Hemp Inc (OTCMKTS:HEMP) shares were down 7.46% on Friday and an additional 0.61% in after-hours trading to $0.0378. 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.
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. Through its subsidiary Industrial Hemp Manufacturing, LLC, the company produces lost circulation material and spill absorbents for the oil and gas industries. 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.
In a press release over the weekend, Hemp Inc shared that South Dakota may also join the ranks of states to legalize industrial hemp. The company referred to the South Dakota State Legislature HB 1204, which was sponsored and introduced by South Dakota’s Committee on State Affairs. It indicated that the state would allow the production and sale of industrial hemp for commercial purposes, thereby setting forth the foundation to end federal prohibition in practice.
“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 (‘The Hemp University’ in North Carolina). 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.
On top of that, the company also previously noted that Wisconsin could also be on track towards legislation that would legalize marijuana. This adds to Arizona, New Mexico, and Alaska.
“I am really excited to have had the opportunity to educate myself on this topic over the past six months. The 59th Assembly District has a rich history of agricultural hemp production in the first half of the 20thcentury and processed industrial hemp in Hartford for the war department. Today, the future is bright for this commodity — new jobs, increased tax revenue, brand new tech industries and agricultural growth,” Wisconsin lawmaker Representative Jesse Kremer recently said in a statement.
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