and to memory in transgenic mice.
As described in our September 19, 2019 press release, we are advancing our research into using micro-dosing of cannabis to treat patients suffering from Alzheimer’s disease through a proposed medical phase II trial on humans. Approximately 5.5 million people in America suffer from this devastating illness, with the Latino population having a statistically higher propensity for contracting the disease.
Hamsa Biochem will focus on three goals – (1) expanding the distribution of the Company’s products into Latin America, (2) securing a low cost-basis for procuring raw materials like CBD (cannabidiol) and hemp extracts, and (3) advancing the Company’s research platform for uses including medical trials and advanced natural product chemistry.
“We chose Colombia because of its favorable climate and supportive legal framework for growing and processing legal cannabis. Colombia also provides a significantly lower-cost platform compared to North America for growing, processing, and procuring raw materials like hemp and hemp extracts, including cannabinoids like CBD. As we expand product offerings, we expect our presence in Colombia will help facilitate our distribution channels to South America,” stated IGC CEO Ram Mukunda.
IGC has two lines of business, infrastructure and plant and cannabinoid-based products. The company is based in Maryland, U.S.A. IGC’s corporate website is www.igcinc.us; www.igcpharma.com; Twitter @IGCIR
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on IGC’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond IGC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, competitive conditions in the industries in which IGC operates, changes in the laws or regulations applicable to our business lines, failure to commercialize one or more of the technologies of IGC, general economic conditions that are less favorable than expected, general political conditions in Latin America and South America that may impact our ability to commercialize and/or distribute our products in those regions; modification of beneficial ownership rights and/or failure to obtain title ownership of Hamsa Biochem under Colombian law; the Federal Food and Drug Administration’s (FDA) general position regarding cannabis and hemp-based products and our products in particular, unfavorable or inconclusive medical trial results, and other factors, many of which are discussed in our SEC filings. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will in fact occur.