Hemp Inc Signs LOI to Purchase 100,000,000 CBD-Ric
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Posted On: 08/23/2018 6:27:00 AM
Hemp Inc Signs LOI to Purchase 100,000,000 CBD-Rich Hemp Seeds
Spring Hope, NC, Aug. 22, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, announced today the company has entered into a Letter of Intent (LOI) with a California seed company (whose name is withheld) that positions Hemp, Inc. to purchase one hundred million (100,000,000) organic, cannabidiol (CBD)-rich hemp seeds.
Per the LOI, Hemp, Inc. will purchase these seeds on a yearly basis for five consecutive years with the first right of refusal to buy 100 percent of the seeds produced above that amount. As Hemp, Inc. continues to expand its footprint across the United States (and now across the globe), the company is focused on ensuring it has enough hemp seeds to meet the marketplace demand. The Hemp Business Journal estimates the U.S. hemp industry will grow to a $1.9 billion dollar market by 2022.
Hemp, Inc. identified the need for a consistent supply chain for hemp biomass and hemp processing capabilities when it began to build its state-of-the-art hemp processing and manufacturing infrastructure in Spring Hope, North Carolina over four years ago. Hemp, Inc.’s 85,000 square foot multi-purpose industrial hemp processing facility, on now 59 acres, has been operational since August 2017.
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Spring Hope, NC, Aug. 22, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, announced today the company has entered into a Letter of Intent (LOI) with a California seed company (whose name is withheld) that positions Hemp, Inc. to purchase one hundred million (100,000,000) organic, cannabidiol (CBD)-rich hemp seeds.
Per the LOI, Hemp, Inc. will purchase these seeds on a yearly basis for five consecutive years with the first right of refusal to buy 100 percent of the seeds produced above that amount. As Hemp, Inc. continues to expand its footprint across the United States (and now across the globe), the company is focused on ensuring it has enough hemp seeds to meet the marketplace demand. The Hemp Business Journal estimates the U.S. hemp industry will grow to a $1.9 billion dollar market by 2022.
Hemp, Inc. identified the need for a consistent supply chain for hemp biomass and hemp processing capabilities when it began to build its state-of-the-art hemp processing and manufacturing infrastructure in Spring Hope, North Carolina over four years ago. Hemp, Inc.’s 85,000 square foot multi-purpose industrial hemp processing facility, on now 59 acres, has been operational since August 2017.
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