NEW YORK (TheStreet) --Shares of CannaVEST Corp. (CANV) are up 50.06% to $25.33 on Wednesday afternoon following news the Colorado Department of Agriculture issued a Commercial Industrial Hemp Registration to the company, which makes consumer products from the hemp plant, allowing it to grow and produce industrial hemp.
"Given the existence of profitable markets for a wide array of industrial and consumer products, commercial hemp industry in the U.S. could provide opportunities as an economically viable alternative crop for some U.S. growers," read a report from the Congressional Research Service.
Industrial hemp comes for certain types of cannabis plants that do not contain high levels of the psychoactive chemical tetrahydrocannabinol.
Industrial hemp is used to make a number of different products including textiles, food, fuel, and plastics, according to the National Conference of State Legislatures.
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