NEW YORK, NY / ACCESSWIRE / October 24, 2018 / India Globalization Capital saw big gains on Tuesday despite any big news from the company. It was a few weeks ago that the company said it would develop and commercialize a hemp/CBD infused energy drink. Shares of Aurora Cannabis had its debut on the NYSE and it was less than what people had been expecting.
RDI Initiates Coverage on:
India Globalization Capital, Inc.
India Globalization Capital, Inc. shares closed up 16.10% on Tuesday with nearly 12 million shares traded. The company recently said that it would develop and commercialize a hemp/CBD infused energy drink. It was in September that India Globalization announced a distribution and partnership agreement for a line of hemp and CBD-infused energy drinks, including “Nitro G,” a sugar-free beverage. The company will be paying 797,000 shares of its common stock for a 10-year agreement, with a five-year extension option, for the rights to market the new beverage line in North America and South America as well as for global rights to its CBD-infused products. It was earlier this month that the company announced financial results for the second quarter. The company reported ported ($0.03) earnings per share for the period.
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Aurora Cannabis shares had a dismal first day of trading on the NYSE. The stock hit as high as $8.63 before retracing to close at $7.70. The stock traded nearly 40 million shares and fell as much a 15% during the day. It was earlier this week that Canada-based credit rating agency DBRS said "for now, cannabis is still a relatively small-scale subsector within the context of the consumer products industry and the economy in general" and added that "not all will perform equally and many will fail." Aurora Cannabis CEO Terry Booth said earlier this month however that it aims to "meet the growing demand for high-quality cannabis both in Canada and abroad" and is also working on "scientific research into medical applications of cannabis."
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