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The hemp industry has grown by leaps and bounds over the past few years, and there are a few companies at the forefront of the revolution. One of these is Hemp Inc (OTCMKTS:HEMP), which has been in the hemp growing and processing industry in North America for more than a decade.
The company has a network of highly experienced professionals working in every niche of the hemp industry. The Company also boasts an 85,000 square foot facility in Spring Hope, North Carolina, which is currently the largest multipurpose hemp processing facility in North America.
However, it should also be considered in this context that the company is striving for growth through involvement in environmentally conscious and sustainable companies through strategic synergies. The company claims that the hemp industry could usher in an era of greener and more sustainable manufacturing practices in the United States.
Coincidentally, the company was in the news last week on February 17 when it announced that it had succeeded to complete the largest single product sale in its history. The company announced that four articulated lorries had transported its £120,000 DrillWall product.
The product in question is the only existing all-natural kenaf/hemp loss cycle material of its kind and is primarily intended for the oil and gas industry. The agreement to sell was originally signed in 2019 by Industrial Hemp Manufacturing LLC, a subsidiary of Hemp Inc.
Under the terms of the agreement, the product was to be sold for up to £1million over a one-year period. The outbreak of the coronavirus pandemic scuppered those plans and the company was unable to fulfill the order.
Hemp Inc Chief Executive Officer Gary Perlowin spoke about the latest development. He noted that the company was now back on track in terms of the agreed payout arrangement. He added that the company is concurrently negotiating another contract for nearly everything that has been developed at its North Carolina processing facility.
He stated that there was up to £444,000 of the Spill-Be-Gone product and £750,000 of raw kenaf that could be turned into Spill-Be-Gone within 60 days. Farmers were also kept on standby so that more raw material could be produced to take care of further orders.
The hemp industry is expected to generate significant growth, and last year the company provided an update on December 20 regarding the recent economic state in the industry. The company, citing a report by Research and Markets titled “Global Hemp Market by Type,” revealed that the industrial hemp industry will reach a compound annual growth rate of up to 21.6% through 2027.
That would value the industry at $18.1 billion. The report also cited the fact that hemp could be used in a variety of industries such as construction, food and textiles. It also pointed out that in 2022, hemp has achieved notable success through its use in various industries.
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