Production of Industrial Hemp to Dramatically Increase as Demand for Eco-Friendly Natural Fiber Continues to Rise
Aug 10, 2016, 08:45 ET
CORAL SPRINGS, Florida, August 10, 2016 /PRNewswire/ --
Industrial hemp known as a hardy and renewable resource (one of the earliest domesticated plants known) is quickly becoming a required resource for various industrial applications, including paper, textiles, and cordage. Sustainable hemp seed, fiber and oil are being used in raw materials by major companies, including Ford Motors, Patagonia, and The Body Shop, to make a wide variety of products as a few select Hemp manufacturers race to increase operations as the demand continues to grow.
Hemp, Inc. (OTC: HEMP) executives announced today they expect the first 200,000 pounds of Lost Circulation Materials (LCMs) in inventory to go to market in the next 2 weeks. David Schmitt, COO of Hemp, Inc.'s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM) is meeting with specific companies next week to ensure the LCMs will be ready to go to market. The company's LCMs are expected to potentially sale for two to three dollars per pound which could bring in revenue of four to six hundred thousand dollars. Schmitt has also been overseeing the final stages of Hemp, Inc.'s 70,000 square foot multi-purpose industrial hemp processing facility and milling operation on 9 acres, in Spring Hope, North Carolina, that is in the final stages of completion. "Hemp, Inc. is strategically positioned at the forefront of the industrial hemp industry and continues to remain ahead of the curve to be able to process industrial hemp and manufacture products made from hemp fiber due to its commercial size and by it being the only one in the United States. Once the milling machinery is operational, Hemp, Inc. will be able to produce thousands of pounds of LCMs a day along with other oil absorbent products," said Bruce Perlowin, CEO of Hemp, Inc.
Read the full Hemp, Inc. (HEMP) Press Release at: http://financialnewsmedia.com/profiles/hemp.html
According to Schmitt, the first shipment of machinery to finish the mill is expected to arrive on August 25, 2016 and the remaining of the machinery will arrive 30 days after the first shipment. The milling machinery parts that were already in the warehouse have already been positioned in its permanent location and will be secured once all the machinery arrives. "Our meeting with the air handler manufacturer, a little over two weeks ago, went extremely well so we are looking forward to the shipments. Once the air handler and dust collector are on-site, we're looking to hire specialized contractors to assist with securing all of the equipment in place which should save us over 3 to 4 weeks in time. Once the rest of the machinery is here, my best guestimate would be 3 weeks for us to have both mills operational," says Schmitt. Schmitt has also been working with Duke Energy to install a new transformer because of all the amperage that will be used. "Everything is really coming together nicely."
In other Hemp, Legal Marijuana & Cannabis news and developments: Medical Marijuana, Inc. (OTC: MJNA) announced that Penny Howard, a Dallas mom who from her own volition has become a spokesperson for the Company's subsidiary HempMeds®, was featured on Fox News Channel's Health Talk with Dr. Manny Alvarez, who interviewed Howard about her daughter Harper's battle with the rare genetic condition CDKL5. In the Aug. 4 segment, "Harper's Legacy: Family Donates 5-Year-Old's Brain to Science After Death From Rare Condition," Howard tells Dr. Alvarez about how her family found out about HempMeds® Real Scientific Hemp Oil™ (RSHO™) after weeks and weeks of research online.
Terra Tech Corp. (OTC: TRTC), a vertically-integrated, cannabis-focused agriculture company, last week announced the Grand Opening of its latest Blüm retail dispensary, to be located on 3650 South Decatur Boulevard, Suite 6 & 7, Las Vegas, Nevada, will be held on August 20, 2016. This is Terra Tech's second retail location in Nevada and follows the opening of the Western Las Vegas Dispensary in April 2016. The Company also operates a Blüm dispensary in Oakland, California.
Cannabis Science, Inc. (OTC: CBIS), a U.S. company specializing in the development of cannabis-based medicines, earlier this month announced they are in the final stages of escrow to transfer the 20-acre Northern California cultivation property into its name and commence indoor/outdoor cultivation and production on the land. This is another separate property the Company has secured for cultivation, production, and extractions for its proprietary formulations.
22nd Century Group, Inc. (NYSE: XXII), a plant biotechnology company that is a leader in tobacco harm reduction, released the Company's second quarter 2016 financial results and announced that it will provide a business update for investors on a conference call to be held on Wednesday, August 10th, at 4:00 PM (Eastern Time). Henry Sicignano, III, President and Chief Executive Officer of 22nd Century Group, together with John T. Brodfuehrer, Chief Financial Officer, will conduct the call. Interested parties are invited to participate in the call by dialing 800-768-6570 and using Conference ID 8455411.
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