Shares of Hemp Inc (OTCMKTS:HEMP) continue to search for support. As we have noted in previous pieces, the legislative environment is critical for this stock, which is why we bring up the company’s recent release: specifically, the company just announced Ohio Senate Bill 57, a bill that would decriminalize hemp and license hemp cultivation, passed the Ohio Senate and the Ohio House Committee and could soon get a full House vote.
According to the release, “Senate Bill 57 (SB 57) would allow Ohio farmers to cultivate industrial hemp and make it legal for stores to sell CBD products. SB 57 passed the Ohio Senate on March 28, 2019 and recently passed the House Agriculture and Rural Development Committee. The next step for the bill would be for it to enter the full floor vote in the House, which could happen this week.”
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.
Find out when $HEMP reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, HEMP just announced Ohio Senate Bill 57, a bill that would decriminalize hemp and license hemp cultivation, passed the Ohio Senate and the Ohio House Committee and could soon get a full House vote.
Even in light of this news, HEMP hasn’t really done much of anything over the past week, with shares logging no net movement over that period. Moreover, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 14% above the average volume levels in play in this stock over the longer term.
“If the Ohio full House passes this bill it will be a historical step forward for the hemp industry, for residents who want to utilize CBD’s reported benefits and for local farmers,” said Hemp, Inc. CEO Bruce Perlowin. “Corn and soybeans have always been seen as Ohio’s agricultural bases, but with industrial hemp’s more than 20,000 uses, this cash crop can help save the small family farms that are struggling from a tough spring and bring a lucrative crop back to the rural areas.”
Currently trading at a market capitalization of $15.7M, HEMP has a stash ($525K) of cash on the books, which must be weighed relative to about $487K in total current liabilities. HEMP is pulling in trailing 12-month revenues of $2.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 407.6%. 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.