Hemp Inc. Reports Third Quarter Results and Removal of “Yield” Sign

Rhea-AI Summary

Hemp Inc. (OTC PINK: HEMP) reported a significant increase in total sales, rising by approximately 315% for the first nine months of 2022, compared to the same period in 2021. The surge is attributed to the growing demand for CBD products offered through its website, KingOfHempUSA.com, and advancements in industrial oil-absorbing products. The company has also successfully removed the 'Yield' sign from its OTC Market profile, achieving a 'Current' status as of November 2, 2022.

Positive

• Sales increased 315% for the nine months ending September 30, 2022, compared to 2021.
• Demand for CBD products and industrial oil-absorbing products is rising.
• Company achieved 'Current' status on OTC Markets, removing the 'Yield' sign.

Negative

• None.

Las Vegas, NV, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp Inc. (OTC PINK: HEMP), a leading hemp company committed to providing high-quality, grown in the USA hemp products, reported third quarter financial results for the period ending September 30, 2022. In addition, Hemp, Inc. has been working diligently with OTC Markets in the removal of the “Yield” sign and on November 2, 2022 was successful in getting the Company “Current” per OTC Market guidelines.

Total sales for the nine months ended September 30, 2022 increased approximately 315% compared to sales for the nine months ended September 30, 2021. The increase was primarily due to the demand in its CBD products offered through its website KingOfHempUSA.com and continued growth in its industrial oil absorbing products.

Hemp, Inc. has manufacturing facilities in Spring Hope, NC and Las Vegas, NV, offering two distinct product lines.  

The Las Vegas facility produces some of the best cannabinoid products available and at extremely attractive prices, and has recently added a monthly subscription service. Hemp Inc. offers several product lines which may contain CBD, CBDA, CBG, CBGA and CBN. These are non-psychoactive compounds found in cannabis plants. CBD is known for pain relief, relaxation, and anxiety relief. Adding CBG to CBD is known to enhance pain relief. CBN is known for helping one to fall asleep, and when combined with CBD and CBG (as we do in our products), it relaxes, reduces anxiety, reduces pain and assists in securing a better night’s sleep. There is a plethora of benefits related to these non-psychoactive cannabinoids.

Hemp Inc.’s CBD/CBG Tinctures are made from hemp isolate (99% pure), fractionated organic coconut oil (MCT oil) and USP grade β cyclodextrin (BCD), which increases the body’s ability to quickly absorb the cannabinoids in the intestines. This same tincture (minus the BCD) is used in Hemp Inc.’s Coffee Enhancer.  Hemp Inc. also has a potent Pain Relief Roll-on that has received rave reviews from users. For people who prefer capsules, Hemp Inc. offers CBDA/CBGA capsules, CBD/CBG capsules, as well as CBD/CBG/CBN capsules.

Hemp, Inc. has an 85,000 square-foot facility on over 9 acres in Spring Hope, N.C. which produces Spill-Be-Gone™ and Drill-Wall™.  These are both Hemp/Kenaf blends of a product that is well suited as a base for Hemp/Kenaf plastics, oil/gas well drilling and oil spill cleanup. Spill-Be-Gone™ is sold in industrial sized quantities for large oil spill cleanups. It is exclusively available through Industrial Hemp Manufacturing LLC. (a wholly owned subsidiary of Hemp, Inc.). It is a quick absorbent and is cost effective in cleaning up oil spills on land or water. It can also be disposed of in a green manner. It can be used by first responders to clean up oil spills on highways and land and is several times more absorbent than clay.

DrillWall™ is a tested loss circulation material (LCM) consisting of kenaf and hemp cellulose. It includes milled products from kenaf and hemp that are made into oil drilling fluid additives and oil absorbents.  DrillWall™ is insoluble in water, non-toxic, and is a biodegradable drilling fluid additive used in oilfield drilling applications. This product is used by many major oil, water and gas companies. Hemp Inc.’s proprietary LCM product also acts as a borehole stabilizer, a lubricating agent, as well as prevents differential sticking. The proprietary LCM product works faster to plug the leaks and is cost competitive with most LCM materials.

About Hemp, Inc.
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.’s 85,000 square-foot facility on over 9 acres in Spring Hope, N.C. is one of the largest industrial multipurpose hemp processing facilities in North America. 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.

To catch up with the latest news on Hemp, Inc., be sure to check out:
Hemp Inc. Reveals Stunning Results of its Hemp Research
Hemp Inc. Applauds President Biden's Plan to Pardon People Convicted of Simple Marijuana Possession
Hempcrete Approved for U.S. Residential Construction
Hemp Inc. See Significant Increase in Revenue Over the Last 3 Quarters
Global Hemp Fiber Market Rising at an Annual Rate of 6.9%
Hemp, Inc. Offers CBD-CBG Topical Pain Relief Roll-On
Hemp, Inc.'s Chief Visionary Consultant Bruce Perlowin Brings Opportunity to Hemp, Inc. (August 8, 2022)
Hemp Inc.'s CBDA and CBGA Products on Sale Now (July 19, 2022)
Hemp Inc.'s Chief Visionary Consultant Bruce Perlowin talks with Stock Day podcast about Hemp Inc.'s super potent line of CBD/CBG/CBN Products (July 7, 2022)
Healthy Products for Healthy Living: A Look into Hemp, Inc.'s Pure, Premium, and Potent CBD and Wellness Products (June 16, 2022)
Hemp, Inc. Releases New High Potency CBD/CBG Vanilla Flavored Coffee Enhancer (June 9, 2022)
Hemp, Inc.'s King of Hemp CBD-CBG-CBN Natural Sleep Aid Capsules in Stock and On Sale (May 26, 2022)
King of Hemp Natural and Vanilla-Flavored CBD/CBG "Super" Tinctures Now in Stock (May 12, 2022)

The Company will continue to keep its shareholders up to date on all pertinent material events, product releases, production plans, and inventory availability. Those interested in distributing on a large-scale basis should email sales@hempinc.com or call 877-436-7564 for more information. The entire product line includes tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors, and formulas with a future focus on healthy foods for healthy living.

Forward-Looking Statements
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 on 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 and uncertainties.

Contact: Hemp, Inc.
ir@hempinc.com | (855) 436-7688
Sales: (877) 436-7564

FAQ

What were Hemp Inc.'s sales figures for the third quarter of 2022?

Hemp Inc. reported a 315% increase in sales for the nine months ending September 30, 2022, compared to the same period in 2021.

What is the significance of Hemp Inc. removing the 'Yield' sign?

Removing the 'Yield' sign signifies that Hemp Inc. has achieved 'Current' status on OTC Markets, enhancing its credibility with investors.

What products contributed to Hemp Inc.'s sales growth in 2022?

The sales growth was primarily driven by the demand for CBD products available through KingOfHempUSA.com and growth in industrial oil-absorbing products.