Hemp Inc (OTCMKTS:HEMP) shares slipped 1.99% on Friday to $0.0328 but recovered 0.81% to $0.0331 in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.07. The company has a market cap of $9.31 million at 754.03 million shares outstanding.
Hemp Inc is a company that is focused on industrial hemp industry, as well as various green sustainable products that industrial hemp offers to the world. Through its subsidiary, Industrial Hemp Manufacturing, LLC, the company produces lost circulation material (LCM) 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.
Last week, Hemp Inc reported that The Hemp University’s first ever educational symposium is scheduled March 18, 2017 at company’s subsidiary unit. This seminar is called “Farming HEMP for Profit” as it offered a certain step-by-step design n how to grow, profit and sell from farming industrial hemp by utilizing real business principles and tactics.
Hemp Inc CEO Bruce Perlowin shared that they are particularly thrilled about the symposium as this will provide a preview for their educational offerings for the rest of the year. The company has come up with a lineup of professionals from New York, Virginia, Nevada, Colorado, North Carolina, South Carolina, Kentucky and Oregon and more for the university’s upcoming season.
Earlier in the month, Hemp Inc announced the purchase of a legal hemp CBD extraction unit from NuAxon BioScience. This will be used to process raw hemp into cannabinoid (CBD) 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,” noted Industrial Hemp Manufacturing, LLC COO David Schmitt.
Hemp Inc is currently gearing up as the Industrial Hemp Commission, in North Carolina is now accepting applications for its pilot program, to grow industrial hemp for research. With commission regulations in place, the company can finalize contracts with farmers for the next 30 days. State agriculture laws in North Carolina dictate that the crops should not contain over 0.3% THC so agents will be monitoring the crops, so as to ensure that the requirements are met.
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