Shineco up 28% on hemp plan in China

|About: Shineco, Inc. (TYHT)|By:, SA News Editor

Nano cap Shineco (TYHT +28.4%) is up on an 11x surge in volume in reaction to its agreement with the Xingshan People's Government of Hegang City of Heilongjiang Province to promote the development of an industrial hemp industry, including cultivation, harvesting, processing and fine extraction.

The parties will work together to develop a 3,295-acre cultivation site. The harvest from the first 82 acres should be available this year.

Shineco CEO Yuying Zhang says annual production should be 30 tons of CBD extract, 2,000 tons of industrial hemp, 500 tons of industrial hemp seed oil and 4,000 tons of hemp leaves (sounds bullish for a 3,295-acre plot).

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