SEC takes Enforcement Action Against IGC
IGC had made claims regarding cannabis-based treatment for Alzheimer’s
The Securities and Exchange Commission has imposed a cease-and-desist order against India Globalization Capital and its founder and chief executive for claims made by the company in 2018 regarding what it described as a cannabis-based product aimed at treating symptoms of Alzheimer’s disease.
The enforcement action comes after MarketWatch highlighted the many red flags surrounding IGC’s business and products that led to the stock being temporarily delisted from the NYSE American stock exchange that same year.
The SEC said the enforcement action stems from Potomac, Maryland-based IGC’s announcement on March 26, 2018 that it would have its first cannabis-based product called Hyalolex “on the shelves in April” in Puerto Rico, even though it was nowhere close to being ready for sale at the time.
IGC did not respond to an emailed request for comment, while the NYSE Amex exchange said it “cannot comment on specific companies.”
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