Saturday, June 25, 2022

Hemp Inc (OTCMKTS:HEMP) Shares Find a Bid on Legislative Hopes

Hemp Inc (OTCMKTS:HEMP) continues to be back on the radar of many OTC traders following the recent announcement that HEMP had gone online with its big industrial hemp processing facility. That sets the stage for the company’s latest briefing to notify traders that the bipartisan Industrial Hemp Farming Act, introduced by Congressmen James Comer (R-Ky.), Jared Polis (D-Colo.), Thomas Massie (R-Ky.), and Bob Goodlatte (R-Va.) is “back for its seventh iteration in the House, this time with momentum for passage, according to a bipartisan coalition of congressional leaders and agricultural advocates.”
According to Congressman Bob Goodlatte, “the Industrial Hemp Farming Act, which falls partly under the jurisdiction of the House Judiciary Committee, removes industrial hemp from the definition of a controlled substance and gives states the authority to carry out responsible hemp cultivation programs, should they so choose.” It would, essentially, allow for responsible, commercial production of industrial hemp without fear of violating federal law.
Hemp Inc (OTCMKTS:HEMP) was founded in 2008. The company has a reputation as one of the more controversial and scandal-laden enterprises, even by the standards of either the OTC or the cannabis patch, which is certainly painting 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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Legislation is a big part of the equation for HEMP, and this latest news is obviously a major positive provided that we see the right outcome as the process progresses from here.
Bruce Perlowin, CEO of Hemp, Inc. ( OTC PINK : HEMP ) said, “Most farmers want to cultivate hemp. Let’s face it. The government is losing the battle on prohibiting industrial hemp on the federal level. Industrial hemp has been around since the beginning of our nation. Not to mention, it’s considered a ‘cash cow’ that’s easy to cultivate. It doesn’t need that much water and it grows in all soil types and can be used to make over 25,000 products, from food and clothing to car composites and airplane parts and even dietary supplements.”
Traders will note 53% during the past month in terms of shareholder gains in the listing, but that move comes in the context of a larger bearish trend. The situation may be worth watching. HEMP is a stock who’s past is littered with sudden rips. What’s more, the listing has benefitted from a jump in recent trading volume to the tune of just under 120% above the average volume levels in play in this stock over the longer term.
Earning a current market cap value of $6.85M, HEMP reports about $469K in reported cash on the books, which is balanced by about $7.5M in debt – most of it booked as long-term obligations. The company has very nominal revenues at this point. 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 our 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.

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