- Hemp Inc. has the capacity to produce the required amount of hemp as per the trade deal at its established plant in North Carolina.
- The company will be working with local partners to source raw material required for the manufacturing process.
- The deal will be a step forward for the American Hemp Industry and open doors for American producers to reach the Global Hemp market.
Headquartered in Las Vegas, Hemp Inc. has recently revealed that it has the capability to satisfy the required demand for hemp to be supplied to China under the new US-China trade agreement. According to the agreement penned, the United States Government has agreed to sell hemp fiber to China with China deciding to increase commodity imports from the US market at a cost of USD 12.5 million more than that in 2017.
There have been speculations in the United States that local producers are unlikely to take advantage of the situation even if it is a step forward for the country. Hemp Inc. has now decided to put a stop to this speculation by announcing its intention to become a major hemp supplier by growing its infrastructure and expanding operations in North Carolina.
To meet the requirements of this deal, Hemp Inc. is using its facility in North Carolina to produce the required 50 acres of hemp fiber. The company had previously fulfilled a USD 1 million order for its product Drillwall, a Loss Circulation Material (LCM) product used in Oil and Gas well drilling industry.
Hemp Inc’s current work with industrial Hemp producers in the industry across America has propelled the company to become a major force in supplying China as per the agreement. The company has established an efficient supply chain in the country so as to receive raw materials from nationwide partners which has also promoted growth and led to local partners expanding business operations.
Experts have previously stated that even though this market is dominated by players in the Asia Pacific region, there is plenty of opportunity for American Hemp Industry going forward. Bruce Perlowin, CEO at Hemp Inc. revealed that the company grows most of its Hemp in North Carolina and is well equipped to supply its product through own operations and partnerships across the country. He also acknowledged the size of the Chinese Hemp market and said that it opens up lots of avenues for the Industrial Hemp market in America.
Source Credits: https://apnews.com/725f96fefa711d980bd54d7f079af63c