As a global leader in the industrial hemp industry with bi-coastal processing centers, Hemp Inc. has the largest multipurpose industrial hemp processing facility in the western hemisphere (in Spring Hope, North Carolina). The company recaps its key business developments and successes in 2018.
“I am incredibly proud of all that our team accomplished in 2018,” says Hemp, Inc. CEO Bruce Perlowin (picture above). “Hemp, Inc. was at the center of news coverage (including Forbes) surrounding the legalization of hemp that came with the historic passage of the 2018 Farm Bill.”
After years of prohibition, industrial hemp became federally legal in America. President Trump signed off on the 2018 Farm Bill, in December 2018, which redefined hemp as an agricultural commodity, but more importantly, removed it from the Controlled Substances Act. Hemp is no longer considered a Schedule 1 substance and the Drug Enforcement Administration (DEA) will no longer be able to interfere with the interstate commerce of hemp products. With its ever-expanding footprint across the nation, this has been a huge win for Hemp, Inc.
“This historic event in our nation’s industry created and will continue to create a tremendous amount of opportunities for the small family farm, local communities, the U.S. economy, and a myriad of industries,” Perlowin continues. “At the same time, I continued to travel the country meeting with farmers who are growing hemp or wanted to learn more about this incredibly valuable crop. In the coming year, I look forward to building upon our success and accomplishments as we continue to rapidly expand our footprint and bring new hemp products to market.”
Some expect the global industrial hemp industry to hit $20 billion by 2022. Until recently, the U.S. has imported, on average, $100 million worth of hemp products each year, according to Congressional Research Service. Now, hemp legalization will allow American farmers and companies to tap that market.
In addition to the company’s 85,000 square foot multi-purpose industrial hemp processing facility in North Carolina, Hemp, Inc. also has one the most sophisticated hemp local processing centers in Medford, Oregon, and a 4,500-acre hemp-growing eco-village in Golden Valley, Arizona. They continue to scout new locations for local processing centers nationwide. The processing center in Medford is one of the most sophisticated hemp harvesting and post processing centers in the state of Oregon, and its operations in Arizona consist of a 4,500-acre hemp growing eco-village that they are actively building out for 300 acres of hemp cultivation. The company aims to boost the economies of these towns by offering affordable hemp processing services, which incentivizes local growers to add hemp to their crop rotation.
