Hemp Inc. (HEMP.PK) Farm Bill Could Drive $20 Billion Hemp Industry
Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry with bi-coastal processing centers including the largest multipurpose industrial hemp processing facility in the western hemisphere (in Spring Hope, North Carolina), announced today that, in anticipation of the Farm Bill, hemp legalization and cultivation could be a catalyst for explosive growth in a nascent industry that some forecast could top $20 billion by 2022.
According to a recent CNBC article, industrial hemp production in the U.S. has been limited to “Mostly research and pilot programs although imports from Canada, China, and Europe have helped fill domestic demand for everything from hemp seeds to fibers. The legalization of hemp cultivation could boost investor interest across the sector.”
Initially nominated the Hemp Farming Act of 2018, the Senate’s version of the farm bill includes provisions to legalize hemp, completely striking it from the federal list of controlled substances. In the 2014 Farm Bill, states were permitted to run pilot programs in order to research its viability for commercial production. The 2018 Farm Bill is expected to federally legalize hemp before the end of this year.
“We are eagerly awaiting the passage of the Farm Bill,” said Hemp, Inc. CEO Bruce Perlowin. “Our vast experience in the emerging marketplace, paired with our social and environmental efforts, put us at the forefront of this ever expanding industry. It is truly a historic time to be in the hemp business.”
Hemp, Inc. entered into a majority ownership agreement with JNV Farms LLC for the hemp cultivation and processing company in Medford, Oregon. As the majority owner of the, now fully functional, hemp cultivation and processing company, Local Processing Center, Inc. (LPC), Hemp, Inc. will be able to create a pipeline of industrial hemp and hemp products in states, where legal, on the West Coast. This makes Hemp, Inc. a bi-coastal hemp processing center in America with many more Hemp Local Processing Centers planned for other areas where Hemp is being grown. Thus far, the company has created about 50 jobs in its LPC and also helps create even more jobs for the local farmer. “A to Z” services for the farmers are available – from harvesting to drying, bagging, curing, storing, nitrogen sparging, machine trimming, hand trimming, extracting and selling creating a “one stop shop” for the small to large family farm. Daily updates on LPC can be found on Bruce Perlowin’s personal Facebook page.
Overall, the bias in prices is: Upwards
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 0.03.
The projected upper bound is: 0.05.
The projected lower bound is: 0.04.
The projected closing price is: 0.04.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 16 white candles and 34 black candles for a net of 18 black candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 86.0927. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 80.34. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 6 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 189.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.
Rex Takasugi – TD Profile
HEMP INC closed up 0.010 at 0.044. Volume was 519% above average (trending) and Bollinger Bands were 130% wider than normal.
Open High Low Close Volume___
0.037 0.045 0.035 0.044 215,648,288
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 0.03 0.03 0.03
Volatility: 205 126 102
Volume: 78,079,072 34,357,028 31,861,606
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
HEMP INC gapped up today (bullish) on heavy volume. Possibility of a Breakaway Gap which usually signifies the beginning of a major market move. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
HEMP INC is currently 54.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect very strong flows of volume into HEMP.PK (bullish). Our trend forecasting oscillators are currently bullish on HEMP.PK and have had this outlook for the last 8 periods. Our momentum oscillator is currently indicating that HEMP.PK is currently in an overbought condition.