Bethesda, MD, March 18, 2015 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE-MKT: IGC) announces it is expanding its facilities build-out to Washington State as part of the Company's strategy for the legal cannabis industry.
These indoor facilities, encompassing approximately 20,000 square feet, will provide enhanced security systems, plant tracking systems, state-of-the-art lighting, fully automatized CO2 enhanced climate control systems, irrigation, and fertilizer delivery systems that allow for pesticide free organic growing of medical grade cannabis. We expect the first stage of the build- out to be operational in three months.
Similar to the previously announced Rhode Island indoor growing facility, the Washington State facility will have the ability to transition from the production of leafy greens to cannabis.
IGC intends to monetize the facilities through the production and sale of leafy green produce, or via lease or sale of the facilities to licensed cannabis growers in the event that marijuana remains scheduled under Federal Laws.
Medical grade cannabis can be used to extract cannabinoids such as Cannabidiol (CBD) a non-psychotropic component of marijuana that is currently undergoing FDA trials for the control of seizures among other indications.
"Medical marijuana is an exciting part of the legal cannabis industry that could have resounding ramifications if the Compassionate Access, Research Expansion and Respect States (CARERS) Act sponsored by Senators Paul, Booker and Gillibrand is passed. The bill would a) recognize states' responsibility to set medical marijuana policy and eliminate potential federal prosecution, b) reschedule marijuana, c) allow states to import Cannabidiol (CBD), d) provide veterans access, e) permit financial services and banking for marijuana dispensaries, and f) expand opportunities for research," stated Ram Mukunda, CEO of IGC.
Medical marijuana is currently legal in 23 states and the District of Columbia. If passed CARERS would amend the Controlled Substances Act so patients, providers, and businesses participating in state medical marijuana programs would no longer be in violation of federal laws.
"We see an excellent opportunity to build facilities that can support the growth of high quality, medical grade products, especially the production of CBD, on a large scale. IGC's strategy for the legal cannabis industry is focused on expanding three segments: a) Infrastructure, which includes building and acquiring production facilities, b) Financial, by establishing Midtown Partners as the premiere legal cannabis investment banker, and c) Intellectual Property, by developing a portfolio of cannabis related patents including CBD based drugs targeting compassionate care. We would like to expand our footprint into all states where medical marijuana is legal," concluded Mukunda.
Event reminder: Midtown Partners will be hosting its inaugural Major Themes Investment Conference featuring a legal cannabis presentation track to be held in NYC at the Harvard Club on June 9, 2015. To register for the conference please visit www.igcinc.us or www.midtownpartners.com.
About IGC and Midtown Partners & Co., LLC
Based in Bethesda, Maryland, India Globalization Capital, Inc. ("IGC") has articulated a strategy to become a company with diverse operating businesses including medical marijuana, and specialty pharmaceuticals. We are currently engaged in trading, vertical farming and rental of heavy equipment in India, China and the United States. IGC's website is at http://www.igcinc.us and you can follow IGC's latest developments on Facebook at https://www.facebook.com/IGCINCUS.
Based in New York City, New York, Midtown is an independent investment bank focused on facilitating growth by providing creative and unique financial solutions to high growth companies within the lower middle market. For more information about Midtown please visit its website at http://www.midtownpartners.com.
Forward-looking Statements:
Some of the statements contained in this press release that are not historical facts constitute forward- looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed" or the negative of those terms. The term "crowd funding" or "crowdfunding" is not a recognized regulatory term and is meant as a reference to offerings of investment securities under the JOBS Act of 2012 for regulations both currently adopted and to be adopted in the future by the Securities & Exchange Commission and FINRA as a result of that legislation. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond IGC's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, our acquisition and diversification strategy, our competitive environment, infrastructure demands, iron ore availability and governmental, regulatory, political, economic, legal and social conditions in, among other places, China and India. Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward- looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward- looking statements have been discussed in greater detail in IGC's Form 10- K for fiscal year ended March 31, 2014, and in subsequent reports filed with the U.S. SEC.