Hemp Inc (OTCMKTS:HEMP) shares slipped 7.10% to $0.0288 and an additional 0.31% in after-hours trading on Monday. The company has a market cap of $8.49 million at 754.03 million shares outstanding.
Hemp Inc is a company that is focused on industrial hemp industry. As such, it also pursues various green sustainable products that industrial hemp offers to the world. Through its subsidiary Industrial Hemp Manufacturing, the company produces lost circulation material and spill absorbents for the oil and gas industries. It also produces products like 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 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. SpillSuck is designed for use in applications, such as auto repair garages, the decks on oil drilling platforms and manufacturing plants.
Over the weekend, Hemp Inc reported that its wholly owned subsidiary in Spring Hope, North Carolina is set to grow 50 acres of industrial hemp next door to their NC processing plant in the Spring of 2017. However, this still depends on the North Carolina Industrial Hemp Commission establishing the rules and regulations for the state’s agriculture program to grow or cultivate industrial hemp.
“Not only are we excited at the possibility to grow our own 50 acres of hemp in the Spring, we are also partnering with land owners and farmers across North Carolina to grow hemp, such as the 1,500 acres we announced in a previous press release, while we complete the final stage of bringing our multi-purpose industrial hemp facility in North Carolina online. We’ve planted Kenaf successfully. Now we are ready for hemp,” remarked Hemp Inc CEO Bruce Perlowin.
For now, the Commission has not yet announced a date of when the rules and regulations will be established or released but farmers across the state are hopeful it will be in time to plant hemp next year, expecting more lucrative opportunities in the environmentally sustainable hemp crop than with any other crop.
Also, Hemp Inc has already secured an outstanding lineup of experts from at least a dozen states all over the country, including New York, Virginia, North Carolina, South Carolina, Nevada, Colorado, Oregon and Kentucky. Called “The Hemp University,” this will ducate its attendees on key topics such as transitioning from traditional farming to organic farming, different hemp cultivar strains, how and where to get certified seeds, planting and harvesting industrial hemp. It will also include an in depth history of hemp and its many uses, agronomy, permaculture, ecological advantages and many more courses with an ever expanding curriculum.
More importantly, the seminar will cover such topics as organic certification, potential licensing fees, what’s happening with industrial hemp in different states around America, high CBD strains and different CBD extraction technologies and marketability of the crop. These seminars are set to kick off in February next year, setting the stage for more rallies in Hemp Inc shares then.
For now, the cannabis sector seems to be pulling back from its post-election highs, offering investors a chance to join the rallies at cheaper levels before a longer-term climb ensues.