With the explosive growth in the hemp and CBD market segments, one continuously wonders if long-term Hemp Inc (OTCMKTS:HEMP) shareholders will ever be truly rewarded for their patience. The stock continues to show flashed of promise. To further cast a spotlight on their dilemma and hope, the company just announced that the company is one of the largest sponsors for the 4th Annual Jack Herer Cup on November 15, 2018.
According to the release, the cannabis awards show begins at 7 p.m. PST and takes place at the Hard Rock Cafe in Las Vegas, Nevada. At the event, Hemp, Inc. CEO Bruce Perlowin will receive an award for being a trailblazer in the hemp industry.
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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As noted above, HEMP just announced that the company is one of the largest sponsors for the 4th Annual Jack Herer Cup on November 15, 2018. The chart shows -4% dropped from shares over the past week.
In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 13% over the long run average.
“We are delighted to participate in this event that celebrates the life and memory of Jack Herer, a fellow visionary and activist who is frequently cited for his efforts to decriminalize and legalize cannabis and to expand the use of hemp,” said Hemp, Inc. CEO Bruce Perlowin. Jack Herer sometimes called the “Emperor of Hemp”, was an American cannabis activist and the author of the book The Emperor Wears No Clothes, a book which has been in print for 31 years.
Now commanding a market cap of $18.78M, HEMP has a stash ($661K) of cash on the books, which is balanced by about $145K in total current liabilities. HEMP is pulling in trailing 12-month revenues of $286K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 401.6%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.