Hemp Inc. announced the company's joint venture agreement with HQ Global Education Inc. to plant 25 acres of industrial hemp has been doubled to 50 acres. Hemp Inc. announced June 14th that it signed a contract with HQGE to plant 25 acres of industrial hemp. Per the updated agreement, Hemp Inc. began planting seeds of industrial hemp June 27 on 50 acres next to its 85,000 square foot hemp manufacturing and processing facility in Spring Hope, North Carolina.

The hemp industry is projected to grow 700% and hit $1.8 billion by 2020, according to Hemp Business Journal. The seeds are expected to yield 4,000 pounds of hemp per acre or a total 200,000 pounds of high cannabidiol (CBD) hemp biomass. This is the first step in the collaboration between HQGE and Hemp Inc. 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.

Hemp Inc.'s long-term strategy is to build the hemp oil extraction infrastructure by creating joint ventures with multiple companies to house and operate their CBD extraction equipment in its Spring Hope multi-purpose industrial hemp processing facility.