Calgary-based company generated additional investor interest with its
hemp processing capabilities and innovative hemp-based products
designed to make the planet healthier and more sustainable
Calgary, Alberta--(Newsfile Corp. - November 14, 2022) - Hempalta Inc. ("HEMPALTA" or the "Company"), a Canadian agricultural technology company focused on innovative hemp processing and product creation, today announced it has successfully completed an equity crowdfunding round on FrontFundr and with the support of existing shareholders raised just over $1.0 million. This financing will be used to fund strategic technology acquisitions, support sales and marketing activity, and for working capital purposes. Details on HEMPALTA's crowdfunding round can be viewed at https://www.frontfundr.com/hempalta.
HEMPALTA was created to be at the forefront of the next evolution in agriculture by utilizing advanced technology to produce hemp-based products for a healthier and sustainable planet. Hemp is regarded as one of the world's most sustainable crops as it is renewable, reusable and recyclable.
"Our FrontFundr crowdfunding campaign has been an opportunity to consolidate funding support from key shareholders like Prairie Merchant Corporate and Fullbrook Thorpe Investments as well as welcome a number of retail investors who support HEMPALTA's mission to better the planet. We're pleased to add investors like this who look to fund sustainable and planet-friendly AgTech practices. With this support in place, we will now focus our attention on enhancing processing capabilities, growing our product lines both for consumer and commercial use, and adding new retail partners to increase market penetration," said Darren Bondar, CEO of HEMPALTA.
Since HEMPALTA's launch in early 2022, the Company has made significant improvements to its product lines, production scalability, and distribution channels which now include Canadian retailers such as Sobeys, Safeway Canada and Calgary Co-op as well as online sites such as Amazon, Lowe's and Loblaws. It's expected the Company will use some of the crowdfunding financing raised to install an automated packaging solution to scale up its product packaging and delivery capabilities, with installation expected by the end of the year.
The Company also announced it will be participating at the Canadian Hemp Trade Alliance's 2022 National Conference as a Gold Sponsor. This national association promotes hemp and hemp products in Canada and internationally. The conference runs from November 15 to 17 in Saskatoon, Saskatchewan this year. HEMPALTA General Manager Brittany McKell will be presenting on a panel with a number of fellow Canadian hemp producers.
Hempalta Inc. is an agricultural technology company focused on innovative hemp processing and product creation. It is one of the only commercial-scale hemp processors in North America able to manufacture high-value hemp products. HEMPALTA™ products are made from industrial hemp grown sustainably in Southern Alberta and processed using a state-of-the-art HempTrain™ Advanced Processing Plant at our production facility in the heart of Calgary, Alberta, Canada. The Company is led by passionate advocates for industrial hemp who have years of operations, manufacturing, marketing, consumer packaged goods and retail sales experience. We work with progressive farmers and world-recognized researchers with unparalleled expertise. Learn more at www.hempalta.com.
HEMP TO BETTER THE PLANET.™
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is typically, but not always, identified by the use of words such as "project", "intends", "expected", and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the Company focusing on enhancing its processing capabilities, growing its product lines for both consumer and commercial use, and adding retail partners to increase market penetration; and the use of proceeds of the FrontFundr crowdfunding financing of the Company (the "Financing").
Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the use of proceeds of the Financing and the timing thereof; and the ability of the Company to successfully implement its strategic plans and initiatives and whether such strategic plans and initiatives will yield the expected benefits. Although the Company believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: conditions in the industrial hemp industry; the ability of management to execute its business strategy, objectives and plans; and the impact of general economic conditions and the COVID-19 pandemic in Canada. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.
For further information
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