Hemp Inc. (OTC Pink: HEMP) is engaged in the industrial hemp business, in which the company offers products and services derived from industrial hemp. Shares of the industrial hemp company are rallying 23%, through afternoon trading on Monday, October 24, 2016. Over the past three months, Hemp Inc. has seen average daily volume of over 9.4 million shares. However, nearly 40.12 million shares or dollar volume of $2,006,000, has already exchanged hands through afternoon trading Monday.
Shares of Hemp Inc. are rallying Monday, as management continues to look towards the nine states that have marijuana propositions on the ballot. Industrial hemp does not contain as much THC, the active ingredient in marijuana. However, industrial hemp is largely categorized along with medical and recreational marijuana. However, with many state governments beginning to add industrial hemp to traditional farming bills, Hemp Inc. could further benefit even more. Here is the full press release from Hemp Inc.:
Hemp, Inc. Press Release:
LAS VEGAS, NV–(Marketwired – Oct 20, 2016) – Hemp, Inc. ( OTC PINK : HEMP ), a leader in the industrial hemp industry, today reports on current industrial hemp and hemp-related material events as the November elections rapidly approach. Bruce Perlowin, CEO of Hemp, Inc. says, “The resurgence of industrial hemp in America has been sweeping the nation. For decades, public opinions surrounding this controversial crop have vacillated between those few who still vilify it (now in very rare cases) and those now bipartisan, almost unanimously who advocate it. While the economic benefits continue to hold strong, industrial hemp has run the proverbial gauntlet in America as a result of many political factors, special interests, and just plain ignorance and lack of education. However, just in the last month or two alone, we’ve seen more state-enacted laws, formal debates, and more political support for industrial hemp.”
Industrial hemp is the non-psychoactive relative of marijuana that contains less than 1% THC. But for a myriad of moronic reasons, industrial hemp is currently less likely to be cultivated in the United States. Both hemp and marijuana originate from the same cannabis species, but are genetically distinct. Further distinctions are distinguished by use, chemical makeup, and cultivation methods. Hemp, Inc. ( OTC PINK : HEMP ) CEO, Perlowin, said, “While Hemp, Inc. keeps its focus on industrial hemp, we continue to stay abreast of the cannabis sector. More states are voting in favor of cannabis as they are hemp. With an unprecedented nine states to have marijuana initiatives included, five of those nine states (California, Nevada, Arizona, Maine, and Massachusetts) are voting on whether to legalize recreational use of marijuana. A yes vote on California’s ballot initiative, referred to as the ‘Adult Use of Marijuana Act’, favors legalizing not just marijuana but hemp also.”
Hemp Industries Association (HIA), a non-profit trade association consisting of hundreds of hemp businesses and farmers, hosted its 23rd annual conference during September 17 through September 20, 2016, in Westminster, Colorado. The conference was attended by HIA business and farmer members, non-members, as well as national media and leading entrepreneurs and celebrity figures; the 2016 HIA conference was the most highly attended conference in the history of the HIA. The primary focus of the 23rd annual conference was on CBD, or cannabidiol products: the biological effect of CBD in the body, regulation and standards for CBD products, and new research involving CBD in the fields of health and medicine. Visit the Hemp Industries Association here.
State legislatures have been taking action to promote industrial hemp as an agricultural commodity. As more people become educated, they realize how valuable this resource is. A wide range of products, including fibers, textiles, paper, construction and insulation materials, cosmetic products, animal feed, food, and beverages all may use hemp. There are over 25,000 uses of hemp spanning at least nine markets (agriculture, textiles, recycling, automotive, furniture, food/nutrition/beverages, paper, construction materials and personal care).
According to VoteHemp.com, thirty-two states have defined industrial hemp as distinct and removed barriers to its production. These states will be able to take immediate advantage of the industrial hemp research and pilot program provision, Section 7606 of the Farm Bill: Alabama, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, West Virginia and Virginia. Seven states (Hawaii, Kentucky, Indiana, Minnesota, North Dakota, Oregon and Tennessee) in 2015 had hemp research crops in accordance with section 7606 of the Farm Bill and state law. Five states (Colorado, Kentucky, Oregon, Tennessee and Vermont) in 2015 licensed or registered farmers to grow hemp under state law.
In other recent industrial hemp news, in this month alone, Kentucky’s industrial hemp research pilot program has set new measures to enable sustained growth of the program and is now inviting interested Kentuckians to participate in the pilot program in 2017. Kentucky Agriculture Commissioner Ryan Quarles was quoted saying, “The pilot research program will continue to build on the successes of the previous administration by developing research data on industrial hemp production, processing, manufacturing, and marketing for Kentucky growers. If the federal government chooses to remove industrial hemp from the list of controlled substances, Kentucky’s growers and farmers will be positioned to thrive, prosper and ultimately prevail as national leaders in industrial hemp production.”
