Hemp Inc (OTCMKTS:HEMP) announced that the North Carolina Industrial Hemp Commission, recently held its first meeting on November 1, 2016. The company revealed that the meeting was aimed at the development of a pilot program for cultivating industrial hemp, in the state. The commission comprises of 9 members and is responsible for establishing the rules and regulations for the state’s hemp cultivation program, as well as obtaining permits from government agencies, in this regard.

The CEO of HEMP, Bruce Perlowin, claimed that it was a historic day for North Carolina, as the commission met for the first time. He further revealed that there was a great turnout, the kind he has never experienced before in hemp meetings across the US. Mr. Perlowin also stated that there was great enthusiasm at the meeting, which gives hope that the state might just become a leader for industrial hemp.

Earlier, the company, through its subsidiary, Industrial Hemp Manufacturing LLC, signed a letter of intent, with BioRegen Innovations Cooperative, to purchase the raw hemp from the latter’s land in North Carolina. Hemp noted that the land was at a distance of just 75-miles, from its multipurpose 70,000 sq ft facility. The crop is spread across an area of 1,000-1,500 acres and is expected to be harvested in the 2H2017. BioRegen was also present at the recent meet-up with the Industrial Hemp commission.

Mr. Perlowin pointed out that this would be the first harvest of the crop, since hemp was legalized in the state, last year. He went on to say that the company plans to process millions of pounds of hemp fibers and stalks, at its facility, to be used in the manufacturing of end products. The CEO also claimed that the facility offers an alternate solution to burning the hemp stalk. He claimed that the facility can process up to 40 million pounds of the stalk, per year.

Hemp Inc (OTCMKTS:HEMP) closed at a share price of $0.041, at the end of the November 3 trading session, after having lost 4.65% of its share value, on a trade volume of 56.6 million.