Hemp Inc. (OTCMKTS:HEMP)
Shares of Hemp Inc. (OTCMKTS:HEMP) traded higher in the market after the company confirmed it had received a NuAxon Super Critical CO2 hemp extractor at one of its plants in North Carolina. The CO2 supercritical extraction equipment was purchased from NuAxon Bioscience through a joint venture with Freedom Lead Inc.
Hemp Extractor Purchase
Installation of the extractor should be complete over the next 90 days and is expected to go a long way in bolstering Hemp Inc. cannabis extraction capabilities in the state. Reportedly, the large CO2 extractor is one of the most efficient pieces of extraction equipment available in the market. Hemp Inc. (OTCMKTS:HEMP) has already confirmed plans to purchase more NuAxon Tech Industrial Extractors going forward as it seeks to bolster its production processes.
“Generally, the supercritical CO2 method produces a safe, potent end product for its users. By using innovative, technological advances in CO2 extraction, Hemp, Inc. stands to gain a large share of the CBD and industrial hemp market to satisfy end users,” NuAxon In a statement.
The acquisition of the extraction equipment comes at a time when Hemp Inc. is aggressively bolstering its farming infrastructure. The company is currently planning for its first Fall harvest in North Carolina and Colorado.
In view of the expected harvest Chief Operating Officer, David Schmitt, says they are currently looking for two additional extraction units as they look to gain a bigger share of the fast growing marketplace. The company has already acquired a prefabricated clean room that will house the first extraction units. Delivery should be completed over the next four weeks.
North Carolina Legalization Boost
Hemp Inc. (OTCMKTS:HEMP) prospects in North Carolina have received a major boost in the wake of Governor McMaster signing into law a bill that legalizes industrial hemp cultivation. This means is that companies like Hemp Inc. can now apply for licenses to legally cultivate marijuana, develop cannabis-based products, and market them.
“Hemp, Inc.’s 70,000 square foot industrial hemp processing facility is right in North Carolina so we are ecstatic that South Carolina has joined the other states that have legalized industrial hemp within their borders. As a leader in the hemp industry, Hemp, Inc. will gladly contract with South Carolina farmers to buy most, if not all, of the hemp grown, “said CEO Bruce Perlowin.
Hemp Inc. (OTCMKTS:HEMP) stock was up by 5.52% in Thursday trading session, ending the day at $0.0253 a share
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.