Cannabis stocks took center stage among stocks in 2018, as marijuana become legalized across much of North America—both medicinally and recreationally. What boosted this interest was the announcement earlier in the year that Canada would nationally legalize recreational marijuana. Now, hemp has taken center stage as the 2018 Farm Bill is being pushed into legislation. Will Hemp Inc. (OTC:HEMP) and Charlotte's Web Holdings (CSE:CWEB) prosper from the new bill?
Let's find out!
2018 Farm Bill: Hemp Inc. and Charlotte's Web Holdings
This morning, Hemp Inc. announced that the 2018 Farm Bill, including provisions for the legalization of hemp at a national level, is expected to be finalized this week. If not this week, then by the end of 2018. All that needs to be finished in the bill is minor scoring and language details.
Last Thursday, an agreement in principle was reached by the House and Senate. This bill was introduced and led by Senate Majority Leader Mitch McConnell, a Republican out of Kentucky.
Cannabis stocks saw exponential growth this year, but will 2019 be the year for hemp and hemp-oriented stocks? Quite possibly. The hemp plant produces strong fabric and has over 25,000 uses. Hemp can be farmed outdoors, similarly to corn—making it low-cost to maintain compared to marijuana farming.
“This is an incredibly exciting time to be on the forefront of the hemp industry,” said Hemp Inc. CEO Bruce Perlowin.
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Perlowin continued:
“We have already had multiple confirmations that provisions for hemp will be included in the final version of the bill, and now it is just a matter of days before it is passed, based on what we are currently reading. We are thrilled for the opportunities this bill will open up for Hemp, Inc. to partner with farmers across the nation and be able to offer them hemp processing services and to build out our network of interstate commerce and trade."
Both Hemp Inc. and Charlotte's Web Holdings have expanded their growth this year. Despite trading in the red today, this announcement about the finalization of the 2018 Farm Bill is huge for these two companies.
Hemp Inc. and Charlotte's Web Stock Movement
According to Yahoo Finance, HEMP is currently trading at $0.0312 a share, down -$0.0018 (-5.45%). CWEB is currently trading on the CSE at $14.45 a share, down -$0.75 (-4.93%).
Featured Image: Depositphotos/© IzelPhotography
