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June 20, 2019, 1:26 p.m. EDT

Lifeway Food's stock soars after announcing plans to enter the CBD market

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By Tomi Kilgore

Shares of Lifeway Foods Inc. /zigman2/quotes/206374013/composite LWAY -4.21% shot up 44% toward an 11-month high in active afternoon trading Thursday, after the Illinois-based maker of probiotic, fermented beverages announced plans to enter the cannabis market with a drink infused with cannabidiol, or CBD. Trading volume swelled to about 1 million shares, compared with the full-day average of about 37,000 shares. The company said it will enter the market through its Plantiful + CBD product, once it is legalized at the federal level by the Food and Drug Administration. The company said it is also planning to file a comment in support of the FDA developing a science-based structure for the sale of products that contain CBD. plans to release Plantiful + CBD in a biodegradable 3.5-ounce bottle. "Mental health is as important as physical well-being, and CBD shows promise as way to promote lowered anxiety and stress relief," said Chief Executive Julie Smolyansky. "Science has shown that probiotics are natural inflammation reducers, and we believe that the addition of CBD will create an unmatched combination in the beverage space." The stock, on track for the highest close since July 2018, has more than doubled (up 122%) year to date, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +1.78% has run up 30% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.23% has gained 17%.

US : U.S.: Nasdaq
$ 2.50
-0.11 -4.21%
Volume: 55,184
May 26, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$40.68 million
Rev. per Employee
US : U.S.: NYSE Arca
$ 14.28
+0.25 +1.78%
Volume: 1.77M
May 26, 2020 4:00p
+36.32 +1.23%
Volume: 3.36B
May 26, 2020 5:20p

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