Hemp Inc (OTCMKTS:HEMP) has been extremely active on the wires of late, drumming up interest as the company pushes toward completion of the much-anticipated milling operation in Spring Hope, North Carolina. According to the company, that time is here. They just announced that the mill is now complete and is set to enter beta testing.
The company reports that the mill, a part of Hemp, Inc.’s 70,000 square-foot industrial hemp processing facility on 9 acres, will be able to process and produce Lost Circulation Material (LCMs) and oil absorbent materials for sale into the marketplace. With an in-house skilled team of employees, beta testing the milling machinery should only take a week or two, according to executives.
Hemp Inc (OTCMKTS:HEMP) was founded in 2008. According to company information, the company’s long-term goal is “to be the leader in the industrial hemp industry in America”.
The company understands its mission to be a provider of “green solutions that help make the world a better place to live. We support products that are eco-friendly, organic, healthy, and solutions that replace many petroleum-based products.”
The narrative the company spins includes the idea that “In a forward-thinking move, Hemp, Inc.’s wholly owned subsidiary Industrial Hemp Manufacturing, LLC purchased the largest decortication plant in North America, which is located in Spring Hope, North Carolina. The plant is housed in a 70,000,000 square foot warehouse on 9 acres. The company will start producing fiber, loss circulation materials (LCM) and absorbents from kenaf and later from hemp.”
That narrative continues forward to include the concept that “Hemp, Inc. will produce a product for drilling rigs called “lost circulation material” (LCM), which is used for maintaining the seals when drilling for water, oil, gas, and any other liquid or gas. This product alone is capable of producing millions of dollars in revenue, since some of the largest oil companies in the world will be our primary customers.”
“Eventually, the company will produce fiber materials for the paper and fabric industries, and other industries that utilize materials from hemp to make products such as plastics, building materials, health and beauty related products and more.”
Hemp, Inc. has stated that it plans to purchase, acquire and/or joint venture with complimentary companies across various sectors of the hemp industry in an effort to “build a portfolio of synergistic businesses that will bring Hemp, Inc. cash flow, revenues, value, and position us as a leader in the industrial hemp industry.”
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According to the press release, David Schmitt, COO of Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM) said they expect to have the mill operating at full capacity once beta testing is over. “We have remained and continue to remain committed to bringing the facility online and operational. This is a very exciting time for us. This week and next week will be exceptionally busy.” Schmitt is meeting with a lighting specialist on installing LED lighting above the packaging area of the plant and also writing program code for the programmable logic controller (PLC).
“The milling portion of our 70,000 square foot commercial industrial hemp processing facility and milling operation, on 9 acres in Spring Hope, North Carolina has allowed us to strategically expand our worldwide industrial base for producing other hemp-based products,” said Perlowin.
Recent action has seen 5% piled on for shareholders of the company during the trailing week. Market participants may want to pay attention to this stock. HEMP has a history of dramatic rallies. What’s more, the name has registered increased average transaction volume recently, with the past month seeing a bit less than 120% above its longer-run average levels. Since we last covered the name, the stock has moved 16.8% higher.
Now commanding a market cap of $32M, HEMP has virtually no cash on the books, which compares with virtually no total current liabilities. The company is pre-revenue at this point. However, this is the catalyst they have been pining for over the past few months. It will be interesting to see if the company can spin it into a productive narrative for shareholders. For continuing coverage on shares of $HEMP stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!