Hemp Inc (OTCMKTS:HEMP) a prominent name in the industry of hemp announced that sales for FY2014 were up 235% from FY2013. The sales came at approximately $7.95 million compared to the sales of $2.37 million in FY2013.
The assets were up 172% while annual losses declined by 33%. The improvements in the revenue and assets were achieved as the company refocused its efforts on processing industrial hemp and kenaf with its first full-scale Temafa decortication plant based in North Carolina. It is an automated and vast 70,000 square-foot decortication plant. In addition, it is the only decortications plant of such a large magnitude in the U.S.
Strengthening market presence
Bruce Perlowin, the CEO of Hemp said that they are continually strengthening market presence in the fast evolving industry. The company expects robust year-end sales for FY2015 as the company commences processing kenaf for commercial use in this fall season. Also, it will start processing industrial hemp as soon as it is made legal in North Carolina.
It is an ideal migration strategy and the management is committed to the U.S. farmers and to execute a new clean, green agricultural and industrial revolution directed by hemp and related products. The expectations are to raise revenue from processing kenaf for the textile, building automotive, oil drilling pipes and other industries. The company is strongly positioning itself to be much ahead in the growing industrial hemp processing market.
Perlowin further added that the core business enhanced revenue in FY2014. The company made the right decision to shift its focus on becoming the premier company in kenaf and industrial hemp processing. It intends to benefit several constituencies from a “Cultural Creative” angle thereby not endangering or exploiting any group. It believes in “upstreaming” of a part of profit from the marketing activities of finished hemp goods to its originators.