Arcadia Biosciences' stock rockets on heavy volume after new cannabis-focused business unit announced

Tomi Kilgore - finance.yahoo.com Posted 5 years ago

Shares of Arcadia Biosciences Inc. rocketed 59% in very active premarket trade, after the agricultural food ingredient company announced a new business unit focused on the cannabis. Volume ballooned to 765,000 shares, already nearly 5-times the full-day average. The company said it will apply its expertise in breeding to improve the quality and nutritional content of wheat and soybeans, for the standardization of cannabis plant content, quality, climate resiliency and yield. The company said it will conduct its business only in federal and state markets in which its cannabis activities are legal. "Within the rapidly growing legal cannabis industry, we see enormous opportunity in--and demand for--improved plant quality, productivity, consistency and resilience," said Chief Executive Raj Ketkar. The stock has rallied 28.6% over the past three months through Wednesday, while the ETFMG Alternative Harvest ETF has climbed 24.6% and the S&P 500 has gained 1.8%.

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