In the category of “moves not expected” – an extremely important category in the world of trading and market action – Hemp Inc (OTCMKTS:HEMP) shares are suddenly curling into an aggressive sprint higher. The stock has been tied to the game of the politics surrounding industrial hemp as a cash crop, which has been both an albatross and an engine, depending upon the current score of the game.
In that vein, it should not be overlooked that the company just announced its appreciation for Senate Majority Leader Mitch McConnell (R-KY) for getting his hemp legislation, known as the Hemp Farming Act, included in the 2018 Farm Bill. “Securing the Hemp Farming Act as part of the 2018 Farm Bill has been a top priority of mine. I look forward to continuing to work with my Senate colleagues on this and many other issues important to Kentucky agriculture as we move towards consideration of the Farm Bill,” McConnell said in a statement.
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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Recent action has seen 33% added to share values of the name over the past month of action. In addition, the listing has seen interest climb, with an increase in recent trading volume of 80% over what the stock has registered over the longer term.
“Politicians on both sides of the political aisle are recognizing that the cultivation and manufacturing of hemp in the United States is crucial to empowering farmers nationwide to generate new income streams and further grow our agricultural economy,” said Hemp, Inc. CEO Bruce Perlowin. “The movement toward the federal legalization of hemp is gaining momentum as more states pass hemp legalization laws and an increasing amount of policymakers support legalizing hemp on Capitol Hill.”
At this time, carrying a capital value in the market of $22.9M, HEMP has a reserve ($575K) of cash on the books, which stands against about $6.2M in total liabilities. HEMP is pulling in trailing 12-month revenues of $199K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 251.5%. 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.