Hemp plant signs distribution deal
BY COREY DAVIS
Saturday, July 28, 2018
A leading company based in Nash County that’s recognized as the largest multi-purpose industrial hemp processing facility recently signed a deal with an Alaska-based oil field drilling and production business for a product used in oil field drilling applications.
Industrial Hemp Manufacturing, a wholly-owned subsidiary of Hemp Inc. on N.C. 581 in Spring Hope, entered into an exclusive distribution agreement with Quadco LLC to distribute Industrial Hemp Manufacturing’s DrillWall, a loss circulation material product, in Alaska.
Bruce Perlowin, CEO of Hemp Inc., said the company announced earlier this year it had completed its first purchase orders for DrillWall. According to the Industrial Hemp Manufacturing website, DrillWall is a tested drilling fluid loss circulation material used by many oil companies. Industrial Hemp Manufacturing’s management was key in developing this product years ago for the oil and gas drilling industry.
David Schmitt, chief operating officer of Hemp Inc., said the loss circulation of drilling fluids can have severe impacts on time, money and safety for any project.
“We are proud to distribute our DrillWall product exclusively through Quadoco in Alaska,” Schmitt said. “Quadco has an impeccable reputation as the leading distributor of products for the oil and gas industries. We look forward to working with them to provide an environmentally-friendly solution for seepage and loss circulation control in Alaska.”
With full service districts in both Anchorage and Prudhoe Bay, Quadco officials said the company is well-equipped to provide a multitude of drilling, completion and intervention products and services to all of the onshore and offshore fields in Alaska.
“We are excited to welcome IHM’s DrillWall product to our downhole division,” company officials said. “This innovative LCM material is an excellent addition to our market-leading solids control equipment. Quadco looks forward to introducing DrillWall to the Alaskan market to prove this environmentally-friendly product’s loss circulation performance.”
Perlowin said with the company’s industrial sales from its 85,000-square-foot plant in Spring Hope in full swing, Hemp Inc. is now expanding the plant’s capacity to keep up with sales. Reports said a hemp processing plant that broke ground in March in western Kentucky announced recently that it couldn’t move forward because of a lack of funding to build its hemp processing plant.
“We are now focusing on the CBD (Cannabidiol) oil and farming divisions,” he said. “In these divisions, there are a myriad of opportunities and even more so for us than in our industrial plant division, which we’ve been operating for a solid year — and that’s no small feat. One hemp processing plant that comes to mind could not move forward after breaking ground, so for us to be operating for a solid year is quite impressive.”