Vancouver, British Columbia –August 29, 2017 – GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE:GHG / FF:GHG / OTC:GBHPF) an industrial hemp and cannabis corporation, is pleased to provide an update on its New Brunswick hemp project.
Global Hemp Group has begun the first phase of a multi-phase industrial hemp project in northeast New Brunswick to introduce commercial cultivation and processing of hemp into the region. This is the first time in 20 years that industrial hemp has been grown in the Bathurst area. The trial consists of fifteen test plots with three varieties of hemp, and three different planting densities, in two different locations on each side of Bathurst.
The first phase, an initial growing trial, began in early June. The Company planned on beginning this year’s trial earlier in the year, but had difficulties getting the requested varieties of seed to New Brunswick. It is expected that next year’s cultivation will begin in May as seed has already been sourced for the 2018 cultivation which is expected to be significantly expanded from this year’s initial trial. This late start resulted in minimum prior soil preparation, and even the repurposing of some land that had already been sown with barley. Such plots were plowed again just prior to planting, and the hemp had to compete with barley and corn seed left from the previous seasons. This will be easily corrected next season when land dedicated solely to hemp will be prepared this fall. While output measures from the test plots this year are likely to be less than optimal due to these poor initial conditions, hemp is proving that it can grow well in the region. To see pictures and updates on the trial, visit the Company’s website; http://globalhempgroup.com/trialupdates/.
Dr. Paul Perrault, a Development Economist and Director of GHG oversees the project and is currently onsite to collect samples from the test plots. This week flower and leaf samples will be sent to RPC Fredericton to test for Cannabinoids and Terpene concentration. Further analysis will focus on the green and dried weight of the straw and the output of the flowers and leaves. Observations are being made on the competition from prior crops and from weeds in the different planting densities of hemp.
Farmer commitment for 2018 – GHG initially intended on recruiting 20 farmers with 5 acres each for cultivation in 2018. Currently the Company has interest from five farmers with at least 25 acres each to participate in the expanded cultivation next season. Having less participants and more acreage will simplify research management as we continue to fine-tune the current process. Being able to plan now for the 2018 crop will allow farmers to prepare their soil in advance this fall, to be better ready for the coming growing season.
“We are very pleased with progress of the trials and the level of interest from farmers for expanding the project next season. We look forward to collecting and analyzing the data from this initial trial and using it to prepare for next year”, said CEO, Charles Larsen.
Further to the Company’s news release of July 31, 2017, the 4,668,105 common share purchase warrants referenced in that news release will be extended to July 31, 2019 and will be repriced to $0.10 per share, not $0.05 per share as previously announced.
About Global Hemp Group Inc.
Global Hemp Group (“GHG”) is a publicly traded company founded in 2012, headquartered in British Columbia, Canada with base operations in Montreal and Southern California. The Company is focused on the production and processing of hemp and cannabis, and collaboration with companies that will enable GHG to develop and implement the Hemp Agro-Industrial Zone concept. Through partnerships, joint ventures and acquisitions, the Company will capture cash flow, revenues and value, and establish a greater collective valuation.
Forward Looking Statements Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.