Hemp, Inc. Praises 50th State to Legalize Hemp

Rhea-AI Summary

Hemp, Inc. (OTC PINK: HEMP) celebrates Idaho's legalization of industrial hemp, making it the 50th state to do so, effective immediately after House Bill No. 26 passed in April 2021. This development allows Idaho farmers to diversify their operations with licenses for both producing and handling hemp. The industrial hemp market is expected to reach $12.01 billion by 2028, driven by rising demand for various products. Hemp, Inc. plans to launch a new line of CBDA and CBGA products shortly, capitalizing on this growth.

Positive

• Idaho's legalization of industrial hemp opens new market opportunities for Hemp, Inc.
• The global industrial hemp market is projected to reach $12.01 billion by 2028, indicating strong growth potential.
• Hemp, Inc.'s strategic acquisitions enhance its operational capabilities and market position.

Negative

• Only 8 licenses granted as of now, indicating a slow rollout of the legal framework in Idaho.

Las Vegas, NV, Jan. 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), one of the global leaders on the forefront of the industrial hemp industry, praises Idaho on being the 50th state to legalize industrial hemp.  Thanks to House Bill No. 26passing in Idaho’s April 2021 legislature, with an emergency clause that made the law effective as soon as it passed both chambers of the Legislature, approved farmers are now receiving their hemp licenses so that they can legally “produce and handle the crop during this growing season for commodities such as insulation, paper, oil and food products.” According to the news source, Idaho took a very “methodical and diligent approach” to what it would mean for the state to legalize the crop.

Idaho’s industrial hemp legalization gives its farmers an opportunity to diversify their operations, potentially creating more opportunities to do business with other companies in the industry. With Hemp, Inc.’s ten divisions, vast resources and invaluable industry contacts, executives believe Idaho’s farmers could particularly find the Company useful to their operations as they begin to grow.  Not to mention, Hemp, Inc. is already positioned as a “go-to” consultant in the industry.

Idaho Farm Bureau’s deputy government affairs director, Braden Jensen, said the Bureau has been “pushing for the policy change for the better part of the past 20 years, but the 2018 Federal Farm Bill that removed hemp from the controlled substances list made the issue a priority in the 2021 legislative session.”  Idaho now has two licensing options for its farmers (handlers and producers).

Licensed handlers are allowed to process raw hemp materials into other materials but they can’t grow the crop. Licensed producers can grow and market the hemp crop. Both licenses will require a background check on its owner that has to be renewed annually and producers will have their hemp lots tested for acceptable levels of THC (below 0.3%). If any sample of the lot tests higher than this threshold, the entire crop will either be destroyed or blended with a different strain to lower the THC amount.

The news source said the state had about 60 applications in November of 2021 and as of today, 8 have been fully granted (4 handlers, 3 producers, 1 handler/producer).  For those granted licenses, the news could not have come at a better time.

The industrial hemp market is growing exponentially. A new report by Grand View Research, Inc. (October, 2021) noted the global industrial hemp market is expected to reach 12.01 billion by 2028 and is expected to expand at a compound annual growth rate (CAGR) of 16.2% from 2021 to 2028. The report also mentioned population growth and the rising per capita disposable income.  Coupled, both of these factors are expected to result in the increased demand for high-quality cosmetics, personal care products, protein supplements, and other health food products, and are expected to drive the market over the projected period. (Source)

Hemp, Inc.’s first product, in its line of CBDA and CBGA products, is set to be released soon. The entire product line will include water, tinctures, gummies, capsules, and edibles and will come in a variety of sizes, potencies, flavors and formulas that executives foresee being in high demand.

The current King of Hemp® product line includes:

King of Hemp® Gummies - These CBD edibles come in a variety of flavors and potencies of 25 gm, 20 gm and 10 gm. Flavors include blue raspberry, kiwi, strawberry, pineapple, guava, tropical, apple, citrus, berry tang and more. CBD Fruit Rings (20 gm and 10 gm) are available in apple, peach and watermelon. King of Hemp® Sour Bears in assorted flavors (10 gm) are in stock, too.

King of Hemp® Caviar (previously called Moon Rocks) offers high CBD potency and a rich taste. The Caviar is made from high-quality Bubba Kush hemp flower, coated in a THC-free distillate and then rolled in CBG-rich kief. While Caviar can be smoked in a pipe or vaped, it should not be rolled into a cigarette.

