Chinese pharma giant backs hemp project

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The board of China’s Renhe Pharmaceuticals Co., Ltd. agreed to develop a broad-based industrial hemp project and three other initiatives in the medical sector. Projects approved by the board in a meeting last week included the Renhe Xianghe Industrial Hemp Comprehensive Utilization Industry Project, upgrades for a project in traditional Chinese medicines, development of a smart medicines logistics park, and construction of an R&D center. The total investment for the four projects is 71,279,500 yuan (~€9 million/$~10.5), which was raised in a non-public stock offering earlier this year.

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