Hemp Inc (HEMP)

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Hemp processing plant escapes Hurricane Florence unscathed

Wed, Sep 26, 2018

Hemp, Inc. announced last week that its 85,000 square-foot facility on 59 acres outside Spring Hope did not sustain any damage during Hurricane Florence. The industrial hemp processing plant was only closed Friday, Sept. 14 to ensure personnel safety. The facility resumed operations the following business day on Monday, Sept. 17.

Executives said the industrial hemp processing facility never lost electric service despite numerous power outages that occurred statewide as a result of the storm. In addition, the company announced Sept. 13 that it had safely secured 100 percent of its biomass, industrial hemp and kenaf in North Carolina through its own warehouse and with its strategic partnerships with existing storage warehouses in preparation for the brunt of Hurricane Florence.

As per the company’s policy, Hemp, Inc. maintains over a year’s worth of kenaf in storage at all times as a contingency plan for a bad harvest one year. According to Hemp, Inc. CEO Bruce Perlowin, the firm will be doing the same thing with hemp this year.

“The best time to respond to any type of disaster is before it happens,” Perlowin said. “This prevents any severe damage and helps to mitigate the effects of a hurricane-related disruption of your business. It’s also the reason our kenaf fared well during Hurricane Florence. It’s simply sound business practice.”

Only about 50 acres, on flat land, of the company’s hemp were destroyed by flooding due to the storm; however, other lots of the company’s hemp in North Carolina appear to be faring well due to strategically placed ditches days ahead of Hurricane Florence’s arrival to divert the anticipated flooding problems.

The Hemp, Inc. acreage lost in North Carolina only accounts for two tenths of 1 percent of the amount of the up to 25,000 acres of hemp the company is growing (or contract growing with other farmers) nationwide in states including Oregon, Nevada, Colorado, California, Kentucky and West Virginia, among others.

Company officials said Florence will not affect Hemp, Inc.’s bottom line.

“As water levels recede, we will continue to monitor our hemp and kenaf plants in North Carolina closely,” said Perlowin. “We are grateful that our manufacturing and processing facility was left unscathed, and our thoughts and prayers are with those farmers and residents throughout the state that experienced a more negative impact from the storm’s wrath. As we continue to execute our strategic vision to expand our footprint across the U.S. — and the world — we are able to diversify our portfolio to include markets beyond our headquarters in North Carolina, allowing us to create increased value for our shareholders.”

Source: http://springhopeenterprise.com/hemp-processing-plant-escapes-hurricane-florence-unscathed-p10883-165.htm