Why Charlotte's Web Holdings Stock Jumped Today

Shares of Charlotte's Web Holdings (OTC: CWBHF) were jumping 5.7% higher as of 2:42 p.m. EDT on Thursday after rising as much as 9.8% earlier in the day. The gain came after the company announced late Wednesday that it had won a U.S. patent for an improved variety of hemp.

The U.S. Patent and Trademark Office (USPTO) awarded the patent to CW1AS1, a new variety of hemp created by co-founder and board chairman Joel Stanley and Senior Director of Cultivation R&D Bear Reel. This marked Charlotte Web's second U.S. patent for hemp genetics.

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Source Fool.com