By Kate Harrison, Reuters|–|–, Reuters – U.S. stocks rose on Wednesday after hemp products were approved by the Food and Drug Administration for sale in the United States.
Investors were expecting to see a surge in hemp, which is used in textiles and food products.
A spokeswoman for the FDA said the agency had not yet approved hemp products for sale to the public, although it said the FDA “will review the applications and will review the regulatory framework in a timely fashion.”
“We are reviewing these applications very carefully and will provide guidance when appropriate,” spokeswoman Jessica O’Brien said.
“This is not a time to speculate about future events or market developments,” O’Bannon said.
Shares of hemp products rose as much as 5.3% on Wednesday, helped by gains in Canada and Europe, and by the price of hemp seeds and seeds from hemp seeds, a growing industry.
The move comes at a time when hemp is gaining momentum.
The U.K. government has granted its first hemp license for hemp production and in 2016, the European Union approved its cultivation and use.
In the U.N. Food and Agriculture Organization’s Food Security Commission’s report on industrial hemp, the report said that hemp can provide benefits including a “reduced impact on climate change and food security”.
“Hemp is a very adaptable crop that can adapt to environmental and economic challenges, and its potential for economic growth is very high,” the report read.
It said that since the U and EU passed their hemp laws, hemp has been used in food products such as bread, pasta and pasta sauce.
The Food and Drugs Administration said in its regulatory filing that it will review hemp products as it considers applications and the regulatory environment in the U, U.A.E. and Canada.
It did not say whether the U’s approval of hemp will lead to the United Kingdom and other countries following suit.
In Europe, hemp is used as a feedstock for fiber, and in countries including Australia and South Africa, hemp clothing has been grown to make clothing for export to the U