The action in Hemp Inc (OTCMKTS:HEMP) has started to heat up once again as the company puts up some new numbers. However, we would be remiss in failing to note a key release the company put out a couple of days ago. To wit: the company just announced that, after unanimous approval by the house, Senate Bill 868 has proceeded to the desk of Oklahoma Governor Kevin Stitt, which would allow for the commercial production of industrial hemp.
According to the release, SB 868 “authorizes the state Department of Agriculture to take develop and administer a production program under the 2018 federal farm bill.”
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, after unanimous approval by the house, Senate Bill 868 has proceeded to the desk of Oklahoma Governor Kevin Stitt, which would allow for the commercial production of industrial hemp.
Recent action has seen 23% added to share values of the listing over the past month of action.
Moreover, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 29% over what the stock has registered over the longer term.
Bruce Perlowin, CEO of Hemp, Inc. (OTC: HEMP) commented, “The bill, according to many news sources, was written to mimic the United States Department of Agriculture’s rules with the help of Republican State Senator Lonnie Paxton. The reasoning for Oklahoma mimicking the USDA rules is because they want to ensure the farmers who are interested in growing industrial hemp can hit the ground running and start making money off of this lucrative crop.”
Earning a current market cap value of $20.51M, HEMP has a chunk ($482K) of cash on the books, which must be weighed relative to about $456K in total current liabilities. HEMP is pulling in trailing 12-month revenues of $1.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 4298.7%. We will update the story again soon as developments 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.