Hemp Inc (OTCMKTS:HEMP) executives responded to the U.S. Attorney General Jeff Sessions’ verdict to withdraw the Cole memo that resulted in a marijuana stock sell-off. Bruce Perlowin, the CEO, expressed that in any way, Sessions’ view on cannabis does not comprise industrial hemp and it certainly doesn’t include kenaf. With 18 million pounds of kenaf in inventory and around 2 million pounds of kenaf to be reaped early this year, the company executives are not concerned about their supply chain or any pot pushback by the federal government.
The CEO of Hemp expressed that shareholders have nothing to fear about. Hemp announced in a recent press release that it is processing its initial two purchase orders, that is a truckload of kenaf fiber and other of its kenaf LCM. This were not two truckloads of recreational pot and also, this were not two truckloads of medical pot. The two truckloads were not even of industrial hemp. It was a single truckload of kenaf LCMs that’s being shipped to Texas and another of kenaf fiber that’s sent to New Jersey.
Hence no matter how Sessions pot obsession plays out, Hemp is a safe bet for anyone hesitant or concerned about this new advancement. As an international leader in the industrial hemp market, with the leading multi-purpose industrial hemp processing plant in the western hemisphere, the company is as certain of an investment as it was before unpopular new war led by Sessions’ on the pot industry was reported.
This stance is shared by several others in the industrial hemp market. Whole Foods Magazine posted an article, focusing on what Sessions stance on marijuana implies for CBD, Hemp, and it states Sessions’ decision should not impact enterprises that are hemp-based. Sessions withdrawing the Cole memo applies to pot related firms, not hemp companies.