Hemp Inc (OTCMKTS: HEMP): Here Are Latest News & Developments
Naples, FL
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February 22, 2023 04:00 AM Eastern Standard Time
The hemp industry has grown by leaps and bounds over the course of the past few years and there are some companies that are at the forefront of the revolution. One of those is Hemp Inc (OTCMKTS:HEMP), which has been involved with the hemp cultivation and processing industry in North America for more than a decade.
The company boasts a network of highly experienced professionals who are involved with every niche of the hemp industry. The company also boasts of a facility stretching across 85,000 square feet in Spring Hope in North Carolina and it is currently the biggest multipurpose hemp processing facility that is present in North America.
However, in this regard, it is also important to keep in mind that the company is looking to bring about growth through involvement in environmentally responsible and sustainable businesses through strategic synergies. The company claims that the hemp industry could usher in an era of greener and more sustainable manufacturing processes in the United States.
As it happens, the company was in the news last week on February 17 when it announced that it had managed to complete the biggest individual product sale in its history. The company announced that four semi-trucks had hauled 120,000 pounds worth of its DrillWall product.
The product in question is the only existing completely natural kenaf/hemp Loss Circulation Material of its kind and is primarily meant for the oil and gas industries. The agreement with regard to the sale had initially been signed in 2019 through Industrial Hemp Manufacturing LLC, one of Hemp Inc’s subsidiary units.
As per the provisions of the agreement, as much as 1 million pounds worth of the product was supposed to be sold over a period of one year. The onset of the coronavirus pandemic put paid to those plans and the company was unable to fulfill the order.
The Chief Executive Officer of Hemp Inc Gary Perlowin spoke about the latest development. He noted that the company had now gone back on track with regard to the distribution stipulation that had been agreed upon. He went on to add that the company was concurrently negotiating another order for almost everything that had been developed at its North Carolina processing facility.
He stated that there were as many as 444,000 pounds of the Spill-Be-Gone product and raw kenaf to the tune of 750,000 pounds, which could be converted into Spill-Be-Gone in a matter of 60 days. Farmers had also been kept on standby so that more of the raw material could be produced so as to take care of any further orders.
The hemp industry is expected to generate meaningful growth and last year on December 20 the company provided an update with regard to the latest economic situation in the industry. The company cited a report from Research and Markets titled ‘Global Hemp Market by Type’ and revealed that the industrial hemp industry was all set to clock a compound annual growth rate of as much as 21.6% by 2027.
That would value the industry at $18.1 billion. The report also cited the fact that hemp could be used across a wide range of industries like construction, food, and textiles. It also pointed out that in 2022 hemp enjoyed considerable success through deployment in different industries.
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Mark McKelvie
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