LAS VEGAS, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc. (OTC:HEMP) announced its third quarter 2014 results. "While our consulting business, in the first and second quarters generated significant upfront fees in the form of the various companies' restricted stock, Hemp, Inc.'s third quarter financial results reflected our massive shift in direction," said Bruce Perlowin, CEO of Hemp, Inc. (OTC:HEMP). "In the best interests of our shareholders and the company, we have refocused our company's mission on being the premier leader in industrial hemp processing which will inevitably align Hemp, Inc. as the premier supplier of Cannabidiols (CBDs) to the medical marijuana industry. Based on our long term commitment to our mission, we have not sought new consulting clients."
"This decision enables us to continue to provide quality, effective consulting to our current clients while we prepare to be the biggest hemp and hemp by-product provider." Company executives also commented most of the Industrial Hemp and Medical Marijuana Company (IHMMCC) clients failed to uphold their quarterly, contractual, monetary commitment and two of them, Green Concepts, Inc. (LKEN) and Strategic Global Investments, Inc. (STBV), failed to issue the initial stock fee after they had signed the contract. As a result, executives are adamant about being more selective in the companies they provide consulting services to.
Perlowin's personal guarantee to the company's future success in its next critical phase was proven in the initial strategic decision to negotiate the purchase of the automated Temafa decortication line which can be used to process raw hemp and Kenaf for the American farmers. The facility that houses the decortication line is the only one of its magnitude in not just the United States but in all of North America. There are no other commercial, large-scale machines like it, which makes it highly coveted. According to Perlowin, it would take at least 2 years, minimum, to duplicate the line. During a recent meeting with a Canadian coop representing 50,000 acres of hemp straw crop in Manitoba, Canada, Perlowin learned the hemp stalk from the straw was burned in the past, adding to air pollution, because there was no decortication method to make use of it.
The CEO's personal guarantee also included personal guarantees for the company's loans. Perlowin is committed to the American farmers and to spearhead a new clean, green American Agricultural and Industrial Revolution based on hemp and hemp products.
The replacement value (the cost to duplicate this today) of the decortication and milling plant, the 70,000 square-foot warehouse (with a 6-inch cement foundation and a refrigerated section), the semi trucks, forklifts and other equipment, and millions of pounds of processed Kenaf exceeds $20,000,000. However, since the plant, Kenaf and the new warehouse and acreage was purchased through the bankruptcy court, the company only paid a fraction of that cost, thereby getting a great deal.
"From protein to fiber to CBDs, our aim is to be the leading processor of processed and raw hemp materials," said Perlowin. There are also plans of building a GMP compliant facility for the extraction of CBDs from hemp. "While we wait for North Carolina to change its law to legalize hemp, revenues will be generated from processing Kenaf for the oil drilling pipes, textile, building automotive and other industries. It's the perfect migration strategy," says Perlowin, to generate revenues from the Kenaf plant and thus keep Hemp, Inc. years ahead in the hemp processing industry.
As for CBDs, Hemp, Inc.'s subsidiary (IHMMCC) recently signed a Consultant Agreement with VaporBrands International, Inc. (VAPR) to produce CBD oils which they plan to use in their e-cigs mentioned in a previous press release. Quality CBDs currently sell for $30,000 - $50,000 per kilo.
According to company executives, shareholders will see more of Hemp, Inc.'s core business develop. As the decortication facility in North Carolina continues to progress through the end of 2014, Hemp, Inc. executives are eagerly looking forward to bringing more hemp-based clean, green solutions to the American people. "Over the long term, our efforts will position us to drive growth and increased value to our shareholders."
ABOUT HEMP, INC. (OTC:HEMP)
Hemp, Inc. (OTC:HEMP) focuses on the vast market created by the quickly emerging, and growing, multibillion dollar industrial hemp industry. Hemp, Inc. (OTC:HEMP) is not currently involved in the cultivation or marketing of medical cannabis. (www.hempinc.com). Instead, our focus is on industrial hemp and the myriad of uses (over 25,000 products made from hemp that the hemp plant offers) in creating a new clean green American Agricultural and Industrial Revolution.
Update on Hemp, Inc.'s Decortication Plant
After months moving from its original location to its current home, the Temafa and Macintosh line of equipment, the mill and the Kenaf is 100% completely moved. Everything is now in its new facility being assembled and organized, as Hemp, Inc. sets up shop. To see a time lapsed video on the disassembly and moving of the equipment, click here. Executives anticipate the facility to be fully operational by the end of the first quarter in 2015. The bulk of Kenaf on-hand will be processed for fiber and Lost-Circulation Material (LCMs) for the drilling industry.
HEMP, INC.'s TRIPLE BOTTOM LINE
Hemp, Inc. (HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of people, planet, and profits—our triple bottom line approach can be an important tool to support sustainability goals.
ABOUT THE INDUSTRIAL HEMP AND MEDICAL MARIJUANA CONSULTING COMPANY, INC.
The Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) is a wholly owned subsidiary of Hemp, Inc. (OTC:HEMP) that pulls industry information from a vast network of specialists. IHMMCC is entrenched in all the multi-faceted opportunities in the medical marijuana and Industrial Hemp industry. (www.HempInc.com) Executives of IHMMCC are focused on its current clients.
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