Hemp Inc (OTCMKTS:HEMP) posted revenues of $2.098 million from the sale of Pre-98 OG Bubba Kush. It is a significant record to break its previous milestone of $1 million reported on May 26, 2020. The company expects to introduce more innovative products and report better sales going forward.
Hemp experienced delays in Q1 2020 on account of ongoing coronavirus pandemic. To overcome the slowdown, the company initiated mass marketing campaigns and expects to post better than expected revenues in Q3 2020.
Multipurpose processing facilities
Hemp Inc is a global leader and possesses several processing centers to expedite product distribution to facility for processing hemp in Spring Hope. It also owns another 55,000 Sq. Ft. sophisticated processing center in Oregon. Hemp Inc also holds a PRBM (pre-roll blending manufacturing) facility in Las Vegas, NV. The company plans to establish more infrastructure facilities to spur growth going forward.
Hemp Inc posted better yields and revenues in Q1 and Q2 2020 because it focused all of its resources previously in processing/ growing high Cannabidiol in southern Oregon. The demand for industrial hemp worldwide expects to reach $26.6 billion by the year 2025 from $4.6 billion in 2019. The demand for smokable hemp flower is expected to reach $70.6 million in 2020, from $11.7 million reported in 2018.
Hemp Inc considers environmental and social missions as its core. It intends to develop a business constituency for a small hemp farmer in the US. The company plans to contribute to economy revival and offer sustainable and eco-friendly and healthy hemp products. It is reinvesting the profits to develop infrastructure to promote growth. All these efforts helped the company to cross $1 million marks in revenues in just 10 weeks.
Bruce joined Everett Jolly in the Stock Day Podcast on August 3, 2020. Jolly raised questions to Bruce to explain optimism and enthusiasm surrounding canbiola, wellness applications of CBG, and CBD and its connection to coronavirus. Bruce said the ongoing coronavirus crises created the need for R&D into cannabinoids to develop therapies for COVID-19. They later discussed the role of industrial hemp in economic recovery post-COVID-19.
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