Hemp Inc (OTCMKTS:HEMP) just announced that approximately 10,000 pounds of Pre-98 OG Bubba Kush hemp buds are now available for sale. Notably, a portion of the product will be on display and available for sale at the CHAMPS trade show event taking place in Las Vegas this week.
According to the release, “The company has made the 10,000 lbs. of Pre-98 OG Bubba Kush available for sale at a wholesale price ranging from $500 to $800 per pound and that is just a small percentage of the Company’s Oregon grow output. The rest of the grow will be used for the King of HempTM pre-rolls which will earn the company more than three times as much money as selling it wholesale.”
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 approximately 10,000 pounds of Pre-98 OG Bubba Kush hemp buds are now available for sale. Notably, a portion of the product will be on display and available for sale at the CHAMPS trade show event taking place in Las Vegas this week.
While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action HEMP shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -15% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -34%. Moreover, the listing has seen interest climb, with an increase in recent trading volume of 19% above its longer-run average levels.
Loot CBD Flower Co-Founder, Niko Voudouris, said, “We’re happy to add Pre-98 OG Bubba Kush to our product line. We carry a wide range of CBD flower. Each strain is sourced from certified growers to ensure high CBD content, eye-popping aesthetics, and clean genetics. Each nug is then individually trimmed and cured to ensure optimum smokeability. Finally, the manicured treasure is canned in nitrogen to ensure freshness for up to 3 years.”
Currently trading at a market capitalization of $4.3M, HEMP has a significant war chest ($2.6M) of cash on the books, which stands against about $1.1M 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 $3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 662.9%. 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.