[Featured Stock] Woori Bio Surges Over 20% on News of 'Legalization of Industrial Hemp'

[Asia Economy Reporter Ji Yeon-jin] Woori Bio's stock price surged more than 20% on the 29th following news of the push to legalize industrial hemp.

On the same day, Woori Bio was trading at 4,980 KRW on the KOSDAQ market, up 25.76% (1,020 KRW) compared to the previous day.

The company is a subsidiary of Woori Lighting and operates in the manufacturing of FPCB (Flexible Printed Circuit Boards) and sales of LCD-related components. As a new business, it is engaged in the bio (health functional food) sector and has completed the establishment of a health functional food production line.

The company is cultivating hemp using precision cultivation technology in a closed-type plant factory and is developing technology to extract and purify high-purity active pharmaceutical ingredients, aiming for completion in 2024. The stock price surged as it was reported that the Ministry of Agriculture, Food and Rural Affairs is conducting a research project to establish a full-cycle safety management system for industrial hemp production.

As a regulatory easing measure, it is likely that hemp containing less than 0.3% of the psychoactive substance tetrahydrocannabinol (THC) will be separated from the current Narcotics Control Act.

The global industrial hemp market is rapidly growing. According to global market research firm Grand View Research, the industrial hemp market, valued at approximately $4.7447 billion this year, is expected to grow at an average annual rate of 16.8%, reaching $16.75 billion by 2030.