Hemp Inc (OTCMKTS:HEMP) executives updated its investors on the buzzing industrial hemp industry across the world and how it is all set to fuel the economy on a global and national scale. Bruce Perlowin, the CEO, reported that ramping up hemp production on the U.S. soil, in specific, will serve as an incentive for numerous ancillary industries from logistics, marketing to packaging and distribution.
The industrial hemp industry results in a win-win for all. Yet, until the federal prohibition is lifted in the United States, supporters and establishments continue to instruct the public on hemp and its many benefits.
Hemp CEO added that there’s a definite requirement for industrial hemp processing and manufacturing facilities and increased efforts for education. The company has the entire infrastructure in place to help meet these requirements. The hemp processing setup and mill operation is the sole facility of its magnitude in North America as well as in the entire western hemisphere with its area ranging to 70,000 square feet, on more than 9 acres in Spring Hope.
Hemp intends to commence holding informational and learning sessions at The Hemp University. With the commercial processing facility set in North America, the company has the capacity to process a massive amount of stalks and hemp fibers a year.
With this much processing capacity commercially, states in the U.S. can plant hemp on large scale without the concerns of processing. As per an article on MedicalMarijuanaInc.com, the quantum of industrial hemp planted last year across 15 states was as much as 10,000 acres. Now into its another growing season, Kentucky remains a pioneer for hemp’s revival in the U.S.
Virginia lately harvested its first hemp plant since the 1930s. Rhode Island approved a guideline permitting anyone in the state to lawfully cultivate hemp. In an attempt to kick-start its hemp market, Pennsylvania’s Department of Agriculture introduced a cost-share plan to help growers cover the expenses linked with hemp projects.