Hemp Stock: Hemp Inc Announces Hemp Farming Now Legal in New Mexico

hemp stock

Last week, the 2018 Farm Bill was passed in the US. This is huge for the hemp industry, as it makes farming hemp legal across all 50 US states. Before the bill was passed, hemp was only legal to farm in a handful of states, yet the country is one of the largest consumers of hemp products. Now, a hemp stock is taking off as a result of this new legislation.

Today, we'll take a closer look at that stock and the company's latest movements.

Hemp Inc. (OTC:HEMP)

Hemp Inc. is based out of Las Vegas, Nevada. The company produces products made from industrial hemp. The company also offers products and services to the medical and recreational marijuana industry. The company was formerly known as Marijuana, Inc but changed its name and direction back in June of 2012.

Hemp Inc. is establishing a name for itself in the US hemp space and is rapidly expanding. Yesterday, the hemp stock announced that state representatives in New Mexico have just passed Proposal 1, which allows farmers to cultivate hemp at the industrial level.

While hemp farming was legalized across the federal level recently, states have the power to dictate the details of the legalization across their state. So far, 41 of them have legalized hemp, and 39 have allowed for hemp farming and cultivation.

>> New Zealand Becomes the Latest to Legalize Medical Cannabis

“We are delighted to be at the forefront of the re-emergence of the industrial hemp industry,” said Hemp, Inc. CEO Bruce Perlowin. “This opportunity offers us the privilege to boost the economies of rural U.S. towns that have found it nearly impossible to turn a profit growing wheat or corn as a small farm.”  

HEMP Stock Movement

According to Yahoo Finance, HEMP is currently trading at $0.0342 a share, up +$0.0009 (+2.70%). For the month, the HEMP stock is up +31.53%.

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