The Kentucky Senate passed a bill this week legalizing the industrial cultivation of the hemp plant. The bill won by a vote of 31-6, and lawmakers hope the decision will result in jobs and economic development.
According to an article published by the Christian Post, Sen. Minority Leader Mitch McConnell said, "This legislation has the potential to create jobs and provide a boost to Kentucky's economy and to our farmers and their families."
However, one of the major benefactors of this progress, Hemp Inc.(HEMP: OTC Markets), has seen no upward movement of its stock...yet.
The company, according to its website, foresees "...the potential worldwide benefits that may be derived from the myriad of uses for industrial and recognizing the profits that could be made in making the world a better place..."
Hemp Inc. finished the week at $0.0761 , down $0.0024(3.06%). The entire week seemed to be a "play by ear" situation. The company's stock opened on Monday at 0.0830, but ended the day trading at $0.0770. The company reached its peak on Wednesday trading at $0.0840, but remained around the $0.0770 mark for the rest of the week. On Friday, the company took a nose dive around lunchtime, trading at $0.0670, but closed up past its average.