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Bethesda pharma firm India Globalization Capital raises $1M

In this Sept. 24, 2013, file photo, freshly-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.(AP Photo/LM Otero, File)

In this Sept. 24, 2013, file photo, freshly-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.(AP Photo/LM Otero, File)

India Globalization Capital Inc., a cannabis pharmaceutical business and infrastructure business based in Bethesda, recently raised $1 million from a Hong Kong investment fund.

IGC sold 869,565 shares of newly issued stock for $1.15 per share to global asset funds managed by Bradbury Investment Fund Ltd., the company announced Thursday.

Ram Mukunda, CEO of IGC, said in a prepared statement that the investment could help the company make acquisitions as more countries legalize hemp, cannabinoids and cannabis, and that it could help the company launch its products, including Hyalolex, a cannabis-based product
for patients suffering from Alzheimer’s disease, in foreign countries.

The sale requires approval by the New York Stock Exchange and is subject to other closing conditions.

 


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