Shineco Among Few Gainers in New York on Hemp Museum Announcement
While the vast majority of Chinese ADSs ended the week in the red on new tariff threats from U.S. President Donald Trump even after the negotiations in Shanghai, Shineco Inc. (Nasdaq: TYHT) gained 11 percent Friday, closing at 75 cents per share in New York.
The Beijing-based company, which sells herbal medicines, organic produce, textiles and plant-based products, announced in a statement today that it has big plans to set up China's first Industrial Hemp Technology Living Museum.
The project will be created with help from Shanxi Yushe County Xunmengyuan Construction Management Co. Ltd. (SYCX), Shineco said. As part of its deal with the construction company, Shineco said will acquire 51 percent of SYCX.
The plan for the museum includes "an international industrial hemp botanical garden, a China industrial hemp historical and cultural center, an anti-drug education publicity center, an industrial hemp experimental base, an industrial hemp industry research institute, an industrial hemp food production center, an CBD drug and cosmetic products experience hall, an oxygen bar and a hemp themed music hall," according to the announcement.
Shineco did not disclose a deadline for the completion of the project.
Yuying Zhang, the chairman and chief executive officer of Shineco, said he hopes to see the museum become a hub for developments in the industrial hemp industry.
"The world industrial hemp industry is in the early stage of its comprehensive utilization of the material. China's hemp planting area accounts for 50% of the world, and it is basically in the original state of development and utilization, and its output value only accounts for about 5% of the global," Zhang said in a statement today.
He also said, "Our goal to construct the Museum is to apply modern science and technology to develop the industrial hemp industry, focus on the R&D and production of CBD products in the development of the industrial hemp industry, improve the quality of long-standing hemp products as well as popularize the scientific use of beneficial substances in industrial hemp industry and away from drugs."
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