Hemp stocks have begun to dominate the cannabis industry, especially this past week. The US House of Representatives and US Senate both passed the 2018 Farm Bill by large margins last week. Now, it's on the desk of President Trump. The US president has voiced his approval of the bill in the past and is expected to pass it sometime before the new year.
Today, we'll take a look at two hemp stocks and their latest market movements.
Hemp Inc (OTC:HEMP)
Hemp Inc operates out of Las Vegas, Nevada. The cannabis company produces products made from industrial health. The company was formerly Marijuana, Inc but changed its name and direction back in June of 2012.
The hemp-based company hasn't released any news recently after the Farm Bill was passed by the House and Senate. However, most hemp stocks are up and down today on Canadian and US markets. Hemp Inc has been in the hemp space since 2012 and is considered a first-mover in the space. Hemp Inc believes that this new bill could push the hemp industry to $20 billion by 2022.
“We are eagerly awaiting the passage of the Farm Bill,” said Hemp Inc CEO Bruce Perlowin. “Our vast experience in the emerging marketplace, paired with our social and environmental efforts, put us at the forefront of this ever expanding industry. It is truly a historic time to be in the hemp business.”
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According to Yahoo Finance, the hemp stock is trading at $0.03 a share, up +$0.0006 (+1.53%).
Charlotte's Web Holdings (CSE:CWEB)
Charlotte's Web Holdings is another large hemp stock in the US. The hemp-based company is based out of Boulder, Colorado, and it produces hemp and cannabidiol wellness products. While the company's shares have had a rough month, Charlotte's Web has made a name for itself in a short amount of time.
The company was incorporated this year and went live on the CSE in late-August. At press time, its market cap is just below $1.2 billion.
According to Yahoo Finance, CWEB is trading at $12.80 a share, down -$0.53 (-3.98%). This morning, the hemp stock opened up 2.3% but has corrected since.
Featured Image: Depositphotos/© Gorodenkoff
