Hemp Inc (OTCMKTS:HEMP) management expects more profitable business opportunities in coming period. The reason behind this growing optimism is news of another state joining the group of 29 states that have legalized industrial hemp.
The highlights
Tom Wolf, the Governor of Pennsylvania, signed a bill that would allow the Pennsylvania Agriculture Department as well as institutions of higher education cultivate hemp for research use, directly or through authorized contractors. As per, Rep. Russ Diamond, extensive production could be done under the research provisions. With the nation’s main industrial hemp processing unit and milling operation happening, Hemp Inc is well positioned in re-emerging industrial hemp industry.
Hemp, Inc.’s subsidiary unit, IHM, is in the last phase of completion. David Schmitt, the COO of IHM, said that industrial hemp is regaining its fair position in the U.S. as demand for this natural fiber continues to surge due to the economic advantages. Pennsylvania boasts a rich history of hemp farming going back to the 1700s. In fact, it had one county which was even named ‘Hempfield.’ The awareness is growing as more and more states are ready to tie to existing American culture.
Bruce Perlowin, the CEO of Hemp, expressed that the company plans to have its commercial decortication facility operational soon. It will meet the demand for fiber processing and will also successfully deploy portable decorticators to farmers as they start to cultivate hemp.
Schmitt announced that the milling machinery is placed in permanent location. He had meetings with the air handler manufacturer to ensure when they can anticipate the machinery on-site. Once it is on-site, they are looking to engage specialized contractors to help with securing the equipment in place. The COO added that while he can’t confirm the exact date of getting air handler and dust collector onsite, once it is placed, they may need three weeks for to have these mills operational.
Progressive Care Inc (OTCMKTS:RXMD) Progress With Building Permits
Progressive Care Inc (OTCMKTS:RXMD), along with its subsidiary unit Pharmco LLC, issued an update on its building permits. The company has passed all the legal guidelines pertaining to the building permits.
In the last week of July 25, the company announced that Chicago Venture Partners has granted them the first funding of $250,000. This tranche of funds is expected to be deployed in the warehouse space construction, and a part of it would be used to meet the working capital needs. The company anticipates getting consent and providing building permits in the approaching quarters.
Parikh Mars, the CEO of Progressive, announced that they are thrilled to be on the cusp of attaining much awaited building permits. The space expansion is a vital initiative in achieving growth in different divisions. They are delighted that with the closure of the process, as they can progress with the automation system installation and boost revenue across the board.
