Hemp Inc (OTCMKTS:HEMP) has announced that its subsidiary, Industrial Hemp Manufacturing LLC, has completed the installation of its truck scale. In fact, the COO of Hemp, David Schmitt, revealed that the scale has been in use by the company, for the past 3-weeks. The Weigh-Tronix truck scale is around 11-ft wide and 70-ft long and had been purchased and dissembled in Georgia.
The installation of the scale comes at a crucial time for the company, as its kenaf harvest, planted last year, is set for picking. The COO also disclosed that it took the crew a whole week to install the scale in its place. Moreover, the scale has 25-ft long approach and exit ramps, each. The workers also needed to ensure that the ground was perfectly level, for the scale to be put in place. As per Mr. Schmitt the whole week was filled with the workers excavating the site and pouring concrete.
Craig Perlowin, the secretary of HEMP, provided an update stating that the company has been making significant progress. He also stated that the company’s crew has been working hard, through harsh weather conditions, in order to complete the largest hemp facility in North America. So far the silo and the truck scale are the only new installations completed at the site.
Bruce Perlowin, the CEO of HEMP, stated that his company is getting in position to meet the growing demands of hemp products. The decorticating facility would allow Hemp to remain at the forefront of the industry, during its growth. In its FY2015 financial report, filed in late April, Hemp Inc reported a net loss of $8.8 million. Furthermore, the cash reserves of the company have depleted to $60,000, with full year revenues of just $113,000. To see what effect can the fresh kenaf harvest and the new facility can have on Hemp’s finances, the public would have to wait for the filing of the company’s 2Q2016 results.
Hemp Inc (OTCMKTS:HEMP) closed trading at a share price of $0.0399, after losing 0.01% of its value, during the April 29 session, with a trade volume of 3.01 million.