King of Hemp® Diamonds contain over 95% CBD and are derived from terpene-infused THC-free distillate. Diamonds are consumed by dabbing.

The robustly flavored King of Hemp® Pre-Rolls are made from organic, pesticide-free Bubba Kush hemp wrapped in RAW Natural Rolling Paper. The unique wrapper is made from 100% plants with no added chalk or dyes. Pre-Rolls are sold online as singles and in a six-pack.

Fortified Pre-Rolls utilize the King of Hemp® Pre-Roll and cover it with a high-CBD distillate and hemp CBG kief. These highly potent, flavorful pre-rolls are recommended for experienced smokers.

Midnight Express, a high CBG Pre-Roll, is made from premium hemp flowers, named in honor of the 1977 book by Billy Hayes ‘Midnight Express’, which was also an award-winning feature film, written by Oliver Stone. Hemp, Inc. uses a proprietary process for its Pre-Rolls, which includes blending the best flower from numerous hemp crops. King of Hemp® Pre-Rolls offer smokers a unique, consistent profile every time.

King of Hemp® Tinctures are currently sold out, but new-formulated tinctures with CBDA and CBGA will be available at the King of Hemp® online store and at retail locations in a few weeks.

With more than 10 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Hemp, Inc. has the largest industrial multipurpose hemp processing facility in North America, an 85,000-square foot facility in Spring Hope, N.C.  Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue- and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.

HEMP, INC.’S LAS VEGAS FACILITY

In addition to Hemp, Inc.’s 85,000-square foot facility in Spring Hope, NC, the Company also has a 10,000-square foot research and development/manufacturing facility located in Las Vegas, Nevada… home of some of the biggest named trade shows and conventions in the United States.  Easily accessible in the heart of the valley, this facility researches, formulates, develops and produces the Company’s line of products and stays abreast of the industry’s scientific data and findings. Those interested in Hemp, Inc.’s King of Hemp® products or those who require more information can visit www.KingofHempUSA.com; email sales@kingofhempusa.com; or, call 877-436-7564.

HEMP, INC.’S RECENT ACQUISITIONS

Hemp, Inc. had its second major acquisition in less than three months. In the all-stock transaction, Hemp, Inc. acquired full ownership of American Sustainable Rubber Company, LLC (ASR). This specific acquisition will enable Hemp, Inc. to leverage ASR’s proprietary intellectual property to improve its hemp grows and harvesting. The first acquisition was acquiring Ferris Holding, Inc., a leading co-packer and manufacturer based in Las Vegas, Nevada. To read more on how these strategic acquisitions are positioning the Company for long-term profitable growth, click here.

WHAT IS HEMP, INC.?

With a deep-rooted social and environmental mission at its core, Hemp, Inc. seeks to build a business constituency for the American small hemp farmer, the American veteran, and other groups experiencing the ever-increasing disparity between tapering income and soaring expenses. The Company is on a mission to be a powerful engine for social change and economic revival, worldwide, by providing hemp products that are eco-friendly, sustainable and healthy. Hemp, Inc. executives believe there can be tangible benefits reaped from adhering to a corporate social responsibility plan.

FORWARD-LOOKING DISCLAIMER AND DISCLOSURES

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found out the Hemp, Inc. website by visiting www.hempinc.com/hemp-financial-disclosures/. Material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks, uncertainties.

Contact:

Hemp, Inc.

855-436-7688

ir@hempinc.com

FAQ

What impact does Idaho's legalization of industrial hemp have on Hemp, Inc.?

Idaho's legalization allows Hemp, Inc. to work with local farmers, creating new business opportunities and enhancing its market presence.

What is the projected growth of the industrial hemp market?

The global industrial hemp market is expected to reach $12.01 billion by 2028, growing at a CAGR of 16.2%.

What products is Hemp, Inc. launching soon?

Hemp, Inc. is set to release a new line of CBDA and CBGA products, including water, tinctures, gummies, and capsules.

What recent acquisitions has Hemp, Inc. made?

Hemp, Inc. recently acquired American Sustainable Rubber Company and Ferris Holding, enhancing its capabilities.