Tickers: XCNQ:GHG, PINX:GBHPF, FRAA:GHG
Tags: Medicinal Marijuana
Vancouver, BC / TheNewswire / January 8, 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) (the "Partners") are pleased to announce that clone production for the 2019 season at their Scio Oregon High Yielding CBD Hemp project is now in high gear, in preparation for an "as early as possible" planting this year. Unlike 2018 which had a late start to planting due to delays in finalizing the acquisition of project's 109 acre farm, preparations are underway so that planting of this year's crop can begin late May to early June. This will provide an additional 45 to 60 days of growing time compared to last year, allowing time for the hemp plants to get considerably larger, which will generate a greater quantity of biomass.
For 2019, the project will cultivate three hemp strains which will offer high CBD content, substantial biomass yield, and ultra low THC levels, along with superior pest resistance and disease tolerance. These strains also have a shorter flowering period, which will allow for an earlier harvest, before the usual Fall rainy season begins in the region.
The hardiest phenotypes were selected for mother plants that will feed the cloning process, which began back in November 2018 soon after the recent harvest and drying operation was complete. This cloning operation will produce the 40,000+ clones required to plant on the farm's lower 35 acres.
The Scio team is now upgrading the lighting and electrical in the greenhouses for continued expansion of the cloning operation. It is expected that the cloning operations will produce an excess of clones beyond what is required for the Scio project, which will allow for the sale to other farms in the area. The team continues to talk with local farmers that are interested in partnering to cultivate hemp for the coming season. On-site clone operations will eliminate the need of capital outlay to purchase clones from other growers as was required in 2018 as the result of the late start, an expense of over US$200,000.
In addition, the project's operating company Covered Bridge Acres (CBA) has received its registration to cultivate hemp for 2019 from the Oregon Department of Agriculture. Also, for the 2019 season, CBA is now registered to produce or handle agricultural hemp seed, so that the company can establish a breeding program that will potentially generate additional revenue for the project.
Management is currently searching for an offsite warehouse to store biomass and complete hammer mill processing of the material produced from the 2018 harvest. Once the location has been secured, CBA will complete its Land Use Compatibility Statement (LUCS) and apply for its 2019 Industrial Hemp Handler registration that will enable CBA to further process (extract) its material. Management is in ongoing discussions with several potential off takers and processing partners in an effort to monetize the 2018 biomass and prepare for the upcoming 2019 season which will produce significantly more material.
About Global Hemp Group Inc.
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.
For Further Information Contact Global Hemp Group
Tel: 424-354-2998
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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