Hemp, Inc. executives are also looking into the possibilities of partnering with large hemp farms in eastern Kentucky. “Eastern Kentucky is only about a 4-hour drive from our multi-purpose industrial hemp processing facility in Spring Hope, NC. We are looking forward to growing hemp in North Carolina and we are definitely interested in expanding our reach to Kentucky (over 1,000 acres). We’ve developed good relationships with a lot of farmers,” said Perlowin.
In other news, JD Farms (about 230 miles north of New York City) in New York is legally growing industrial hemp for the first time in 80 years. On a visit to the farm, New York assemblywoman Donna Lupardo said she believes industrial hemp “has a really high potential to put farmland back to use in New York State and to also be a very lucrative, potentially lucrative manufacturing crop for our state.” She also commented her community has a million potential acres to be farmed for new crops such as industrial hemp, referring to it as “a field of dreams” and a “fabulous opportunity.”
In West Virginia, nine hemp farmers are growing experimental industrial hemp on 13 acres statewide. According to Robert Kerr, Communications Director for the West Virginia Hemp Farmers Cooperative (HFC), the law currently allows the HFC to permit hemp growers to produce the plant for study by the state’s universities. The HFC helps growers go through the permitting process. Click here for more information.
In Hawaii, farmers from throughout the state gained insight into Hawaii’s newest crop as the annual Hawaii Farmers Union United Convention kicked off Friday at OK Farms in Hilo. Over 60 participants attended the event. “The hemp industry itself is a relatively new one that slowly has been taking root across the United States and Canada as federal regulations loosen and states create their own growing programs. Gov. David Ige in July signed a bill allowing farmers to grow industrial hemp for agricultural research purposes, following the success of an Oahu-based pilot program indicating that the crop would thrive in Hawaii.”
In Texas, hemp advocates continue to spread the word through education. The Texas Hemp Industries Association hosted an all-day workshop on Monday in the Matador Room of the Student Union Building, discussing the various uses and benefits of industrial hemp and educating people on the differences between hemp and marijuana. Read more here.
Some celebrities are also using their platform to advocate for industrial hemp. Micah Nelson, son of singing legend Willie Nelson, is following his Dad’s footsteps as an advocate for cannabis and industrial hemp. Micah has just been named as one of the Board of Directors for National Hemp Association. Last weekend, the acclaimed musician, Micah, entertained fans at the Farm Aid 2016 by playing a hemp guitar. “The passion for social and environmental justice was instilled in Micah,” Bowman said. “It is part of who he is. We could not be more excited to welcome him to our board. Like his father before him, Micah has a powerful passion for advocacy.”
Micah is a strong addition to the National Hemp Association’s Board of Directors. In a change.org petition, Micah gathered over 50,000 signatures petitioning congress to pass the Industrial Hemp Farming Act. The petition is called “Allow American Farmers to Grow Industrial Hemp.“
In Arizona, education of hemp continues. A pair of retired agents from the U.S. Drug Enforcement Administration stopped by Arizona State University this week to campaign on behalf of Proposition 205, the state’s initiative to legalize and regulate marijuana. The goal was to encourage some of the university’s 80,000 students to vote “yes” on Prop. 205.
In California, Californians will vote on a proposal on the legalization of marijuana and industrial hemp when they decide on Proposition 64. Prop 64 would legalize recreational marijuana and hemp under state law and establish certain sales and cultivation taxes. The proposition would allow persons 21 and over to have and use up to an ounce of marijuana for recreational purposes. They would also be able to grow up to six plants.
In more news, as of October 1, 2016, the Connecticut House Bill 5450 that was signed into law by Governor Dannel P. Malloy in May of this year, is now in full effect. Individuals under 18 years of age can legally use medical marijuana for “certain qualifying conditions” if they “receive a recommendation from a physician.” According to the bill, nurses, in addition to physicians, are now also authorized to recommend medical marijuana to both adults and minors. “We introduced this bill to support those who need it – this is a deeply emotional issue for many families,” says Chris Collibee, a spokesperson for Governor Malloy. “Delivering access to ease illness is something many states have passed. It’s the right thing to do.” For more detailed information on this bill, click here.
With the country’s largest industrial hemp processing facility and milling operation underway, Hemp, Inc. ( OTC PINK : HEMP ) is strategically positioned as the leader of the re-emerging industrial hemp industry to process industrial hemp and manufacture products made from hemp, as well as Lost Circulation Material (LCM) and other absorbent materials. “We are optimistic the November ballots will favor the cannabis and hemp industries,” said Perlowin. Sources say if legalized, marijuana could become available to about 25% of the country. “Right now in the United States about 17 million people have access to recreational marijuana. That number could double from California voters passing their recreational marijuana initiative alone.” (Source: Green Rush Daily)