Yet another company’s stock skyrocketed after it made a blockchain announcement.

India Globalization Capital (IGC) this week announced its plans to use blockchain technology to solve the challenges faces by the medical cannabis industry.

The Maryland-based company has two lines of businesses – a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product – Hyalolex – for treating Alzheimer’s patients. It said that it will leverage its existing team of technology and healthcare experts to develop methods utilizing blockchain in areas such as product identification assurance (PIA).

“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,” stated Ram Mukunda, IGC CEO.

“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 (PIA) and product origin assurance.”

Soon after the announcement, shares of IGC soared 91% to 1.26 on Tuesday, December 26, 2017, Investors.com reported.

More recently, the shares of a beverage company, Long Island Iced Tea, surged 200% after it announced that it is rebranding as Long Blockchain Corp.