Global Hemp Group Announces Update on the Revitalize Earth Reverse-Takeover Transaction
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2022) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC: GBHPF) (FSE: GHG) ("GHG" or the "Company") Further to the GHG's news announcements of July 12, 2022 and July 13, 2022, the Company wishes to provide further information on the Revitalize Earth reverse-takeover transaction.
The parties have recently amended their binding Letter of Intent, originally executed on July 8, 2022, to extend the Due Diligence period to October 31, 2022 and to extend the closing of the Definitive Agreement and underlying transactions to October 31, 2022, or any other date that the parties may agree to in writing and in any event, to close the contemplated listing on the CSE no later than March 31, 2023. The parties will endeavor to work to close the listing as expeditiously as possible. In addition to the parties completing their Due Diligence and Definitive Agreement, they are working towards completion of a Listing Statement and Information Circular required for the transaction. Further, as part of the transaction, Revitalize Earth will be completing an audit of their financial statements. The Company will announce each step as it is completed.
In the meantime, trading of GHG Common Shares will remain halted until the Company receives shareholder approval by way of written consent or when the information circular is posted on SEDAR in contemplation of the meeting of shareholders of the Company, whichever route the Company decides to take to that effect.
MORE INFORMATION ON REVITALIZE EARTH
Revitalize Earth is on a mission to raise the well-being of the planet through global wellness centres, cutting-edge agriculture and plant-based medicines, while looking to ensure quality with all aspects of the business from seed to sale. GHG will be adding a page to its website for information on the Revitalize Earth transaction, which will continue to be updated as more information becomes available.
Creating sustainable businesses with the sole intention of bringing plant based medicine to those in need. With passion and purpose, Revitalize Earth uses science and the latest technologies to produce the most effective products and solutions.
Revitalize Earth has built a platform to help people bring their bodies and minds back to perfect health. By combining Eastern philosophy, botanical medicine, quantum theory, neuroscience, Epigenetics, homeopathy, and nutrition into one modality in hopes to propel individuals into self-care and healing.
Their e-commerce platform has averaged US$869,885 (approx. C$1,150,000) in gross sales per month over the last five months (April - August 2022), double the same period from the previous year. Note: All sales information has been provided by Revitalize Earth and is currently unaudited. More information on Revitalize Earth.
CURRENT FARMING OPERATION – Revitalize Earth has partnered with a number of organic farms in California to ensure the quality of flower for their raw material. Revitalize Earth is uniting with small family farms to ensure the quality and integrity of their products, in addition to its indoor and outdoor cultivation operations in Hollister, California.
MANUFACTURING FACILITY – A majority of the products sold on the Revitalize Earth e-commerce site are manufactured in a 20,000 sq. ft. facility in Tarzana, California.
KEY AREAS OF FUTURE DEVELOPMENT
CANADIAN MARKET EXPANSION – Revitalize Earth is also looking to expand its footprint of medical and recreational cannabis products within the Canadian market, by emulating their online dispensary model in Canada. In addition, adding other verticals in the sector such supplying cannabis pre-rolls, edibles, and a range of Belgian chocolates infused with psilocybin to the wholesale sector.
PORTUGAL & EUROPEAN MARKET ACCESS – On a wider geographic level, Revitalize Earth has acquired a 1,500-acre parcel of land in Portugal to cater for the European market, which is just beginning to see sales of CBD with Germany and Greece now offering medical cannabis products with high levels of THC for medical use. This trend is set to continue across much of Europe over the coming years. The Company believes it can establish a strong footprint in this market, a market very much in its infancy, by utilizing experience it has gained from its U.S. operations. The farm is expected to have multiple revenue streams from the sale of raw material in Europe, as well as having a processing facility on site, for the manufacture of products to be sold in Portugal and across Europe.
According to Infarmed (National Authority of Medicines and Health Products, I.P., the medical cannabis licensing authority which also controls the medical sector in Portugal), there are currently 20 business activities licensed in the sector in Portugal. The Company's license is currently pending and is expected to be issued this fall. Once licensed, the Company will enter the expanding medical side of the cannabis business in Europe with a plan to have pain management centres starting in Portugal, working in conjunction with Infarmed. From there, the Company expects to expand its business by rolling out locations across Europe. CLICK HERE to view a presentation on the Portugal business segment.
NATIONAL HEALTH SERVICES (NHS) – UNITED KINGDOM – The Directors of Revitalize Earth have been working with the NHS over the last year, with the goal of getting a license in the UK to supply the General Practitioners (GP's) who hold a license which allows them to prescribe medical cannabis to patients where they think it would be beneficial as a treatment. This contract with the NHS, when granted, could prove to be incredibly valuable for the Company in the long term, as it would be supplying one of the largest government owned healthcare operators in the world.
True North Testing – Cannabis Testing Labs (multiple locations worldwide) – Revitalize Earth is looking to establish testing laboratories under license from governments in Thailand, Costa Rica, and Portugal. The labs would be for the testing of cannabis under government supervision to establish THC values as well as collating valuable data from the plant and users, which in the future will be used by both governments and Pharma as these products go more mainstream. CLICK HERE to view a presentation on True North Testing.
HEMP DERIVED PRODUCTS – Revitalize Earth is looking to expand its marketing reach into hemp derived products in the future using its waste materials for hempcrete and bio plastics. GHG's R&D Division will help expand this market. In addition, the Company is looking at the dietary use of hemp, such as hemp milk, which is a product gaining popularity in both the U.S. and Europe. Sales on their e-commerce site has been growing steadily over the last year. Revenues on the site are expected to continue to increase with the addition of more CBD orientated products that will be targeted to markets throughout the U.S. and Canada.
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About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FSE: GHG) is focused on executing a multi-phased strategy to become a leader in the industrial hemp industry in the United States. The Company is headquartered in Vancouver, British Columbia. The current phase of the strategy focuses on the development of "sustainable" and "green" value-added industrial hemp products utilizing the processing of the entirety of the hemp plant for multi-merchantable applications, as will be showcased at the Colorado Hemp Agro-Industrial Zone (HAIZ) project in Hayden Colorado.
To further support and innovate the HAIZ, Global Hemp Group has established a a Research and Development Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. from the National Autonomous University of Mexico (UNAM), a highly recognized leader in areas of applied science and technology. The R&D team brings an amazing wealth of knowledge and experience in multiple disciplines and will initially focus on development of Environmentally Friendly Construction Materials, Nanofertilizers and Enhanced Extraction from Hemp.
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.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137961