In the syndicated editorial, “Inherent Nature of Blockchain
Technology Opens Door for New Industry Applications,” issued
earlier today by NetworkNewsWire, it was stated that Riot
Blockchain acquired Verady, LLC. We wish to clarify that Riot
Blockchain acquired a stake in Verady and did not make a complete
acquisition. Complete corrected text follows.
NetworkNewsWire
Editorial Coverage: Blockchain and cannabis stocks enjoyed an
impressive market run in 2017 and industry analysts expect the
trend to continue in 2018. As these industries continue to grow,
innovators are finding ways to integrate this growth and address
areas of need in different verticals. Case in point, India
Globalization Capital, Inc. (NYSE American: IGC) (IGC
Profile), the developer of a patent-pending
cannabis-based combination therapy for Alzheimer’s disease,
recognizes the need for accurate labeling of cannabidiol products
online. In response, the company is developing blockchain
technology-based solutions for the cannabis industry. With this
endeavor, the company is participating in the rampant growth and
application of blockchain benefits, alongside Eastman Kodak
Company (NYSE: KODK), BTL Group Ltd (OTC:
BTLLF), Riot Blockchain, Inc. (NASDAQ:
RIOT) and China Information Technology, Inc.
(NASDAQ: CNIT).
In December 2017, heavy investor trading in cannabis and
blockchain stocks helped to push the profits of companies in these
sectors higher. TD Ameritrade Holding Corp. reported January 23
that daily average trades for the last quarter of 2017 were up 49
percent from the previous year, with trades in the blockchain and
cannabis sectors accounting for between 6 and 9 percent of daily
activity (http://nnw.fm/7TfXC).
This heightened interest in cryptocurrencies ripples far beyond
TD Ameritrade’s portfolio, however, and has led to widespread
application of the underlying blockchain technology to a diverse
range of industries, including cannabis.
IGC Adds Blockchain Technology to its Cannabis
Platform
A recent study published in JAMA (http://nnw.fm/7hJdD) showed that almost 70 percent of
cannabidiol (“CBD”) products sold online are incorrectly labeled.
Recognizing this issue as an opportunity, India
Globalization Capital, Inc. (NYSE American: IGC) in late
December 2017 announced its plans to develop ways of using
blockchain technology for Product Identification Assurance (PIA) of
its cannabidiol (CBD)-based therapies. The following day, IGC’s
stock was up by over 200 percent and selling at $1.26 a share.
Shortly after, SeeThruEquity issued an update on IGC and raised
its price target on the company’s stock to $2 a share, noting the
company’s new and existing initiatives.
There are currently four proprietary cannabis-based products in
IGC’s pipeline, including the company’s lead product, Hyalolex, for
the treatment of Alzheimer’s disease. The formulation of this
flagship candidate includes the psychoactive cannabinoid
tetrahydrocannabinol (THC), which works in combination with other
active ingredients to slow the buildup of plaque in the brain.
IGC has defined a two-part commercialization strategy for
Hyalolex (http://nnw.fm/5Q3bx): follow the traditional FDA
pathway through registered preclinical and clinical trials; and
license its formulation technology as a Complementary and
Alternative Medicine (CAM) to cannabis dispensaries in the United
States. Initial distribution is geared toward licensed medical
cannabis dispensaries in Maryland, Washington, D.C., and
California.
The latter process will include state-by-state sourcing, formula
assembly, and packaging and distribution, utilizing best practices
to ensure quality control while meeting the legal guidelines of
each state in which Hyalolex is sold.
Importantly, IGC plans to develop its blockchain platform to
bring Hyalolex to market, and from there leverage the advantages of
the technology to address inadequate product labeling,
transactional difficulties, product origin and other broad industry
challenges.
Moving forward with its plan to develop blockchain-based methods
for PIA and other industry challenges, IGC will utilize the
expertise of its technology and health care experts to achieve an
end-goal of producing an independent, licensable product.
“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,” IGC CEO Ram
Mukunda stated in the press release (http://nnw.fm/J8Z8p). “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.”
IGC’s Product Portfolio
IGC is a first mover in the dynamic cannabis market. The company
has a portfolio of cannabis-based products for a range of medical
conditions, including Alzheimer’s and Parkinson’s diseases, pain,
nausea, eating disorders and epilepsy in cats and dogs.
As earlier noted, IGC has identified exceptional potential
within the Alzheimer’s market, which it is targeting with
Hyalolex.
With an estimated cost to the economy of $236 billion,
Alzheimer’s is America’s most expensive disease. It currently
affects over 5 million Americans, and this is expected to double
over the next 20 years. In collaboration with the University of
South Florida, IGC holds the exclusive license for the U.S. patent
filing entitled “THC as a Potential Therapeutic Agent for
Alzheimer’s Disease.”
