The share price of Conba Pharmaceutical’s soared today after the Chinese firm announced it has planted its first crop of industrial hemp.
Conba Pharma’s [SHA:600572] share price rose by the daily limit of 10 percent to CNY6.60 (USD1.0) today.
Conba Pharma planted 1,600 hectares of industrial hemp in southwestern Yunnan province, ready for harvesting from the end of August to October, the Zhejiang province-based firm said in a statement. This will yield about 3,000 tons of fibers that can be processed into 20 to 30 tons of cannabidiol products.
Conba has been fast in its moves as it got the green light to start growing industrial hemp in February. Many other Chinese companies have boosted their share prices by announcing similar plans, usually designed for Yunnan. Conba’s share price more than doubled in two months to CNY11.3 at the end of March, but fell back in the following months.