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.
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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.