Hemp stocks are the industry to watch in 2019! Just before Christmas, President Trump signed the 2018 Farm Bill. While most of the bill focused on bailing out farmers that have been filing for bankruptcy the past few years, it indirectly boosted the hemp industry in the US.
Hemp-based products were legal to purchase and use, but there still weren't strict guidelines when it came to the difference between CBD that was derived from hemp and marijuana. Now, those guidelines are in place, and the two types of products are separated—legally. In addition, farmers in the US are allowed to farm hemp crops, without the need to jump through hoops.
Top Hemp Stocks in 2019 So Far
Today, we'll take a look at the hemp stocks that are benefitting most from the new piece of legislation.
Hempco Food and Fiber Inc. (TSXV:HEMP)
Since the new year, Hempco stock is up nearly 20%. Today, the hemp stock has corrected some, but the stock remains strong in the industry none-the-less. The Burnaby-based company is a subsidiary of Aurora Cannabis (NYSE:ACB), one of the biggest cannabis companies in North America. This parent company relationship most definitely gives this hemp stock a step above its peers.
Hempco Food and Fiber manufactures and distributes consumable hemp products in the US, Europe, Mexico, and Canada. The company's most recent share growth may be attributed to Aurora's announcement of its Second Fiscal Quarter revenue.
According to Yahoo Finance, the hemp stock is trading red but still remains on the list of hemp stocks that are in the green so far in 2019. At press time, HEMP is trading at $1.26 a share, down -$0.09 (-6.67%).
Charlotte's Web Holdings Inc. (CSE:CWEB)
Charlotte's Web is another hemp stock that is having quite the bull run in 2019. CWEB is currently up over 21% in 2019 so far. The Colorado-based hemp distributor has only been trading on the Canadian Securities Exchange since the end of August 2018.
The company's current market cap is currently sitting at $1.6 billion. The company was incorporated also in 2018 and has grown exponentially in such a short amount of time. Charlotte's Web sells its hemp-based wellness products via its website, through wholesalers and brick and mortar retailers.
According to Yahoo Finance, CWEB is currently trading at $17.84 a share, up +$0.77 (+4.51%).
Featured Image: DepositPhotos © JGade
