IGC’s stock rallies again, after rocketing fourfold on record volume in the previous session

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Shares of India Globalization Capital Inc. surged 26% in premarket trading Thursday, to extend the fourfold rocket ride in the previous session, as they head for an open at the highest level seen during regular-session hours since February 2019. On Wednesday, the stock soared 300.4% on record volume of 333.4 million shares, after the company said it received authorization from the U.S. Food and Drug Administration to initiate a Phase 1 trial of its investigational cannabinoid formulation for the treatment of mile-to-severe dementia resulting from Alzheimer’s disease. The FDA did not respond to a request for confirmation. “We are excited with the progress made and that the FDA will allow the Company to initiate trial testing on human subjects using natural organic cannabis extracts,” said IGC Chief Executive Ram Mukunda. IGC was in the news in 2018, as the stock soared after the company announced plans for a line of CBD-infused drinks, or those containing cannabinoids. The stock was then delisted from the NYSE American exchange in October 2018, as the exchange said the company had engaged in operations that were “contrary to the public interest.” The company said in February 2019 that it successfully challenged the exchange’s decision to delist the stock. The stock has rallied more than fivefold (up 433.4%) over the past three months, while the S&P 500 has gained 19.9%.
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