Hemp Inc (OTCMKTS:HEMP) shares were down 7.46% to $0.0378 on Friday and an additional 0.61% in after-hours trading. The company has a market cap of $11.23 million at 754.03 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.07.
Over the weekend, Hemp Inc shared that South Dakota may also join the ranks of states to legalize industrial hemp, along with the likes of Arizona, New Mexico, Alaska, and Wisconsin.
“With the succession of states legalizing or on track for legalizing industrial hemp, the industrial hemp industry in America is rapidly reaching a tipping point. Hemp, Inc. forecasted this tipping point years ago and started developing the solid infrastructure for what we have in place today. That infrastructure includes our commercial multi-purchase industrial hemp processing facility in North Carolina, industrial hemp farming in North Carolina, Nevada, Arizona (and more states soon), marketing systems to market in the U.S. and globally, and an educational component. This has put us at the forefront of this multibillion dollar emerging industry as a leader while we continue to collectively build a new clean green agricultural and industrial American Revolution,” remarked Hemp Inc CEO Bruce Perlowin.
“Industrial hemp has absolutely no recreational applications. It only has medical and industrial applications. Sorry, you can’t get high on hemp. If there is any federal pushback against recreational marijuana, this would not affect industrial hemp or Hemp, Inc.,” he continued.
According to South Dakota State Legislature, House Bill 1204 would allow the production and sale of industrial hemp for commercial purposes, thereby setting forth the foundation to end federal prohibition in practice. This was introduced by the Committee on State Affairs this month and it passed the house with a 51-16 vote before moving to the Senate house for the first read.
In Wisconsin, Representative Jesse Kremer issued a statement saying that the 59th Assembly District has a rich history of agricultural hemp production in the first half of the 20th century and processed industrial hemp in Hartford for the war department and that the future looks bright for the commodity. The lawmaker has been meeting with various state agencies and farm groups to provide growers an opportunity to grow the crop for profit.
Hemp Inc is a company that is focused on industrial hemp industry and on various green sustainable products that industrial hemp offers to the world. The company, through its subsidiary, Industrial Hemp Manufacturing, LLC, produces lost circulation material (LCM) and spill absorbents for the oil and gas industries and focuses on DrillWall and Spill-Be-Gone.
DrillWall is a non-toxic, biodegradable drilling fluid additive used in oilfield drilling applications. Spill-Be-Gone is made from the inner core particles (hurd) of kenaf and hemp plants. Spill-Be-Gone can be used for emergency oil spill cleanup. It can also be used in automotive repair shops to keep garage floors free of oil, or manufacturing plants to keep oil spills from machinery posing a danger to workers on the job. Its SpillSuck is designed for use in applications, such as auto repair garages, the decks on oil drilling platforms and manufacturing plants.