Arcadia Biosciences Inc. ’s share price surged 61 percent while trading on the Nasdaq Thursday after the agricultural biotech firm announced plans to dive into the hemp industry. The company’s core business area is producing food ingredients made from wheat and soybeans.

The company is jumping into the cannabis space as “with an initial focus on the hemp market,” according to a news release published Thursday.  “Now, the company will apply its expertise to the burgeoning cannabis industry,” the announcement stated. Raj Ketkar, chief executive office at Arcadia Biosciences, said: “We see enormous opportunity in – and demand for – improved plant

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