Leader in industrial hemp market, Hemp Inc (OTCMKTS:HEMP), said that it is on way to capture market share for direct-to-consumer hemp derivatives like hemp tea. The company has been involved in developing CBD cosmeceutical and nutraceutical products, using its King of Hemp brand.
Market Action:
On Thursday, HEMP stock remains unchanged at $0.0028 with more than 23.61 million shares, compared to its average volume of 48.77 million shares. The stock has moved within a range of $0.0028 – 0.0030 after opening the trade at $0.0028.
Global Hemp Tea Market Will Experience Progressive Growth According to New Market Report
Report published by Research Drive in September 2021 stated that demand for hemp based beverages is robust in North America and relaxed regulations in US as well as Canada is a significant contributing factor. The research found that surging prevalence of health-conscious people globally will further boost the market for hemp tea.
It has been recognised on having benefits such as reducing stress as well as maintaining body weight. The hemp tea market globally will reach $245,541.33 thousand by 2028 as per the report, demonstrating a CAGR of 22.9% during the forecast period.
The report showed three channels distribution channels: online; convenience stores amongst others. Through its products, Hemp Inc has a robust presence in several markets and distribution channels.
The company has been doing R&D on hemp teas for over two years. Its online store provides consumers with 24/7 convenience as well as secure online ordering. Its products are also available in retail locations of Arizona, Florida, California and Nevada.
In September 2020, the company announced acquisition of leading co-packer and manufacturer, Ferris Holding, allowing Hemp to expand its new product launches.
Traders Note:
HEMP stock is trading below the 20-Day and 50-Day Moving averages of $0.0030 and $0.0032 respectively. Moreover, the stock is trading below 200-Day moving average of $0.0075. The stock is down 48% in the past 3-month.
