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Saturday, November 26, 2022

What Happened to Hemp Inc (OTCMKTS:HEMP)

Hemp Inc (OTCMKTS:HEMP) recently made a parabolic move up after a bill that would make Industrial hemp legal in North Carolina was not vetoed by Governor Pat McCrory meaning it will now be passed into law. This was big news for HEMP which recently announced the purchase of a 70,000 square foot hemp processing plant and decortication line of equipment in Spring Hope, North Carolina.

HEMP has been trading on the bb’s and has been a great barometer of the pot sector in the past making several spectacular moves up both in early 2013 and again in 2014. Currently trading at the bottom of its range Investors are hoping for another breakout.

Hemp Inc (OTCMKTS:HEMP) is holding company with a number of subsidiaries operating in the industrial hemp sector as well as the legal cannabis industry. The Company intends to focus on the huge peripheral businesses created by the quickly emerging, and growing, multi-billion dollar medical marijuana and hemp industries.

The big story here is 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.

The Temafa decortication line of equipment, the only one of its kind in the United States (there are 2 in Canada, 2 in South Africa and 1 in the UK) enables HEMP to process raw hemp for American farmers into two valuable base products (fiber and hurd) that can both yield hundreds of products.

Back when they bought the decortication CEO Bruce Perlowin said “This purchase of decortication equipment was a critical step in order for Hemp, Inc. to help Americans transition from non-sustainable synthetic solutions to a hemp-based green solution. We are very excited at what we’ll be able to achieve once our manufacturing facility ramps its hemp production volume up over the next few years.”

In March HEMP said it has been given the green light by Nash County to proceed with the reassembly of its Temafa decortication line in North Carolina. In order to issue Hemp, Inc.’s subsidiary its agricultural exemption, the County required the engineering drawings for the line layout and a farm ID number. The company was issued its farm ID number from the North Carolina Department of Revenue and its engineering drawings for the line layout were approved.

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With the agricultural permit in place, the Temafa line of equipment inside the plant can be reassembled. Schmitt is currently making arrangements to get the Temafa Engineers to Spring Hope to begin the process. The Temafa line of equipment is the only one of its size and scope in North America and is one of only five in the world. “There are two in South Africa and two others in France that are actually processing industrial hemp,” says Schmitt.

Earlier this year HEMP announced 2014 year end results; sales for the year ending December 31, 2014 were up 235% over the previous year, 2013. According to the 2014 year-end filing, sales were $7,952,014 compared to the mere $2,370,925 in 2013. Assets for the period were up 172% while losses declined by 33%.

According to executives, these improvements were achieved in the midst of the company refocusing on processing kenaf and industrial hemp with its first full-scale, automated Temafa decortication plant in North Carolina. The 70,000 square-foot decortication plant is the only one of its magnitude in the United States.

On December 3 HEMP announced Hemp Blue, Inc. is nearing the end of its successful Kickstarter campaign with only 2 days left for everyone to be the first to purchase a pair of high-end hemp denim jeans, jackets, T-shirts and other environmentally friendly apparel. Hemp Blue, Inc. is a premium hemp denim apparel company that recently entered into a 5-year term agreement to purchase industrial hemp fiber from Hemp, Inc.

CEO Bruce Perlowin said “I’m amazed at how well Hemp Blue is doing. Only 33% of the Kickstarter campaigns in the fashion division ever get completed or are successful. Their performance is quite impressive, being in the top one-third of successful kickstarter campaigns in the history of Kickstarter, for fashion.”

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Currently trading at a $22 million market valuation HEMP is a pink sheet stock, who’s filings are unaudited with a history of big losses that has resulted in significant dilution in the past; but HEMP is an exciting story developing in small caps and the owner of the only decortication plant in the US very strategically located in North Carolina where industrial hemp was just legalized. 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.

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