Hemp Inc (OTCMKTS:HEMP) announced a patent for its lost circulation material and spill absorbents. HEMP has created a plant-based absorbent to be used in the oil and gas industry. This news is not earth shattering, but may prove to be valuable in time.
“We have created a green solution for LCMs,” said David Schmitt, COO of Hemp, Inc.’s subsidiary, Industrial Hemp Manufacturing, LLC. “While there are numerous LCMs on the market to choose from, we are confident our proprietary blend of plant materials will further position us as industry leaders in the space. Having the largest hemp and kenaf processing and manufacturing facility in North America allows us to meet the very high demand the oil and gas industries have for LCMs.” The provisional patent is applicable for about 10 different plants. The provisional patent is good for one year and during that time Hemp, Inc. plans to complete the application for a process patent.
Hemp Inc (OTCMKTS:HEMP) was founded in 2008. The company has a reputation as one of the more controversial and scandal-laden enterprises, even by the standards of either the OTC or the cannabis patch, which is certainly painting a picture.
Hemp Inc understands its mission to be a provider of “green solutions that help make the world a better place to live. We support products that are eco-friendly, organic, healthy, and solutions that replace many petroleum-based products.”
At this time the HEMP’s main product is its brand of hemp based rolling papers known as “Rolling Thunders” that are to be used for the smoking of tobacco and other legal substances.
In essence, anything that can be made with plastic can be made with industrial hemp and HempAmericana plans to fill the growing need and demand for hemp based products within the United States. The company also intends to explore other possible business avenues relating to the legal use of the Cannabis plant.
According to company materials, “HempAmericana is currently in the rolling paper and CBD oil business using the brand name Weed Got Oil. Search Rolling Thunders hemp papers on YouTube for a product demonstration of the Company’s papers. The company owns an extraction machine and now plans to become a leader in the CBD oil market by establishing three laboratories for the extraction and research of the oils contained in the hemp plant. HempAmericana also researches, develops and sells products made of industrial hemp.”
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In addition, to the patent announcement, HEMP’s first North Carolina harvest is underway.
“This is the first time in over 80 years that viable hemp seed grown in North Carolina is available. I encourage everyone, especially our shareholders, to check out the historic harvesting of some of North Carolina’s industrial hemp crop by visiting my Facebook page. Scroll down to the posts between September 7th and 11th and September 20th and 22nd,” said Bruce Perlowin, CEO of HEMP.
“We want to remind our current and future shareholders that Hemp, Inc. strives to be one of the most transparent companies in the public sector. To adhere to this company policy of transparency, I post 1-minute video updates daily on my personal Facebook page to give an inside look and behind-the-scenes footage of what Hemp, Inc. is doing on a daily basis. We want them to know how the company is performing and what it is doing to reach its goals. For example, this past weekend we held the 4th educational symposium through the Hemp University. It was an overwhelming success.”
Now commanding a market cap of $6.03M, HEMP has virtually no cash on the books, which stands against about $500K in total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view and more information comes to light about implementing the patent. For continuing coverage on shares of $HEMP stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We hold no position in $HEMP, either long or short, and we have not been compensated for this article.