Adding Industrial Hemp Carbon Credits provides HEMPALTA with another sustainable offering
to help customers decrease footprint and reduce greenhouse gas emissions
Alberta-based company's hemp processing capabilities and innovative hemp-based products
already making planet healthier and more sustainable
Calgary, Alberta--(Newsfile Corp. - September 15, 2023) - Hempalta Inc. ("HEMPALTA" or the "Company"), a Canadian cleantech company focused on innovative hemp processing and product creation, today announced a strategic partnership with UK-based Hemp Carbon Standard, the world's leading carbon platform for industrial hemp farming. The collaboration marks a significant milestone in HEMPALTA's focus on sustainable business practices and provides the company with an additional revenue stream on top of its consumer packaged goods and commercial products divisions.
"HEMPALTA's partnership with Hemp Carbon Standard rounds out our business offering. Providing hemp carbon credits aligns perfectly with our company's mission to nurture a sustainable business and contribute positively to the planet. Hemp is renowned for its environmental qualities, including its ability to remove carbon from the environment. This partnership allows us to deepen our collaboration with farmers in Western Canada and share the financial benefits of these credits, creating long-term opportunities for both parties," said Darren Bondar, HEMPALTA's President and CEO.
Industrial hemp possesses the unique capacity to absorb substantial amounts of carbon dioxide ("CO2") during its rapid growth cycle. Southern Alberta boasts some of the most productive hemp growing fields in North America.
Hemp Carbon Standard is an early pioneer in generating carbon credits derived from industrial hemp. The credits result from a precise quantification methodology that harnesses state-of-the-art remote sensing technology to accurately measure CO2 sequestration at scale.
"We are very excited to work with HEMPALTA to introduce hemp carbon credits to markets in Canada. The credits offer corporate buyers the opportunity to secure high-quality, high-integrity credits. The credits not only enable companies to measure and contribute to their decarbonization efforts but also support regenerative agricultural practices," said Tim de Rosen, CEO at ClimaFi Limited ("Climafi"), the sponsor of Hemp Carbon Standard.
Hemp Carbon Standard's quantification methodology leverages cutting-edge remote sensing technology, ensuring the precise measurement of CO2 sequestration within the biomass of the industrial hemp crop and the associated topsoil. The approach guarantees transparency, accuracy, and integrity in carbon accounting, offering a solid foundation for corporate buyers to achieve their sustainability goals.
"The partnership reflects HEMPALTA's vision and direction as a company. By promoting industrial hemp cultivation and offering reliable, quantifiable carbon credits, we are taking significant steps toward combating climate change and fostering a more sustainable future. These are the goals that drive HEMPALTA and define our core philosophy," added Bondar.
HEMPALTA will begin inviting companies from the energy industry as well as other industries to secure carbon credits derived from industrial hemp cultivation. By doing so, these companies can demonstrate their commitment to sustainability, support farmers embracing regenerative agricultural practices, and contribute to a greener and more resilient planet. More information on securing hemp carbon credits from HEMPALTA is available here.
Hempalta Inc. is a cleantech 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.™
About Hemp Carbon Standard
Headquartered in the UK, Hemp Carbon Standard is a global team of purpose-led professionals, creating a genuine and observable impact for farmers and the environment. Hemp Carbon Standard is the only financial incentive scheme in the world to reward industrial hemp farmers on their sustainable carbon farming journey. Our work is rooted in our mission to create a positive climate impact for future generations, while continuing to provide the benefits of the added value that comes from processing hemp into a wide array of products. Learn more at https://hempcarbonstandard.org.
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 "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "likely", "probably", "often", or "plan", and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding: the execution of a final binding agreement with Hemp Carbon Standard and Climafi; the ability to align with corporate buyers on the purchase of industrial hemp carbon credits; and the financial results expected from hemp carbon credit purchases.
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 ability of the Company to successfully implement its strategic plans and initiatives and whether such strategic plans and initiatives will yield the expected benefits; and the ability of the Company and ClimaFi to finalize a definitive agreement with respect to the partnership. 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; general macroeconomic conditions; expectations regarding the size of future harvests; the ability of management to execute its business strategy, objectives and plans, including the negotiation and execution of the definitive agreement with Hemp Carbon Standard; changes to regulations governing the Company's current or anticipated business activities; 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. Readers should not place undue reliance on the forward-looking statements and information contained in this news release.
For further information
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180713