Industrial Hemp Manufacturing LLC (IHM), a wholly-owned subsidiary of Hemp Inc (OTCMKTS:HEMP), has entered a $1 million sales accord for its proprietary kenaf hemp blended natural loss circulation material (LCM) – DrillWall. LCM is aimed at the oil and gas drilling industries. The agreement is valid for one year.
IHM receives first payment of $30,000
Bruce Perlowin, Chief Executive Officer of Hemp, said its subsidiary IHM received the first payment of $30,000. It has shipped DrillWall in January 2020. Industrial Hemp has received the second payment of $60,000 on February 3, 2020, for the second batch of DrillWall. The company expects to ship material worth $90,000 this month and $150,000 worth DrillWall in March 2020. It will ship the balance material throughout the rest of 2020.
Non-toxic and non-soluble in water
IHM produces DrillWall and other industrial products in its manufacturing facility in Spring Hope, North Carolina. The LCM – DrillWall is manufactured using hemp cellulose and kenaf. It is non-toxic and non-soluble in water.
The biodegradable drilling fluid additive finds wide usage in oil field drilling applications. Major gas, oil, and water companies are using DrillWall. The product also acts as a lubricating agent and borehole stabilizer. It eliminates differential sticking. DrillWall plugs the leakages faster. It is economical, too, when compared to other LCM materials.
The demand for industrial hemp worldwide would reach $26.6 billion by the year 2025 from $4.6 billion in 2019, growing at a CAGR of 34%. Bruce said the company will distribute LCM consistently throughout the contract period. The company is pleased with the growing interest in DrillWall. It is the best option for purchasers searching for non-toxic substitutes for their operations. IHM expects to generate more revenues through aggressive sales efforts.
Featured in the Kingman Daily Miner
Hemp Incis featured in a leading news source – the Kingman Daily Miner. According to the article published in The Kingman Daily Miner, Hemp Inc will silently introduce brick-and-mortar retail stores – The King of Hemp Store in Kingman, Arizona, in March 2020.
Products in The King of Hemp Store
Hemp Inc will sell products like hemp denim jeans, pants, conditioners, hemp shirts, handbags, purses, backpacks, jackets, shampoos, topicals, CBG, and CBD products through The King of Hemp Store.