Arcadia Biosciences stock soars after grant of hemp license in Hawaii
Shares of Arcadia Biosciences Inc. soared 17% in premarket trade Monday, after the food ingredients and nutritional oils company said it was granted its first Industrial Hemp Pilot Progam license in Hawaii. The license allows Arcadia Specialty Genomics, the company's cannabis-focused business unit launched last week, to begin research and cultivation of hemp, planted on ten acres of leased land. "Industrial hemp, along with all strains of cannabis, are decades behind other agricultural crops in terms of improved plant genetics," said Arcadia Chief Financial Officer Matt Plavan. "With the explosive market growth projected in the industrial hemp and derivative markets, growers will need the very best hemp strains to meet demand, minimize waste, and ensure consistent quality." The stock has soared 83.5% over the past three months, while the ETFMG Alternative Harvest ETF has rallied 32.1% and the S&P 500 has gained 3.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.