Hemp Inc (OTCMKTS:HEMP) shares were down 1.99% to $0.0328 on Friday then rebounded 0.81% to $0.0331 in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.03. The company has a market cap of $9.31 million at 754.03 million shares outstanding.
Just recently, Hemp Inc shared that the Industrial Hemp Commission in North Carolina is now accepting applications for its pilot program, to grow industrial hemp for research. However, current regulations are only temporary and have been developed to accommodate growers who want to take advantage of the current growing season. Besides, growers would be required to pay an annual fee and provide a written statement for the research objective and fields should be open for inspection.
According to Hemp Inc CEO David Schmitt, the company has already committed over 3,000 acres of the crop so they have yet to finalize contracts with the farmers if the regulations are in place. State agriculture laws in North Carolina dictate that the crops should not contain over 0.3% THC and agents would be monitoring the crops to ensure that the requirements are met.
Earlier in the month, Hemp Inc announced the purchase of a legal hemp CBD extraction unit from NuAxon BioScience to be used to process raw hemp into cannabinoid extracts and oils.
“Cannabis plants bred for industrial hemp produce high levels of cannabinoid, or CBD. We can separate the hemp plants from the flowering plants to isolate them for their medicinal properties. We have since realized this would be a great opportunity for Hemp, Inc. to take advantage of and capitalize on it. The infrastructure is in place and we’re happy to be adding the CO2 Supercritical Extraction unit,” said CEO Schmitt.
Over the weekend, Hemp Inc had its first ever The Hemp University educational symposium called Farming HEMP for Profit that offered a step-by-step design for farmers and landowners on how to grow, profit and sell from farming industrial hemp by utilizing real business principles and tactics.
Hemp Inc is a company that is focused on industrial hemp solutions 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.
In particular, Industrial Hemp Manufacturing, LLC 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.