With the ever-increasing interest in hemp-related products, it’s no wonder that today’s contract between HQ Global Education, Inc. (OTC:HQGE) and Hemp, Inc. (OTC:HEMP) was a big hit with shareholders of both companies.
HQ Global Education, Inc. announced earlier today that it has signed a contract with industrial hemp leader, Hemp, Inc., to plant 25 acres of industrial hemp. The hemp, to be planted this month, will be grown and cultivated on land operated by Hemp, Inc. and is expected to yield 4,000 pounds of hemp per acre or a total 100,000 pounds of high CBD hemp biomass.
This is the first step in the collaboration between HQGE and Hemp to grow premium hemp for the purpose of developing high quality CBD isolates and/or distillates and/or hemp-related products for Business-to-Business and possible Business-to-Consumer marketing.
Due to an increase of demand for high-quality CBD and hemp-related products, HQGE executives plan to contract a minimum of another 25 acres with Hemp, Inc. after the successful planting of the first 25 acres.
This initial cultivation of hemp will be processed using Hemp, Inc.’s NuAxon Tech CO2 Supercritical Extractor which is housed in Hemp, Inc.’s 85,000-square-foot facility in Spring Hope, North Carolina.
Planting is expected to occur before the end of the month and should be ready for harvest by late August/early September. The CBD extraction will begin immediately upon the harvesting and drying of the fully mature hemp harvest.
HQGE and Hemp, Inc., announced in March that they would be creating a joint venture between the two companies, in which HQGE will produce and distribute high-end, hemp-rich and highly customizable CBD formulas for the cannabadiol industry using Hemp, Inc.’s NuAxon Tech CO2 Supercritical Extractor.
Shares of HQGE were up 20.93% while shares of HEMP perked up 0.63% on the contract news.
