Tickers: XCNQ:GHG, PINX:GBHPF, FRAA:GHG
Tags: #MedicinalMarijuana
Vancouver, BC / TheNewswire / March 28, 2019 - GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (CSE: GHG/OTC: GBHPF/FRA: GHG) and its Joint Venture partner Marijuana Company of America (OTCQB: MCOA) (together with the Company, the "Partners") are pleased to announce that they are currently in discussions with several cannabinoid extraction companies in Oregon, USA, regarding the acquisition of the hemp biomass produced on the Scio farm from the 2018 harvest. The team at the Scio farm has prepared processing samples ranging in size from 100 lbs to 2,000 lbs. for the extraction companies. The biomass is being processed into CBD crude oil with the option to refine further into isolate or full spectrum oil to increase its value on the market. Results from the current extraction test batches are expected to be received by mid-April and will serve as basis for the final terms of the sale of the remaining biomass by the Partners.
Cloning Update
The cloning process is well underway at the Scio farm. For this year's cultivation, four different strains have been chosen from the latest high CBD industrial hemp varieties which are being used as a base for the in-house propagation program. The goal of the program is to produce approximately 50,000 clones to populate the lower 35 acres of the Scio farm for the 2019 season and reduce and/or eliminate the need for the acquisition of any additional seeds or clones from outside sources. The program started with 400 high quality plants. Through a regimen of proper nutrients and a controlled environment, these "mother" plants will grow into very large bushes, which will then be used to take a sufficient number of clones from each mother plant to ensure that the target number of plants required for this year's cultivation is reached. Once removed from the mother plants, the clones will then be placed in the propagation greenhouse to root. Once rooted and well established, they will be then ready to be planted in the fields, which is expected to begin this year in late May or early June.
Expansion in 2019
The Company continues to evaluate a number of opportunities to expand the scope of its project in Oregon. As previously announced, a number of local farmers are interested in working with GHG to grow hemp in 2019. The Oregon Department of Agriculture expects hemp cultivation in Oregon to grow from 11,514 acres in 2018 to more than 25,000 in this current year. In order for new hemp farmers to be successful, they will need to rely on experienced hemp farming teams like our Scio farm team. This will create potential opportunity to joint venture with the local farming community.
Micropropagation (Tissue Culture)
Management believes that the way of the future for true to type starter plants is not plants germinated from feminized seed, or clonal plants made from "mother" plants that were germinated from seed, sexually identified as female and clonally propagated by cutting, but rather through micropropagation (tissue culture) which produces plantlets with more uniformity. With ample space on the Scio farm for this type of operation, the Company is currently exploring opportunities to either Joint Venture, partner or acquire companies in this technology space.
For Further Information Contact Global Hemp Group
Charles Larsen - President
Tel: 424-354-2998
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.
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.
The CSE has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
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