Hemp Inc (OTCMKTS:HEMP) has been receiving a lot of positive coverage in the press recently; the Wilson Times, a local daily newspaper serving residents of Wilson, N.C. that stated:
Bruce Perlowin, CEO of Hemp, Inc. (OTC: HEMP) who has been looking forward to hemp legalization for a long time said in the article, “Now that [hemp legalization]is here, it is sort of an ecstatic moment for the entire industry.” The article highlights the company’s preparedness for federal legalization with its Spring Hope, NC multi-purpose industrial hemp processing facility, the largest in the western hemisphere. It took $20 million in three and a half years to build that plant. Now that it’s built, North Carolina becomes the inheritors of that infrastructure,” Perlowin said. “It is going to be hard for farmers anywhere else that don’t have a local processing center to process the hemp. I am glad we did it. North Carolina is a great state and can grow a lot of hemp.”
Hemp Inc is a global leader in the industrial hemp industry with bi-coastal processing centers including the largest multipurpose industrial hemp processing facility in the western hemisphere located in North Carolina. Hemp, Inc. believes there can be tangible benefits reaped from adhering to a corporate social responsibility plan. Thus, Hemp, Inc.’s “Triple Bottom Line” approach serves as an important tool in balancing meeting business objectives and the needs of society and environment at the same time.
HEMP’s Temafa decortication line in North Carolina. The automated Temafa decortication equipment is designed to separate the fiber from the core of the hemp plant through a process known as decortication. Hemp, Inc.’s 70,000 square foot industrial hemp processing facility, on over 9 acres in Spring Hope, North Carolina, is the only one of this magnitude in North America. It is indeed bound to become the mecca of this new clean green agricultural and industrial American revolution. Based on a variety of factors, Perlowin believes North Carolina is strategically positioned to be the largest hemp producing state in America by 2018. However, Kentucky and West Virginia (where Perlowin is currently traveling visiting hemp growing sites) will join this industrial hemp hub along with Virginia, Pennsylvania, New York, Tennessee, South Carolina, and Georgia. Most of these states were historically considered the hemp hub of America and will be again this time next year.
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After years of prohibition, industrial hemp became federally legal in America. President Trump signed off on the 2018 Farm Bill, in December 2018, which redefined hemp as an agricultural commodity, but more importantly, removed it from the Controlled Substances Act. Hemp is no longer considered a Schedule 1 substance and the Drug Enforcement Administration (DEA) will no longer be able to interfere with the interstate commerce of hemp products. With its ever-expanding footprint across the nation, this was a huge win for Hemp, Inc. (OTC: HEMP).
Hemp, Inc. CEO Bruce Perlowin stated:
“I am incredibly proud of all that our team accomplished in 2018,” said Hemp, Inc. CEO Bruce Perlowin. “Hemp, Inc. was at the center of news coverage (including Forbes) surrounding the legalization of hemp that came with the historic passage of the 2018 Farm Bill. This historic event in our nation’s industry created and will continue to create a tremendous amount of opportunities for the small family farm, local communities, the U.S. economy, and a myriad of industries.” Perlowin continued, “At the same time, I continued to travel the country meeting with farmers who are growing hemp or wanted to learn more about this incredibly valuable crop. In the coming year, I look forward to building upon our success and accomplishments as we continue to rapidly expand our footprint and bring new hemp products to market.”
Some expect the global industrial hemp industry to hit $20 billion by 2022. Until recently, the U.S. has imported, on average, $100 million worth of hemp products each year, according to Congressional Research Service. Now, hemp legalization will allow American farmers and companies to tap that market.
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Currently trading at a $21 million market valuation HEMP has $258k in the treasury, significant long term debt and small but growing sales. HEMP has been pink for a long, long time and has yet to get their filings in order or up list to the OTCBB. This continues to be a big problem for the Company. But HEMP is an exciting story in small caps; now that HEMP is legalized the Company is focused on becoming a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere. We will be updating on HEMP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with HEMP.
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Disclosure: we hold no position in HEMP either long or short and we have not been compensated for this article.