(NEW YORK)–American Premium Water Corporation (OTC: HIPH) saw its stock rally 40% as the CBD stock sector looks for bottom.
HIPH saw its stock rally up nearly 40% to $0.0081 per share on higher then normal volume. This rally comes at time when most CBD stocks are trading at very oversold levels based on recent fears from FDA enforcement within the sector. But that might be about to change.
Late last week, Ludlow Research made note that CBD stocks were down nearly 50-70% from their recent highs, and proposed bullish changes to regulations in the US Senate could trigger short covering within the sector as a whole.
Senate Majority Leader Mitch McConnell (R-KY) is moving to insert language into a congressional spending report that calls on the Food and Drug Administration (FDA) to clear a path for the lawful marketing of CBD products.
The FDA has said that allowing CBD to be sold as food items or dietary supplements would require it to develop alternative regulations that could take years to complete without congressional action, and this has taken a toll of the entire CBD sector over the past several months.
But McConnell, who was the chief proponent of a hemp legalization provision of the 2018 Farm Bill, isn’t interested in waiting around. In draft language shared by the U.S. Hemp Roundtable, the senator is asking FDA to “issue a policy of enforcement discretion with regard to certain products containing CBD” within 120 days.
This news could be the exact event that triggers a major short covering rally throughout the CBD stock sector, and HIPH stock may be signaling we are getting very close to that happening.
Bullish Play on CBD and FDA
MetWood (OTC:MTWD) is a recent merger that brings public a health supplement manufacturer with FDA register production facilities. MTWD provides companies FDA registered production and labeling solutions for healthcare and consumer supllement products. These services MTWD offers could be some of the exact requirements the FDA may ask of CBD companies, thus making MTWD an unique play to win on pending FDA regulations for CBD sector.
Other CBD Stocks to Watch
CVSI CV Sciences
KGKG Kona Gold Solutions
NBEV New Age Beverages
MCOA Marijuana Company of America
ETII EnviroTechnologies International
BKIT Biohemp International
RMHB Rocky Mountain High Brands
RLBD Real Brands
You can also play this sector through ETFMG Alternative Harvest (NYSE:MJ), which is an ETF that tracks the cannabis and hemp sector.
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