HempAmericana Inc (OTCMKTS:HMPQ)
Shares of HempAmericana Inc (OTCMKTS:HMPQ) rallied 5.50% after the company confirmed approval of a new financing, for the acquisition of a second CBD oil extraction machine. According to Chief Executive Officer Salvadore Rossillo, the new extraction machine should help strengthen the company’s footprint in the CBD market.
HMPQ Stock Performance
Thursday’s rally helped push the stock above a key resistance level, affirming a bullish run that began last month. The stock is currently trading in an uptrend in a $0.01 – $0.02 trading range. The stock continues to elicit renewed investor interest thanks to a number of investments made in the recent past geared towards the multi-billion CBD business.
HempAmericana Inc (OTCMKTS:HMPQ) is involved in a number of negotiations as it eyes major deals with partners in New York and Maine. The discussions seek to uncover new markets for the company’s CBD Oil extraction business whose capacity has improved in the recent past, thanks to the acquisition of new extraction machines.
Strengthening Production Capacity
According to Forbes, the Cannabidoil market is poised to grow by 700% by 2020, which should present the growth opportunities needed to drive HempAmericana’s next phase of growth. The company is focused on increasing its core productive capacity for CBD oil extraction, in a bid to meet the ever rising demand.
“This has been our strategy all along, we want multiple machines in operation while we become a dominant player in the CBD Oil space.” He further stated, “We’ve visited many sites recently and this 2nd purchase will be placed in one of them which we shall be announcing to our shareholders this week,” said Mr. Rosillo.
Last Month, HempAmericana Inc (OTCMKTS:HMPQ) confirmed the acquisition of a second CBD oil extraction machine that is double the size of the current machine, expected to double production capacity. The acquisition comes on the heels of three new contracts that the company has been working on as it continues to explore new sources of revenue.
In addition to pursuing opportunities in the Cannabidiol oil business, HempAmericana Inc (OTCMKTS:HMPQ) is also expanding into the hemp Auto Plastics business. The company has teamed up with a partner in Maine to add the new cutting edge products to its network. The two are to work together on the development of replacement plastics for the automotive industry.
The partnership provides the company with access to state of the art R&D technology expected to generate substantial revenue going forward.
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: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.