Hemp Inc (OTCMKTS:HEMP) recorded positive momentum yesterday after it disclosed its 2014 year-end financial results. The company reported a positive combination of higher sales and lower losses in its report. The industrial hemp-based company said that it sales stood 235% higher at $7,952,014, as against just $2,370,925 in 2013. Additionally, Hemp Inc (OTCMKTS:HEMP) reported that its assets surged by 172% during the reported year, while its losses diminished by 33% as on December 31, 2014.
Results of refocus
Executives at Hemp Inc (OTCMKTS:HEMP) claimed that the superior results were achieved as a result of the company’s shift of focus on processing kenaf and industrial hemp through its fully automated Temafa decortication plant located in North Carolina. The said plant spread across 70,000 square-foot is the biggest in size across the whole United States. Moreover, the changing attitude towards industrial hemp over the last one year is also helping the company gain traction.
Processing to start this fall
As the company made a strong presentation of its 2014 annual results, its CEO Bruce Perlowin reaffirmed the brighter prospects for the year 2015. He said that the company is constantly emphasizing on boosting its market presence and anticipates robust sales for 2015. Perlowin said that they will start processing kenaf for commercial use beginning this fall and look forward to process industrial hemp as soon as it gains legal status in North Carolina. Perlowin added that the company is transitioning in the right direction as it is committed to developing a green American Agricultural and Industrial Revolution, which will function on hemp and related products.
Hemp Inc (OTCMKTS:HEMP) is eyeing revenues by processing kenaf for textile, oil drilling pipes, automotive and other industries. It aims to reach an advanced level in the hemp processing industry. The stock of Hemp Inc (OTCMKTS:HEMP) inched up by 1.60% to close at $0.0254 with an average volume of 10.84 million.