A North Carolina company that uses hemp to make an additive for drilling fluid for oil and gas operators has signed a distribution deal with an Alaska drilling company.
Hemp Inc. grows and processes the plant in Spring Hope, North Carolina.
The finished product is a solid that can be added to drilling fluid as a lubricant. The product also prevents the drilling fluid from seeping into other geological formations.
The DrillWall will be manufactured in North Carolina and shipped to Alaska.
Other terms of the agreement were not released, including how much DrillWall is expected to be sold.
The product also includes kenaf, a fiber plant related to hemp and jute that is also grown by Hemp Inc.
Hemp Inc. trades on over-the-counter markets as HEMP.