Hemp Inc (OTCMKTS:HEMP) recruited 50 employees at its Southern Oregon facility to meet the surging demand for its products and to cater expansion of infrastructure. The company also retained core employees.
Growing demand for buds
Hemp Inc (HIC) will use the new employees for bucking and trimming of hemp buds for use in its pre-roll line. Its buds are sold immediately after trimming and hence the need for more trimmers.
CEO of HIC, Bruce Perlowin, said the company is experiencing new opportunities and growth in the emerging socio-economic paradigm. Therefore, the demand for hemp buds is on the rise because of cannabidiol and other vital compounds.
The market for industrial hemp
The demand for industrial hemp worldwide expects to reach $15.26 billion by 2027 by 15.8% CAGR. CBD demand worldwide expects to grow at CAGR of 2.2% between 2019 and 2025 from $4.6 billion in 2018. The growth drivers for CBD include wellness and medical use applications.
Expects to achieve $2 million in revenues
HIC expects to post revenues of $2 million in Q2 2020 from Pre-98 OG Bubba Kush, a high quality and premium hemp flower. According to information released on May 26, 2020, the company exceeded sales of $1 million because of enhanced demand for hemp flower.
Despite delays caused for 2-months due to coronavirus, HIC quickly regained the momentum and is back on track to sell King of Hemp pre-rolls in all the 50 states. The company is launching a mass marketing campaign and expects to realize sales of $2 million by the end of this month.
HIC focused all of its manpower and resources in Southern Oregon to grow and process high cannabidiol hemp. It helped the company achieve better yields and provide a better outlook for the rest of the year.
Builds processing facilities
In Florida, HIC is proceeding to construct processing facilities to become a lead player in the state. The hemp infrastructure helps farmers in Florida with proper processing facilities once the crop is harvested.
Senate Bill 1020, enacted in 2019, facilitates sale and cultivation of hemp and related products such as fabric, rope, and CBD oil.