Planting Underway at Global Hemp Group’s Scio Oregon Hemp Farm
Vancouver, BC -- (May 17, 2019) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) is pleased to announce that its subsidiary, Covered Bridge Acres Ltd. (CBA), has begun planting at its Scio, Oregon hemp farm. CBA is the operating company for the project, a 50/50 joint venture with Marijuana Company of America Inc. (OTCQB: MCOA).
The CBA team has completed preparing the 35 acres currently being planted and is now in the process of laying the last of the mulch and drip line. This season, to be more environmentally friendly and to prepare for organic certification, biodegradable plastic mulch was brought in from Canada to eliminate the end of season environmental waste issue and reduce labour costs associated with its removal from the field.
Hemp plants that will be used for this year’s cultivation have been produced from either sprouted seed or CBA’s cloning operation done onsite at the Company’s greenhouses in full control of the CBA team. Genetics being used this year are higher quality and more stable than those planted last year. The team expects to plant 40,000 to 50,000 plantlets this year, with a CBD content ranging from 12% to 15%. Any excess clones not required for the field will be sold or used for expansion. This year’s cloning operation has eliminated the need to purchase clones from third parties as was required last season. This will reduce operating expenses in the current year by approximately US$200,000.
The CBA team continues to prepare the greenhouses for perpetual harvest to produce high quality smokable hemp flower. Trimmed, high end flower, with less than 0.3% THC currently wholesales for ten times the price of CBD biomass that is going to extraction.
Matt Calkins, President of Covered Bridge Acres commented, “The CBA team has worked really hard this year to be able to get plants into the ground well ahead of last years crop. Starting more than 30 days earlier this year, we expect to produce larger hemp plants which should translate to significantly larger quantities of biomass”.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FRANKFURT: GHG), is focused on a multi-phased strategy to build a strong presence in the industrial hemp industry in both Canada and the United States. The Company is headquartered in Vancouver, British Columbia, with hemp cultivation operations in New Brunswick and Oregon. The first phase of this strategy is to develop hemp cultivation with the objective of extracting cannabinoids (CBD, CBG, CBN & CBC) and creating a near term revenue stream that will allow the Company to expand and develop successive phases of the strategy. The second phase of the plan will focus on the development of value-added industrial hemp products utilizing the processing of the whole hemp plant, as envisioned in the Company’s Hemp Agro-Industrial Zone (HAIZ) strategy.
Cautionary Note Regarding 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, the legality of cannabis and hemp. 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. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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