As the end of Q.1 2018 comes to a close we just wanted to update you on our two major developments since January in case you missed our original press releases.
Both illustrate GHG’s maturity in the market as more and more states enact industrial hemp legislation, 27 to date, with many more to follow over the next few months.
GHG’s projects both in Canada, and planned in the US will dovetail with enacted legislation and regulations in both markets with regard to the production, extraction and distribution of high value cannabinoids.
GLOBAL HEMP GROUP AND MARIJUANA COMANY OF AMERICA ISSUE FINAL REPORT ON NEW BRUNSWICK HEMP/CBD PROJECT
On September 5, 2017, MCOA and GHG announced their joint venture to develop commercial hemp production on the Acadian peninsula of New Brunswick, Canada.
In this first phase of GHG and MCOA’s (the “Partners”) multi-phase hemp project in northeast New Brunswick (NB), the Partners have successfully cultivated industrial hemp during the 2017 growing season (see Phase One Hemp Trial Results below). For this phase of the project, the Partners only grew hemp for research purposes, as this was the first time in 20 years that industrial hemp was grown in the region. The objective of phase one was to re-introduce hemp into the area, and ensure that it could be productive under New Brunswick growing conditions prior to significantly increasing cultivation acreage and building a hemp processing facility in the region, in future phases of the project.
The Partners are preparing for the proposed changes to Canadian legislation expected in 2018 that will permit cannabidiol (CBD) extraction from industrial hemp. Health Canada is currently consulting industry representatives regarding the regulations that will accompany the new cannabis legislation expected by July 1, 2018.
Vancouver, BC — (March 7, 2018) — GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC: GBHPF …
Vancouver, BC — (March 7, 2018) — GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) is pleased to announce the closing of a non- brokered private placement, consisting of 12,500,000 units (“Units”) at a price of $0.12 per Unit to raise aggregate gross proceeds of $1,500,000.
Each Unit consists of one common share (a “Common Share”) of the Company and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles its holder thereof to purchase one Common Share at a price of $0.15 per common share for a period of five years from closing. No Finder’s Fee was paid on this private placement. All securities issued are subject to a four-month plus a day hold period from the date of issuance in accordance with applicable securities laws.
Proceeds of the Offering will be used for development of the Company’s New Brunswick hemp cultivation and extraction project, to fund due diligence on potential acquisitions, namely in the State of Oregon where the Company is contemplating purchasing land (including water rights) to develop hemp cultivation and extraction of cannabinoids, as well as increase the Company’s working capital.