Hemp Inc (OTCMKTS:HEMP) continues to pull back in recent trade. But shares have been a little more interesting over the last few sessions, with price popping briefly back above the 200-day simple moving average for the first time in a month after holding firm to a supportive bid that repeatedly seems to keep playing a role in define range lows along the $0.02/share level.
Fueling some recent interest, the company just announced that it is allegedly set to grow “up to 25,000 acres of industrial hemp this year”, thus apparently making North Carolina the “Epicenter of the Industrial Hemp Industry”. According to Hemp, Inc. representatives, “the 25,000 acres to be grown are more than what the entire country grew last year alone. The large amount of acreage is expected to improve farmer profitability as well as boost the overall economy by opening up new revenue streams in the marketplace for buyers and farmers seeking higher quality products.”
Hemp Inc (OTCMKTS:HEMP) was founded in 2008. The company has a reputation as one of the more controversial enterprises, even by the standards of either the OTC or the cannabis patch, which certainly paints a picture.
In any case, the company is making strong strides toward reshaping its image as a legitimate emerging leadership play in the industrial hemp space.
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.”
“Hemp Inc.’s wholly owned subsidiary Industrial Hemp Manufacturing, LLC purchased the largest decortication plant in North America, which is located in Spring Hope, North Carolina. The plant is housed in a 70,000,000 square foot warehouse on 9 acres. The company will start producing fiber, loss circulation materials (LCM) and absorbents from kenaf and later from hemp.”
That narrative continues forward to include the concept that “Hemp, Inc. will produce a product for drilling rigs called “lost circulation material” (LCM), which is used for maintaining the seals when drilling for water, oil, gas, and any other liquid or gas. This product alone is capable of producing millions of dollars in revenue since some of the largest oil companies in the world will be our primary customers.”
“Eventually, the company will produce fiber materials for the paper and fabric industries, and other industries that utilize materials from hemp to make products such as plastics, building materials, health and beauty related products and more.” In other words, the concept of “diversified applications for hemp as an industrial material” is the paramount idea.
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Bruce Perlowin, CEO of Hemp, Inc. (OTC:HEMP) said, “North Carolina is quickly becoming the ‘Epicenter of the Industrial Hemp Industry’ with companies across the state claiming their stake in the hemp and cannabis industries and vast educational opportunities. We’re also seeing more companies focus on specific niches. For example, Founder’s Hemp, a North Carolina-based company has launched a line of beauty products aimed at consumers of color. North Carolina is also home to the only Hemp University that helps attendees add viable and profitable income streams by maximizing their per-acre crop revenue.”
Traders will note 10% tacked on to share pricing for the name in the past week. Market participants may want to pay attention to this stock. HEMP has a history of dramatic rallies. What’s more, the stock has benefitted from a jump in recent trading volume to the tune of 21% over what the stock has registered over the longer term.
Earning a current market cap value of $17M, HEMP has about $258K in cash on the books, which stands against roughly $6.2 million in liabilities. The company has pulled in $55k in TTM revenues. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $HEMP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $HEMP, either long or short, and we have not been compensated for this article.