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Saturday, Dec 3, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Hemp Inc. has 315% revenue increase throughout the last 3 quarters

The company attributes its recent financial success to CBD and oil-absorbing product distribution

Hemp Inc. observes sharp revenue increase this year
Photo via Hemp Inc.

A multi-state cannabis company in the U.S. has reported some recent success with its distribution endeavours and finances.

On Wednesday, Hemp Inc. (OTC PINK: HEMP) announced that its revenue had been steadily increasing throughout 2022.

In comparison to last year the company says it saw a 146 per cent increase in Q1, a 383 per cent rise in Q2 and a 455 per cent incline in Q3. Hemp Inc. observed a 315 per cent revenue increase overall this year in comparison to 2021.

Read more: Curaleaf acquires Reef Dispensaries in Nevada and Arizona for US$181M

Read more: StateHouse enters partnership with Nabis to decrease its distribution costs

The company says its revenue growth can be attributed to selling CBD products via its King Of Hemp USA website and through the recent distribution of oil-absorbing products such as Spill-Be-Gone from its North Carolina facility.

Additionally, the company produces a product called DrillWall that oil, water and gas companies use as an additive in their drilling fluid.

The facility in Spring Hope, N.C. is 85,000 square feet and sits on a nine-acre property. The company says it is one of the largest industrial multi-purpose hemp processing facilities on the continent.

Hemp Inc. also produces a variety of cannabinoid products at its other facility in Las Vegas including CBD, CBDA, CBN, CBG and CBGA derivatives.

Company stock stayed flat today at US$0.00040 on the OTC exchange.

 

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