Hemp Inc (OTCMKTS:HEMP)
Shares of Hemp Inc (OTCMKTS:HEMP) rallied 75.86% after the company announced the opening of a multimillion state of the art cannabis processing facility. The facility is set to supplement the company’s operations in North Carolina, Kentucky, and Colorado where it already has production and processing facilities.
Wednesday’s rally pushed Hemp Inc (OTCMKTS:HEMP) to the upper end of its $0.02-$0.03 trading range waiting to see if the momentum is strong enough to catapult it to 52-week highs of $0.22 a share. The rally came as Investors remained bullish about the company’s growth prospects in the fast growing legal cannabis industry.
Growing Extraction Capabilities
Hemp Inc (OTCMKTS:HEMP) has been aggressive in the pursuit of opportunities in the multibillion industry. Recently, the company installed the NuAxon Tech CO2 Supercritical extractor to further enhance its cannabis extraction capabilities. The extractor, reportedly the “gold standard” for the industry, boasts of a large capacity for extracting various therapeutic compounds.
Hemp Inc (OTCMKTS:HEMP) is also in negotiations to form a joint venture with a huge 40,000 square-foot facility capable of producing between 1,000 to 3,000 pounds of CBDs per day.
Hemp Inc (OTCMKTS:HEMP) has also secured the largest industrial hemp mill in the Western Hemisphere. The company has already begun processing and packaging after 3 years of trials. Chief executive officer, Bruce Perlowin has since announced plans to begin marketing efforts for products processed from the milling operations
“[…] However, we have some very huge, potential orders that we have been in discussion with lately including one very large company that wants to purchase the entire productive capacity of our mill’s capabilities including expanding to double or triple its current capacity,” said Mr. Perlowin.
Hemp Inc (OTCMKTS:HEMP) has also planted hundreds of acres of high-quality CBD hemp as it continues to explore ways of diversifying its revenue stream. In North Carolina and Colorado, Hemp Inc. (OTCMKTS:HEMP) has planted 17 acres of one strain of high-CBD clones. Its licensed farming associates have also secured over 150 pounds of a different strain of CBD-rich hemp seeds, which are on course for harvesting in September or October.
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