In 2012, the Hemp Industries Association valued the hemp industry in the United States at $500 million. This valuation takes into account the combination of annual sales and growing of all goods made of industrial hemp in the United States, despite it being illegal for farmer’s to grow in the U.S. American’s are pressuring lawmakers for change though, as 26 states have already passed bills allowing the commercial farming of Hemp, and 7 more have proposed pro-hemp legislation.
As time passes waiting for policy to change, major American companies are proving how lucrative the commercial hemp industry can prove to be. Companies such as Ford Motors, Patagonia, and The Body Shop use the seeds, fiber, and oil from the renewable hemp plant in raw materials for their products. Hemp can be practically applied throughout several industries, from manufacturing clothing to drilling for oil. While many of these companies were forced to import their Hemp related products due to restrictive legislation, the current policy climate is shifting and companies are now able to implement American Hemp into their business processes.
The Micro-Cap company Hemp Inc (OTCMKTS:HEMP) has been preparing for the legalization of the domestic farming of Hemp. Hemp, Inc. is in the business of meeting its client’s industrial needs through the use of Hemp products that are sustainable, organic, and manufactured in America. Based in South Carolina, the company is headquartered in a state that allows for the commercial farming of Hemp, and is currently planning to produce Hemp related solutions for some of the world’s largest oil companies.
Recently, Hemp Inc (OTCMKTS:HEMP) issued a press release regarding South Dakota passing a house bill on the legalization of industrial hemp. This marks the 27th state to allow the growth and processing of industrial hemp, with many more having proposed similar bills. Bruce Perlowin, the CEO of Hemp, Inc., shared his thoughts on the matter and how it will affect his company, “More often than not, we are seeing states unfold pro hemp legislature. This will inevitably create revenue for Hemp, Inc. and for farmers. Hemp, Inc. owns the only commercial hemp decorticator in the United States and we are gearing up an arsenal of portable decorticators that can be deployed to more and more farmers as they begin to grow hemp. Once testing and modifying of the machinery is complete, we’ll be able to ship the portable decorticators to farmers as well as provide seed and consultation. The seed and consultation opens yet another potential market for Hemp, Inc.”
Hemp, Inc. also prides itself on its ability to enter into strategic partnerships. One of their goals as a company is to orchestrate with other companies within the industrial hemp industry to create a joint synergistic team that will all be able to focus on their unique strengths. An example of this, as taken from a recent press release, Hemp, Inc.’s wholly owned subsidiary, The Industrial Hemp and Medical Marijuana Consulting Company, Inc. (IHMMCC), signed a Consultant Agreement with FutureLand Corp. The CEO of FutureLand Corp., Cameron Cox, spoke regarding the agreement with Hemp, Inc., “We are excited to team up with Hemp, Inc. Their vast pool of resources in the industrial hemp and medical marijuana industries are invaluable. We feel this new partnership between two well-known established leaders in our respective niches comes at a time when this industry is exploding with huge economic opportunities, so we are very excited to have Hemp, Inc. as our partner.”