Shares of Hemp Inc (OTCMKTS:HEMP) have been on the move in recent action. Along with expectations of a farm bill passage, the company has been garnering some media, recently announcing that it was featured in Caribbean Business for their groundbreaking work in the hemp industry.
According to the release, this feature is in direct response to Hemp, Inc. CEO Bruce Perlowin’s involvement in the Puerto Rico MedCann.Biz Convention last week (Dec. 6-7, 2018, in Rio Grande, Puerto Rico). The article, “Industrial Hemp: Sustainable Economic Development for P.R.?,” highlights Perlowin’s involvement as a keynote speaker at the 2018 MedCann.Biz Convention, as well his role as a leader for the newly established industrial hemp market in the territory.
Hemp Inc (OTCMKTS:HEMP) produces products made from industrial hemp. The company also offers products and services to the medical and recreational marijuana industries.
It also develops and operates a website providing entertainment and news related to the medical marijuana industry. The company was formerly known as Marijuana, Inc. and changed its name to Hemp, Inc. in June 2012. Hemp Inc. was founded in 2008 and is headquartered in Las Vegas, Nevada.
According to its own communications materials, the company’s long-term goal is to be the leader in the industrial hemp industry in America, which is now estimated to be over $500 Million. Hemp, Inc.’s mission is to provide green solutions that help make the world a better place to live.
The company apparently supports products that are eco-friendly, organic, healthy, and solutions that replace many petroleum-based products. In addition, 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 square foot warehouse on 9 acres and is scheduled for completion in the last quarter of 2015.
The company will start producing fiber, loss circulation materials (LCM) and absorbents from kenaf and later from hemp. Initially, 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.
Eventually, the company plans to also 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.
Hemp, Inc. plans to purchase, acquire and/or joint venture with complimentary companies across various sectors of the hemp industry in an effort to build a portfolio of synergistic businesses in the industrial hemp industry.
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As we discussed earlier, HEMP just announced that the company was featured in Caribbean Business for their groundbreaking work in the hemp industry.
That announcement helped to spark a relief rally in a context of recent action that hadn’t really been a happy time for HEMP shareholders leading up to the release. But things have ended up basically back where they started going back a week. Shares of the stock have powered higher over the past month, rallying roughly 25% in that time on strong overall action.
According to the release, in the article, Perlowin explains the tremendous amount of opportunities that hemp production creates. More than 25,000 products can be produced with it, ranging from construction materials to cannabidiol (CBD) products used to treat various ailments. “The CEO also said Puerto Rico’s tropical climate makes the island an ideal competitor in this industry, since it allows crops to be grown year-round,” Caribbean Times reported.
Now commanding a market cap of $24.51M, HEMP has a chunk ($1.4M) of cash on the books, which compares with about $1M in total current liabilities. One should also note that debt has been growing over recent quarters. HEMP is pulling in trailing 12-month revenues of $400K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 248.3%. You can bet we will update this one again as new information comes into view. 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.