Global Hemp Group and Marijuana Company of America Provide Update on New Brunswick Hemp Project
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2018) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) ("GHG" or the "Company") is pleased to provide an update on its 125-acre industrial hemp project in northeast New Brunswick with joint venture partner Marijuana Company of America Inc. (OTC Pink: MCOA) (the "Partners").
Planting of seed on the first 77 acres will be complete by mid-week. The remaining 48 acres will be seeded over the next two weeks, once the farmers receive soil test results for this acreage and are able to determine fertilizer requirements for this year's cultivation.
The Department of Aquaculture Agriculture and Fisheries (DAAF) will also be conducting fertility trials on reserved plots at participating farms. DAAF will contribute the fertilizers to the project as part of these trials. The trials will be conducted at no cost to the project and are a clear indication of the collaborative relationship that has been established with DAAF.
In addition, there is an organic certification trial underway on an additional two-acre plot at the project. It will take three years to complete the organic certification process for this field. As part of the process, the plot will begin a three-year cultivation rotation of hemp, oats and a green manure crop to be defined at a later date. In three years this plot will produce certified organic CBD and organic oats, a crop with an excellent market.
Project managers are currently evaluating drying equipment that will be required to process the biomass after it is harvested. Drying will prepare the biomass for shipment to processors for extraction of the cannabinoids. Management is in discussions with a number of potential processing partners for this material. A final decision will be made in the coming weeks.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG), is headquartered in Vancouver, British Columbia, Canada, with base operations in Montreal and Los Angeles. The Company 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 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.
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name "hempSMART™", that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
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. 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.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.