As the hemp story continues to progress as a developing political theme, we continue to see some relatively sustained strength in shares of Hemp Inc (OTCMKTS:HEMP). Shares of the stock are up as much as 100% since early April, with volume broadly expanding over that period. To foment that narrative, the company just announced that its strategic growing partner, Veteran Village Kins Community, is expanding its footprint into new states across the country.
As noted in the release, “Hemp, Inc. announced in May 2018 that one of its strategic growing partners Veteran Village Kins Community Arizona, Inc. had completed installation of the solar and wind-powered energy system for its 500-acre Veteran Village Kins Community in Golden Valley, Arizona. In addition to Arizona, Veteran Village Kins Community C-Corporations have been established in Nevada, Kentucky, North Carolina, South Carolina and Florida. The company is also evaluating additional states and is working toward having the existing Veteran Village Kins Community C Corporations certified as B Corporations.”
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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The chart shows 41% piled on for shareholders of the stock during the trailing month. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 85% over what the stock has registered over the longer term.
“We are seeing bipartisan support for hemp legalization on Capitol Hill and are encouraged that the steps we are taking now to build an infrastructure to support the growing and manufacturing of this viable crop position us on the frontlines of the national hemp movement,” said Hemp, Inc. CEO Bruce Perlowin. “Our mission is to empower the local farmer, veteran, entrepreneur, and others by promoting safe and legal access to industrial hemp, which will spur innovations that support local communities and the environment.”
Now commanding a market cap of $28.2M, HEMP has a store ($575K) of cash on the books, which must be weighed relative to virtually no total current 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%. We will update the story again soon as further details emerge. 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.