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How to View the Current Action in Hemp Inc (OTCMKTS:HEMP)

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One stock that has started to key on potential support in a lateral range is Hemp Inc (OTCMKTS:HEMP). The stock could be potentially interesting following recent news that its majority-owned hemp cultivation and processing company, Local Processing Center, Inc. (LPC), in Medford, Oregon, has begun processing the harvest of more than 100,000 pounds of industrial hemp from the first of many farms they have contracted with in that area (which also includes many of their own hemp farms).

According to that release, Hemp, Inc. announced Sept. 6 that it had entered into a majority ownership agreement with JNV Farms LLC for the Medford, Oregon-based LPC. “We built and started processing hemp in Oregon at record breaking speed,” said Hemp, Inc. CEO Bruce Perlowin. “Our greenhouses at Local Processing Center, Inc. are quickly filling up with industrial hemp as we are on the frontlines of meeting the demand for an industrial hemp infrastructure on the West Coast. As demand continues to increase, we are diligently scouting additional locations all across America for industrial hemp local processing centers to service this multi-billion dollar industry.”

Hemp Inc (OTCMKTS:HEMP), now commanding a market cap of $21.26M, produces products made from industrial hemp. The company also offers products and services to the medical and recreational marijuana industries. 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.

 

Looking for Support

In our discussion at the start of this piece, we made the case that HEMP shares could be interesting here given the company’s recent moves, and given the potential technical support in play, as the stock pushes down in major moving average support around the $0.028/share zone.

With its recent announcement that its majority-owned hemp cultivation and processing company has started to process the harvest of more than 100,000 pounds of industrial hemp, we could see some resurgent interest if the hemp trade picks back up.

“As we continue to execute our strategic vision to expand our footprint across the U.S. (and the world), we are able to diversify our portfolio to include markets beyond our headquarters in North Carolina, allowing us to create increased value for our shareholders,” said Perlowin. “Now that the largest facility has been up and running for over a year and is shipping out product by the semi-load, we are focusing on Division Two and Division Three.” (To read more about these Divisions, click here.)

Hemp Inc (OTCMKTS:HEMP) is currently working with some balance sheet issues, but most of its problems are relegated to longer-term debt, with plenty of cash on the books at present to handle and service current obligations.

In addition, the company is starting to book strong top line growth, with over 250% in yearly comp upside as of its latest financials.

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