Hemp Inc (OTCMKTS:HEMP) Reaches A New 52-Week Low

[[tagnumber 0]][[tagnumber 1]]This year has went quite badly for the stock of Hemp Inc (OTCMKTS:HEMP) so far. With little exceptions we saw the ticker sliding down the charts, despite the fact that the company was constantly trying to attract investor attention through press releases and YouTube videos providing updates on their decortication plant.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The fact is that it is still far from ready for use and hemp is still illegal in North Carolina, so it would decorticating only kenaf at first. The facility is 70% ready for operations and has missed some milestones, but it better get going as soon as possible, because the recently filed financial report doesn’t inspire a lot of confidence.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 9]] [[tagnumber 10]]cash: $176 thousand[[tagnumber 11]] [[tagnumber 10]]current assets: $907 thousand[[tagnumber 11]] [[tagnumber 10]]current liabilities: $2.5 million[[tagnumber 11]] [[tagnumber 10]]sales: $33 thousand[[tagnumber 11]] [[tagnumber 10]]net loss: $1.14 million[[tagnumber 11]] [[tagnumber 20]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the fact that the numbers aren’t really good we see that [[tagnumber 24]]HEMP[[tagnumber 25]] is still keeping a rather steep market value. This is one of the reasons for which the ticker has been going nowhere but down for quite some time.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, the company has been trying hard to promote its stock, but even yesterday’s announcement concerning the election of HEMP COO, David Schmitt to the North Carolina Industrial Hemp Association (NCIHA) for the 2015–2016 term didn’t spark investor confidence and couldn’t reverse the direction in which the ticker was headed.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We saw [[tagnumber 24]]HEMP[[tagnumber 25]] lose another 10% of its value and drop to a 52–week low of $0.054. The daily volume was over the average, but the 2.95 million shares that changed hands were enough to generated only $165 thousand in daily trade value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Considering the current market cap of $17 million and the book value of the company we reckon that HEMP can slide even further down the charts. In any case, doing your due diligence and weighing out the risks before putting any money on the line is imperative. [[tagnumber 2]]