Hemp Inc (OTCMKTS:HEMP) has been gaining significant attention due to its state-of-the-art and one of a kind decortications facility. However, recently the company released a video to update its shareholders on the progress of the plant. The COO of the company, David Scmitt, stated that the company is on schedule to get the facility operational by the planned date. The update attracted significant interest from the investors, who helped HEMP rise in the stock market in the following session.
akThe video showed that the conduit for the new transformer has been successfully completed. Once installed, the new transformer would provide the plant with 3-phase power. Bruce Perlowin, CEO of Hemp, stated that the video has been shot in extreme detail to make sure that the company shareholders understand each step of the building. The facility would be open for use by American cannabis farmers, who want to process their crops. This would ensure economic stability for the farmers and company. Additionally, Mr. Schmitt also pointed out to the changing hemp laws in North Carolina and how they are a great sign for the company.
Even though substantial progress has been made in the past 1-month, the plant still would not be operational for a few more months. Until now, the company has been able to complete the structure, install the equipment and complete the plumbing. However, the wiring, anchoring and testing of plant still remains. The company stated that it would take 60-days just to complete the wiring.
Hemp laws in the state of Carolina still do not allow a Temafa line, which means that for the time being the plant will be used for producing Kenaf only. While the news might be encouraging for investors, the stock still hosts a red flag about its financials. In its last filing, Hemp recorded a net loss of $23,000, with just $6,223 in revenues.
Hemp Inc (OTCMKTS:HEMP) finished trading on July 9, after losing 8.94% of its share value to close at $0.0112, after trading 22.6 million shares.