Industrial Hemp Manufacturing, LLC has signed a Letter of Intent to purchase the 1,000 acre-plus hemp crop planted by BioRegen Innovations Cooperative  in North Carolina, the company announced in a press release. The crop is among the first planted in the state and is expected to be harvested toward the end of 2017. Industrial Hemp Manufacturing is a wholly owned subsidiary of Hemp, Inc.

“I believe this will be a turning point for not only our company, but for the state of North Carolina and America,” Davis Schmitt, COO of Industrial Hemp Manufacturing said in the release. “We already have the infrastructure to grow industrial hemp in the short run. The NC Industrial Hemp Commission is now able to define the rules and regulations for growing industrial hemp. This industrial hemp crop is part of history in the making and I believe it will be a very lucrative venture for both parties.”

Hemp, Inc. CEO Bruce Perlowin called the agreement “momentous” indicating that the crop will be processed  at the company’s facility in Spring Hope.

“…We can process millions of pounds of hemp fibers and stalks to be incorporated into thousands of products used for clothing, plastic composites, construction material such as hempcrete, paper, biofuel, absorbent materials and more,” he said. “Instead of leaving the stalk in the fields to be wasted, or in some cases burned thereby polluting the environment, we have the infrastructure in place to take that wasted fiber and process roughly forty million pounds per year.”

Additionally, some of the hemp processed in the facility will be used for CBD-only medical products.

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