Hemp is on the rise moving into 2019! Last week, the 2018 Farm Bill was passed into congress and hemp stocks have received quite the boost since. Investors began searching for cannabis stocks to sink their teeth into at the beginning of 2018, but now hemp has taken center stage.
Today, we'll focus on two hemp stocks making monumental strides in the space.
Hemp Inc. (OTC:HEMP)
Hemp Inc. operates out of Las Vegas, Nevada, and the company produces products made from industrial hemp. Originally, the company was named Marijuana, Inc but changed its direction and name back in June of 2012. Hemp Inc. also provides products to the medical and recreational marijuana market in the US.
This morning, the cannabis company announced an update to the legalization of hemp. Yesterday, the $867 billion farm bill passed by the US Senate with an 87 to 13 vote. Today, the House is expected to vote on the Farm Bill. This is just the beginning of the hemp industry and hemp stocks.
“I am proud that Hemp, Inc. has created partnerships with farmers across the nation as we prepare for this incredible development in hemp’s legalization history,” said Hemp, Inc. CEO Bruce Perlowin. “We are committed to creating the infrastructure needed to support farmers as they add hemp to their crop rotation and create products that are environmentally-friendly.”
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According to Yahoo Finance, HEMP is currently trading at $0.0395 a share, up +$0.0053 (+15.50%).
Charlotte's Web Holdings Inc. (CSE:CWEB)
Charlotte's Web Holdings is based out of Boulder, Colorado, and operates as a hemp product distributor in the US. The company focuses specifically on hemp wellness products.
This morning, the hemp stock shot up 5% but has since corrected. The spike must have been from the Senate announcement on the Farm Bill. Despite its correction after the spike, Charlotte's Web remains a strong hemp company in the US. The company was incorporated just this year and its market cap is just below $1.5 billion USD.
At press time, CWEB is currently trading at $16.00 a share, seeing no market gains or falls.
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