NEW YORK, NY / ACCESSWIRE / December 11, 2018 / Some pot stocks were climbing higher in Monday's session including New Age Beverages after traders learned that some US. Cannabis companies could stand to benefit from the passage of the Farm Bill. There are line items in the bill that change the Controlled Substances Act to legalize CBD. Shares of Coca-Cola were little changed after Wall Street learned the company is looking to sell its historic Coca-Cola building in Manhattan.
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The Coca-Cola Company
New Age Beverages Corporation
The Coca-Cola Company shares were modestly in the green on Monday with about 12.3 million shares traded. The beverage giant has hired Cushman & Wakefield to sell its historic building in midtown Manhattan, also known as the Coca-Cola Building. “711 5th Avenue is one of Manhattan’s best kept secrets, a premier boutique gem with a rich history that dates back to 1927,” said Doug Harmon, the chairman of Capital Markets at Cushman & Wakefield. “We look forward to working with The Coca-Cola Company as we seek a new owner for this world class offering.” It was also recently learned that the company's Chairman Muhtar Kent will be retiring next year. CEO James Quincey will assume his role.
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New Age Beverages Corporation shares closed up 7.46% on roughly 10.6 million shares traded yesterday. While there was no remarkable news from the company yesterday, it was one among several marijuana related stocks to see gains as optimism grows about the Farm Bill, which is expected to pass and has a provision that would define industrial hemp a regular agricultural crop. It was last week that New Age announced the signing of a definitive agreement to acquire Morinda Holdings, Inc., a Utah-based healthy lifestyles and beverage company with operations in more than 60 countries around the world, for $85 million. "This acquisition has potential to expand their strategic push into cannabis infused beverages globally, and further strengthens their award-winning healthy beverage portfolio," said a company spokeswoman to TheStreet.
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