Hemp Inc. Eyes Expansion
Hemp Inc (OTCMKTS: HEMP) is a penny hemp stock that slumped 3.12% at the time of market close on June 11, 2020. This marijuana stock is currently priced at $0.0062 with a market cap close to $38 million.
Of the total authorized shares, 58% of shares are outstanding. Almost 53% of the authorized shares for this hemp stock is currently held by public investors. Close to 2.5% (approximately 265 million shares) of the authorized shares were issued between January and March 31, 2020, for debt Servicing, consulting, and conversion of preferred stock conversion.
The company is one of the leaders in the industrial hemp market with a presence in Arizona, Nevada, Oregon, and North Carolina. Hemp Inc also announced plans to expand to the state of Florida.
Hemp Inc’s proposed venture into Florida
A GlobeNewswire publication on June 9, 2020, reported Hemp Inc’s plans to set up processing facilities in Florida. In a statement made by Bruce Perlowin, the CEO of Hemp Inc, the company declared its intentions to achieve a dominating position in Florida.
Perlowin added, “The Florida climate is right for hemp so it’s really just a matter of ensuring that there are proper processing facilities once the hemp has been harvested”. The industrial hemp company’s CEO will also create more kins communities across the state.
All investments in this venture will be backed personally by Perlowin and not from Hemp Inc’s reserves. In the past, Perlowin was instrumental in setting up over ten different community foundations in Florida.
Hemp Inc’s Q1 2020 Quarterly earnings highlights
The hemp company released its first-quarter 2020 earnings on May 21, 2020. The sales figures for the quarter dipped 16% compared to the same quarter one year ago. The company’s premium hemp product, Pre-98 OG Bubba Kush, generated close to $0.99 million in revenue since the beginning of March.
Out of this, $0.7 million is attributed to the first half of Q2 2020. The net loss for the quarter ended March 31, 2020, was $2.75 million, as against a net loss of $8.3 million in the first quarter of 2019.
Hemp Inc’s cash flows show a fall in the cash balances at the end of the period. The closing cash balance on March 31, 2020, was $0.2 million. In addition to the cash in hand, the closing balances also include short term time deposits, certificates of deposits, and debt instruments with a maturity equal to or less than three months. We recommend watching this stock for now but also consider using Algorithmic Stock Trading to make profitable trades with this hemp stock and others.
About Hemp Inc.
Hemp, Inc. operates as a development stage company, which engages in the production of industrial hemp. Its products include drillwall, spill-be-gone, raw kenaf fiber, and hemp oil for hair and skin. The company was founded on January 16, 2008, and is headquartered in Las Vegas, NV.
Hemp Inc. Eyes Expansion
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