Hemp Inc (OTCMKTS:HEMP) recently announced that Senate Majority Leader Mitch McConnell (R-KY) has confirmed the provision legalizing hemp as an agricultural commodity will be included in the final version of the 2018 Farm Bill.
According to the release, McConnell initially introduced the Hemp Farming Act of 2018 in the Senate’s version of the farm bill including provisions to legalize hemp, remove it from the federal list of controlled substances and allow it to be sold as an agricultural commodity.
Hemp Inc (OTCMKTS:HEMP) produces products made from industrial hemp. The company also offers products and services to the medical and recreational marijuana industries.
The next big cannabis story to hit North America is Phoenix Life Science International (PLSI), traded in the US, but with the largest global production based in the tropics and a license to distribute worldwide. Take a look at Phoenix Life Science International PLSI), Its currently trading under $18 dollars per share on the OTC markets. Learn More Now!
It also develops and operates a website providing entertainment and news related to medical marijuana industry. The company was formerly known as Marijuana, Inc. and changed its name to Hemp, Inc. in June 2012. Hemp Inc. was founded in 2008 and is headquartered in Las Vegas, Nevada.
According to its own communications materials, the company’s long-term goal is to be the leader in the industrial hemp industry in America, which is now estimated to be over $500 Million. Hemp, Inc.’s mission is to provide green solutions that help make the world a better place to live.
The company apparently supports products that are eco-friendly, organic, healthy, and solutions that replace many petroleum-based products. In addition, 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 square foot warehouse on 9 acres and is scheduled for completion in the last quarter of 2015.
The company will start producing fiber, loss circulation materials (LCM) and absorbents from kenaf and later from hemp. Initially, 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.
Eventually, the company plans to also 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. 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 in the industrial hemp industry.
007, Just Leave the Beretta
As we discussed earlier, HEMP recently announced that Senate Majority Leader Mitch McConnell (R-KY) has confirmed the provision legalizing hemp as an agricultural commodity will be included in the final version of the 2018 Farm Bill.
Even in light of this news, HEMP has had a rough past week of trading action, with shares sinking something like -4% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -13%.
“We are thrilled that Senator McConnell has confirmed that the final version of the 2018 Farm Bill will include provisions to legalize industrial hemp,” said Hemp, Inc. CEO Bruce Perlowin. “As legal avenues continue to open up, we are taking the opportunity to further expand our industrial hemp production throughout the U.S. We are having great success with our processing centers in North Carolina, Oregon and soon Arizona, and plan to expand our footprint as avenues open up in the untapped new markets that will become available when this bill is passed.”
Hemp Inc (OTCMKTS:HEMP) managed to rope in revenues totaling $108K in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top-line growth of 401.6%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($661K against $145K).
Pushing the barriers for global distribution, Phoenix Life Science International (PLSI) is the next cannabis play. Just think Canopy x 100, that is how big their plantation in the tropics will be. No lights, no green houses, just maximum growth + minimal cost = home run. Learn More Now!
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