India Globalization Capital, Inc. (NYSEAMERICAN: IGC) is having an overwhelmingly strong day in the market after the company announced news surrounding its entrance into the blockchain. This makes IGC the next company in a line of companies hopping on the blockchain bandwagon and seeing massive gains in the values of their stocks as a result. Just take a look at recent activity surrounding LFIN, DPW, and OTIV. Today, we’ll talk about the news surrounding IGC, what we’re seeing in the market as a result, and what we’ll be watching for ahead.
IGC Announces Blockchain News
As mentioned above, India Globalization Capital is having an overwhelmingly strong start to the trading session this morning after announcing an entrance into the blockchain. In a press release offered early this morning, IGC announced that it will be using blockchain in areas like product identification assurance. This is expected to help the medical cannabis industry in a big way, as around 70% of all cannabidiol products that are sold online are either over- or under-labeled. With the assistance of blockchain technology, product identification and labeling will likely take a massive leap within the industry. In a statement, Ram Mukunda, CEO at IGC, had the following to offer:
“We understand the unique challenges facing the cannabis industry and believe that our team has the expertise to be the first to create meaningful solutions to address these issues using distributed ledgers inherent in blockchain technology. As we work to develop blockchain in the rollout of Hyalolex, our goal would be to establish a universal cannabis platform applicable to solving multiple industry challenges facing dispensaries and consumers. This would include addressing issues such as transactional difficulties, inadequate product labeling, product identification assurance and product origin assurance.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. These days, few pieces of news cause movement like what we’ve seen when companies announce an entrance into the blockchain. So, it comes as no surprise that India Globalization Capital is seeing massive gains in the market today. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:19), IGC is trading at $1.19 per share after a gain of $0.54 per share (84.47%) thus far today as volume continues to soar.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IGC. In particular, we’re interested in following the company’s plans surrounding the blockchain, as this could be a revolutionary step in the world of medical cannabis. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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