Hemp Inc. (OTCMKTS:HEMP)
Hemp Inc. (OTCMKTS:HEMP) associates are in the process of planting over 550 acres of CBD-rich plants in North Carolina after the firm acquired 150+ pounds of CBD hemp seeds. The CBD hemp plantation will be the largest ever in the U.S. as the company moves to capture a sizeable piece of the growing market.
Hemp Inc. (OTCMKTS:HEMP) Infrastructure
The move to plant more than 550 acres of marijuana in North Carolina comes on the heels of South Carolina legalizing industrial hemp cultivation. The legalization allows Hemp Inc. to more fully utilize its 70,000 square-foot processing facility as it continues to pursue new growth opportunities.
“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 Hemp Inc. (OTCMKTS:HEMP) CEO, Bruce Perlowin.
The recent expansion of the CBD market has prompted Hemp Inc. to strengthen its asset portfolio as it looks to gain a dominant industry position. The fact that the CBD market is expected to grow to over $2.1 billion in annual sales by 2020 presents unique opportunities that the company can tap into on the cultivation front.
Hemp Inc. (OTCMKTS:HEMP) is planning to establish its farming infrastructure across the United States. So far it has bought a hemp baler in North Carolina. The company also spread its hemp clones in Colorado as part of the first phase of its current expansion plan.
In addition to ramping up efforts on the cultivation front, Hemp Inc. (OTCMKTS:HEMP) is investing big on CBD extraction methods. The company is in the process of purchasing its second CBD extractor in addition to the one just purchased from NuAxon Tech.
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.