Hemp Stocks in Panic after FDA Recalls DOD’s License for Importing Hemp Seeds!
Hemp stocks in panic after FDA recalled DOD's license for importing hemp seeds. Keep a close eye on JKN, CHAYO, KISS and BEAUTY!
It has been the talk of the town for at least an hour in the trading room after DOD Biotech Public Company Limited (DOD) announced that the Food and Drug Administration (FDA) recalled the license to import hemp seeds without giving reasons.
Earlier, DOD said that currently it is the only listed company in Thailand to acquire the license for importing hemp seeds, which might be the reason for the four straight MOU signing in the past week and more to come in the future.
Within half a month, DOD has signed four MOUs, starting with an MOU with JKN Global Media Public Company Limited (JKN) to develop around 10 products of hemp-based supplementary foods and beverages, which will be sold online and promoted through channel 8.
Afterward, the company joined hands with Chayo Group Public Company Limited (CHAYO), a debt management and collecting company, as a supplier of hemp seeds and the developer of the dietary supplements containing hemp as an ingredient for distribution.
In the latest movement, DOD has cooperated with Rojukiss International Public Company Limited (KISS) for research and development, as well as manufacturing products of dietary supplements skincare which contains hemp as an ingredient for KISS to sell in both domestics and international markets.
Lastly, DOD stated that on March 16, 2021, the company entered into a memorandum of agreement with Beauty Community Public Company Limited (BEAUTY). The company is the contractor for research and development, as well as manufacturing products of dietary supplements skincare which contain hemp as an ingredient for BEAUTY, to sell in both domestics and international markets. This memorandum of understanding is effective for the period of 2 years.
Even though JKN, CHAYO, KISS and BEAUTY are focusing on the midstream business which is the result of the extraction from hemp, but the sentiment from not being able to maximize the full potential of DOD from the upstream, which is importing the seeds could hurt the sentiment of these following stocks and others that lineup to sign the MOU with DOD.