Hemp Inc (OTCMKTS:HEMP) reported that farmers in South Carolina can apply for licenses to cultivate hemp now as South Carolina has approved industrial hemp cultivation. Governor Henry McMaster approved the bill last month. State Senator Greg Hembree mentioned that any agricultural plant they can cultivate here and run a profit for their farmers, they should try.
As per the news source, the approvals in South Carolina will be released to cultivators who have approved a State Law Enforcement Segment background check. The cultivators have to work with a research university to advance offerings and a market for them. Then they need to have a contracted purchaser for the hemp.
Bruce Perlowin, the CEO of Hemp, reported that company’s industrial hemp processing center is right in North Carolina so they are delighted that South Carolina is included in the list of the other states that have approved industrial hemp within their boundaries. As a pioneer in the hemp industry, Hemp will contract with South Carolina cultivators to purchase most of the hemp cultivated. This results in a win-win for Hemp and the farmers. Associating with South Carolina’s cultivators is a sound business plan that benefits both parties.
The State Law Enforcement Division and the South Carolina Department of Agriculture projects to release 20 licenses to cultivate plants on up to 20 acres as a major program to establish its value to the state’s growers. Since hemp is comparatively easy to grow and can be an extremely lucrative plant, officials consider this will prove to be beneficial for the state. After the first year, the plan would expand to 50 licenses from 20 licenses for 50 acres each. Subsequent to that, the Agriculture Department as well as the research universities would make a decision whether the plan would be expanded further.
In the last trading session, the stock price of Hemp declined 0.84% to close the day at $0.0236.
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