Hemp, Inc. (HI) announced on Monday that it agreed to sell VOIPNetX, Inc.’s assets to Apex9. The move will enable HI to put more effort into its core business, industrial hemp products and education.
Based in Las Vegas, HI promotes the benefits of hemp plants for industrial and other uses. Hemp fibers are well known for making rope, but the plant’s usefulness goes beyond that. Clothing, paper, fuel and plastic alternatives are some of the other materials that can be made from the plant.
After legalization in Colorado and Washington state, it would seem that a company like HI would get into sales and distribution of cannabis, but the company has chosen not to go that route. It does see the booming market for cannabis as an opportunity to sell other products that can be derived from the plant, however.
HI owns several different companies related to hemp production. Marijuana, Inc. and Marijuana Inc. TV serve research and educational functions, seeking to find new uses for hemp and educate the public about cannabis. Herbagenix makes nutritional supplements that provide extra protein, help with alertness and improve joint flexibility.
Other HI companies included YourBev, a fossil water company and Bio Swan, a company whose product claims to increase the production of pluripotent adult stem cells. These became spinoffs of HI prior to the deal with Apex 9.
HI is simply doing what many companies do when they need to narrow their focus. The activity in the cannabis industry has increased dramatically the past five years, so HI doesn’t have the luxury of spending time on unrelated endeavors. There is still probably more that can be done to make the company efficient. A couple of subsidiaries already deal with nutrition products, so they could be either consolidated or spun off. The media division, Marijuana Inc. TV, could conceivably separate too. HI is going to be swamped dealing with industrial hemp products to deal with anything else.