IGC also has combination therapy formulations for the treatment
of epilepsy and cachexia. Epilepsy affects around 50 million people
globally, while 1.3 million U.S. citizens suffer from cachexia
associated with cancer, multiple sclerosis (MS), Parkinson’s
disease, HIV/AIDS and other progressive diseases. It is reported
that cancer-induced cachexia/anorexia accounts for 20 percent of
all cancer deaths. The company has two products in its development
pipeline, IGC-502 indicated for seizures and IGC-504 indicated for
cachexia. These are unique combination therapies that, once proven
in clinical trials, are expected to exhibit reduced side effects as
compared with conventional mono therapies used in the treatment of
medical refractory epilepsy and eating disorders.
Pain therapy presents a huge market opportunity. The national
cost of treating health issues related to pain is up to $635
billion, and a further $25 billion is attributed to the health care
cost of prescription opioid abuse. IGC has filed a patent for a
cannabis-based formulation, IGC-501, that uses a variety of
delivery techniques to treat neuropathic and arthritic pain in
joints and muscles. The company expects that this combination
therapy, after completing clinical trials, will provide a
cannabinoid-based alternative to long-term addictive opioid
treatments.
IGC’s intention is to become a leader in the
phytocannabinoid-based specialty pharmaceutical sector, leveraging
its first-mover advantage in combination therapy development to
build up its patent portfolio.
“The development of combination therapies utilizing cannabis
represents a large, unique opportunity in this emerging
specialty-pharmaceutical sector. Securing FDA approval for
combination therapy is believed to be significantly faster and less
expensive than new drug applications. As a result, we believe that
we can bring our cannabis-based pharmaceutical products to market
in both an expeditious and cost-effective manner,” the company
stated in a previous press release.
Expanding its market beyond its product pipeline, IGC is
entering the blockchain market, where other companies are finding
footing in a variety of applications.
Eastman Kodak Company (NYSE: KODK) recently
announced a licensing partnership with WENN Digital to
revolutionize content rights management for photographers. This
initiative will utilize a secure blockchain platform to enable both
amateur and professional photographers to market their work in a
space that will generate more than $110 billion by 2021. The
company will use its newly launched KODAKOne, an encrypted
management platform and digital ledger of rights ownership, in
conjunction with KODAKCoin, a photo-centric cryptocurrency, for
this venture.
BTL Group Ltd (OTC: BTLLF) is an established
developer of blockchain technologies that primarily serves the
finance, energy and gaming industries. The company’s secure,
user-friendly and multi-chain platform, Interbit, enables companies
to build custom applications in trading, remittance, settlement,
audit and back-office processes. Another technology platform,
Xapcash, in combination with Interbit, will leverage blockchain
technology for “cash-in, cash-out” settlement solutions. BTL has
collaborated with VISA Europe to initiate a pilot program for the
development of a cross-border settlement solution that incorporates
privacy, security and scalability.
Riot Blockchain (NASDAQ: RIOT) was originally
known as Bioptrix Pharma, focusing on biopharmaceuticals. The
company experienced rapid growth after it reoriented its focus to
blockchain technology and its stock surged from $7 in November 2017
to more than $46 in a month. Riot Blockchain acquired a stake in
Verady, LLC, a company that provides accounting and auditing
services to the digital currency market. The company also owns a
share in a Canadian-based cryptocurrency exchange, Coinsquare. In
addition, it owns a majority share in TessPay, a payment resource
for wholesale telecom carriers based on blockchain technology.
China Information Technology’s (NASDAQ: CNIT)
integrated cloud-based solutions enable innovation in several
diverse fields, including education, new media and elevator safety
management. The company recently announced its intention to
research the application of blockchain for its Taoping new-media
sharing ecosystem to develop a more efficient and secure solution
for payments and to create a better mechanism for collecting
internal data and rewarding end users.
Jianghuai Lin, chairman and CEO of CNIT said, “We believe that
the research on blockchain is a promising opportunity for us. As
the developer and leading operator of the Taoping ecosystem, we
keep up with the development of new technologies as we are devoted
to keeping upgrading and optimizing our services.”
While the volatility of cryptocurrencies keeps some skepticism
afloat, an increasing number of companies are developing innovative
blockchain solutions for their businesses. This technology is
rapidly gaining acceptance for widespread use in many industries as
companies that explore its applications find footing for potential
long-term growth.
For more information on India Globalization Capital, visit
India
Globalization Capital, Inc. (NYSE American: IGC)
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