Hemp Inc (OTCMKTS:HEMP) has been on a fast rise after the Company announced its wholly owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM), is now fulfilling a $1 million dollar sales agreement for its DrillWall(TM), their proprietary kenaf-hemp blend natural Loss Circulation Material (LCM) product for the oil and gas well drilling industries.
HEMP has executed a sales agreement to sell $1 million worth of DrillWall(TM) over the course of one year. According to Hemp, Inc. CEO, Bruce Perlowin, IHM received its first $30,000 payment and shipped the first batch of DrillWallTM out about a month ago. Yesterday, another $60,000 payment was received for the second batch of DrillWallTM. “We expect another $90,000 to go out this month and $150,000 to be shipped in March with the balance being shipped throughout the rest of 2020,” said Perlowin. IHM is based in Spring Hope, North Carolina, and is the production facility for DrillWall(TM), along with other industrial hemp products.
Hemp Inc (OTCMKTS:HEMP) bills itself as a global leader in the industrial hemp industry with bi-coastal processing centers, including the largest multipurpose industrial hemp processing facility in Spring Hope, NC, a state-of the art local processing center in Southern Oregon, a 500-acre hemp growing Veteran Village Kins Community in Golden Valley, Arizona, two model “Small Family Hemp Farms” in North Carolina and Arizona, and a pre-roll blending manufacturing facility in Las Vegas, NV,
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). 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.
DrillWall(TM) is a tested LCM made of kenaf and hemp cellulose. It includes milled products from kenaf and hemp that are made into oil drilling fluid additives and oil absorbents. IHM management was key in developing this product years ago for the oil and gas drilling industry, which has had a positive impact on many large projects.
DrillWall(TM) is insoluble in water, non-toxic, and is a biodegradable drilling fluid additive used in oilfield drilling applications. This product is used by many major oil, water and gas companies. Loss circulation of drilling fluids can have severe impacts on the time, money and safety of any project. The Company’s proprietary LCM product also acts as a borehole stabilizer, a lubricating agent, as well as prevents differential sticking. The proprietary LCM product works faster to plug the leaks and is cost competitive with most LCM materials.
“This marks a major change in the direction of the company from building the industrial hemp infrastructure to generating what we expect to be massive revenues by now aggressively focusing on sales and marketing. The shareholders can expect to see upcoming press releases announcing revenues being generated by our 10 divisions. The year 2020 will be a banner year in terms of generating income,” concluded Perlowin.
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Currently trading at a $5.8 million market valuation HEMP has significant long term debt that has led to continued dilution 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 – they are a leader in the industrial hemp industry with bi-coastal processing centers, including the largest multipurpose industrial hemp processing facility in Spring Hope, NC, a state-of the art local processing center in Southern Oregon, a 500-acre hemp growing Veteran Village Kins Community in Golden Valley, Arizona, two model “Small Family Hemp Farms” in North Carolina and Arizona, and a pre-roll blending manufacturing facility in Las Vegas, NV. and the Company just announced a $1 million dollar sales agreement for its DrillWall(TM), its proprietary kenaf-hemp blend natural Loss Circulation Material (LCM) product for the oil and gas well drilling industries. 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.