We talked about Hemp Inc (OTCMKTS:HEMP) here on Street Register most recently on the 11th of September, and were discussing the educational symposium the company held, called “The Art & Science of CBD Oil”.
HEMP brought attendees up to speed on business and scientific aspects of Industrial hemp derived cannabinoids, and they had a chance to go to the company’s 70,000 square foot multipurpose hemp facility for the first live public demonstration of its Supercritical CO2 Extraction System using North Carolina-grown CBD industrial hemp.
This week, Hemp Inc (OTCMKTS:HEMP) has announced the filing of a provisional patent Oct. 2, 2017 for methods of processing plants for the production of fiber for industrial use.
Industrial Hemp Manufacturing LLC, a wholly owned subsidiary of Hemp, Inc., produces loss circulation material (LCM) and spill absorbents for the oil and gas industries. In oil or gas well drilling, loss circulation occurs when drilling fluid flows into one or more geological formations instead of returning up the annulus. Loss circulation can be a serious problem during the drilling of an oil well or gas well. The provisional patent covers Hemp, Inc.’s process, which dramatically reduces the time, cost, and energy required to create LCMs and spill absorbents using natural plant materials – resulting in a higher quality product for the oil and gas industries.
“We have created a green solution for LCMs,” said David Schmitt, COO of Hemp, Inc.’s subsidiary, Industrial Hemp Manufacturing, LLC. “While there are numerous LCMs on the market to choose from, we are confident our proprietary blend of plant materials will further position us as industry leaders in the space. Having the largest hemp and kenaf processing and manufacturing facility in North America allows us to meet the very high demand the oil and gas industries have for LCMs.”
“We are committed to creating environmentally-friendly products in our state-of-the-art 85,000 square foot facility,” said Hemp, Inc. CEO Bruce Perlowin. “Hemp, Inc.’s operation positions North Carolina on the forefront of America’s industrial hemp revolution.”
The provisional patent is applicable for about 10 different plants. The provisional patent is good for one year and during that time Hemp, Inc. plans to complete the application for a process patent. (Source: Marketwired)
Additionally, HEMP has also recently launched an initiative to seek out parties who wish to purchase industrial hemp seed. It plans to sell the seed, after navigating what is admittedly a laundry list of red tape and unanswered questions about the European strains of hemp that produce the seed and the legal ramifications of selling it for growth, and/or product manufacture/consumption in the US. When those regulatory queries have been satisfied, HEMP expects to have upwards of 50,000 tons of viable hemp seed available for purchase by American farmers and/or product manufacturers.
Last year around this time, HEMP stock saw a significant run on the chart up to more than .05, so we’ll be interested to see if it can put together another solid fall season, which has been a strong time of year for the cannabis space in general for the past several years now. We’ll continue to stay on top of the story as we have all year. Stay locked to Street Register for updates, and we’ll deliver important developments on HEMP as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in HEMP stock, short or long.