Originally posted to The Street
By Tony Owusu
May 30, 2019 4:18 PM ED
Ben & Jerry’s Ice Cream wants to get in on the cannabis business buzz.
The Unilever-owned (UL) ice cream maker is throwing its support behind the federal legalization of CBD-infused food products, announcing in a statement Thursday that it will create a CBD-infused ice cream flavor should CBD products be legalized at the federal level.
The announcement comes ahead of Friday’s Food and Drug Administration public hearing on the legalization of CBD-infused foods and beverages. The company said that it has submitted a comment to the hearing in support of legalization.
“We’re doing this for our fans,” said Ben & Jerry’s CEO Matthew McCarthy in the statement. “We’ve listened and brought them everything from Non-Dairy indulgences to on-the-go portions with our Pint Slices. We aspire to love our fans more than they love us and we want to give them what they’re looking for in a fun, Ben & Jerry’s way.”
The company said that it would use sustainably-sourced CBD from its home state of Vermont in any future CBD products.
Unilever shares rose 50 cents, or 0.82%, to end at $61.68 Thursday.
Cannabis related stocks were generally lower Thursday.
cbdMD shares (YCBD) rose 14 cents, or 2.23%, to $6.43.
Green Organic Dutchman shares (TGODF) fell 12.14 cents, or 4.19%, to $2.78.
The AdvisorShares Pure Cannabis ETF (YOLO) fell 14.01 cents, or 0.58%, to $24.22.
The Horizons Marijuana Life Sciences ETF (HMLSF) fell 14.8 cents, or 1.02%, to $14.32.
Large cap stocks with notable cannabis initiatives were mixed.
Shares of Anheuser-Busch InBev SA/NV Sponsored ADR (BUD) rose $1.08, or 1.33%, to $82.38. The company is in a joint venture with Tilray to develop cannabis beverages.
|Corbus Pharmaceuticals||(CRBP – Get Report)||7.22||0.84%|
|New Age Beverages||(NBEV – Get Report)||5.31||0.09%|
|Canopy Growth||(CGC – Get Report)||43.02||-0.78%|
|Aurora Cannabis||(ACB – Get Report)||8.09||-1.23%|
|Cronos Group||(CRON – Get Report)||15.06||-2.10%|
|Hexo||(HEXO – Get Report)||6.84||-2.62%|
|Green Organic Dutchman||(TGODF)||2.82||-4.19%|
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