The CEO of Hemp Inc (OTC:HEMP) has had his eyes on Puerto Rico for a while now, visiting areas of the Caribbean island and looking for land to support the company's hemp-growing eco-village. The Veteran Village Kins Community is thought to bring new energy to the island's economy; another move today has increased this likelihood.
Hemp Inc and Puerto Rico: A Blooming Partnership
On Tuesday, February 19th, Hemp Inc announced that the Governor of Puerto Rico signed an executive order on February 12th to implement the hemp industry in the unincorporated US territory. Globe News Wire reported the news.
"We are excited to partner with the Puerto Rican people," said CEO Bruce Perlowin. "This step by Governor Nevares will open up a myriad of opportunities for the economic empowerment of Puerto Rico."
As of 1:57 PM EST, on the OTC market, HEMP stock is down 1.92%, according to Yahoo Finance.
Benefits of the Partnership
The next step for Puerto Rico is to submit a plan to the United States Department of Agriculture. For the plan to be approved, it must comply with various requirements and parameters, according to Noticel. Though it's only the beginning, today's news is significant for Hemp Inc, Puerto Rico, and the industrial hemp industry as a whole.
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For Hemp Inc, the North Carolina-based company can expand its footprint in the hemp market even more. For Puerto Rico, because of the "projected growth rate of over 17% and a huge demand for hemp-derived CBD products," this partnership could bring more jobs to struggling families. It can also bring economic empowerment to the island.
Takeaway
Anyone interested in the industrial hemp industry should stay updated with this story. So should those with a specific interest in Hemp Inc, HEMP stock, and the economic development of Puerto Rico. If all goes as planned, the Hemp Inc Puerto Rico partnership is likely to benefit more than just one party.
Featured Image: Hemp Inc
