While it has very rarely been a good idea to focus much attention on shares of Hemp Inc (OTCMKTS:HEMP), except as a short, one might want to take note of the fact that the company just announced that sales to date from their premium hemp flower, Pre-98 OG Bubba Kush, have reached $980,817.04 over the past ten weeks ($265,200 during the first quarter and $715,617.04 during the first half of the second quarter).
According to the release, the Company expects to hit a groundbreaking milestone of $1,000,000 in a matter of days due to the explosive demand for its high-quality hemp flower. The premium Pre-98 OG Bubba Kush is just one of the many bio-diverse hemp products the Company produces, among hemp for bioplastics and LCM (Lost Circulation Material).
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 sales to date from their premium hemp flower, Pre-98 OG Bubba Kush, have reached $980,817.04 over the past ten weeks ($265,200 during the first quarter and $715,617.04 during the first half of the second quarter).
Recent action has been flat during the past week in terms of shareholder gains in the stock. What’s more, the stock has seen interest climb, with an increase in recent trading volume of 9% beyond what we have been seeing over the larger time frame.
“The climate in Oregon, the farmers’ capacity to grow, and their application of skillful hemp farming methods has put Hemp, Inc. in the position to make some of the best quality colas from one of the top cultivars available on the market,” said Hemp, Inc. CEO Bruce Perlowin. “The fact that we have sold so much of it and are closing in on $1 million in sales, faster than the blink of an eye, off the buds alone illustrates the demand for high quality hemp. We are proud of the A and B colas from the Pre-98 OG Bubba Kush, so much so that we are excited to use the same buds in our inaugural batch of King of Hemp™ pre-rolls.”
Now commanding a market cap of $3.8M, HEMP has a reserve ($331K) of cash on the books, which must be weighed relative to about $272K in total current liabilities. HEMP is pulling in trailing 12-month revenues of $4.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 265.7%. 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.