Vancouver, British Columbia--(Newsfile Corp. - January 28, 2022) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTCQB: GBHPF) (FSE: GHG) ("GHG" or the "Company") is pleased to provide an update on its development of the Green Community in Hayden, northwest Colorado.
Global Hemp Group and Western Sierra Resources Corporation (OTC: WSRC) have been working in close collaboration to develop this large scale enterprise - the sustainable Green Community in Hayden, Colorado. The collaboration began more than six years when in 2015 GHG's Founder first walked the strategic project properties acquired by the Company in 2021. With the major confluence of multiple factors now occurring; sustainable construction in the forefront, a large pent up demand for affordable housing in the area, the national legalization of hemp in the United States, and the opportunities with hemp-based carbon credits, this is the perfect time to develop this project.
The collaboration utilizes GHG's expertise in large scale hemp cultivation; processing; hemp-based research and development; manufacture of hemp-based construction products; in-house construction experience utilizing hemp-based materials; and financial resources to acquire suitable land for each of these hemp-based revenue centers.
The collaboration further utilizes WSRC's 20 years of development expertise in the immediate market area to assemble land; provide the water resources necessary for large scale irrigation and cultivation of industrial hemp; obtain development approvals for manufacture of hemp-based products, and to build and market affordable homes to help meet pent up demand in local market.
To date GHG has invested US$1.9 million in this project.
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Design of the 44 acre commercial/industrial property
The engineering and site design work for the 44-acre HAIZ project is nearing completion. Application for development approval was submitted to the Town of Hayden and the process is ongoing. After subsequent review and comment by the various County and State agencies, revisions will be made for final plan submission. GHG is working with its planners and engineers in collaboration with WSRC to coordinate efforts and coordinate the application elements as its local "boots on the ground" partner to shepherd this project through the approval process.
The first phase of the HAIZ project is a 7- acre portion of the 44 acre HAIZ campus. This commercial/industrial phase includes a 12,000 sq ft processing plant, 26,000 sq ft manufacturing facility, 10,000 sq ft showroom/administration building, 2 model homes and 12,000 sq ft greenhouse/R&D facility (see map above).
The processing plant will contain decortication and cottonization equipment to separate the harvested hemp into hurd, fibre, and powdered elements. These products will be inventoried for direct use at the on-site manufacturing facility, as well as for sale to third party manufacturers, and distributors of hemp-based products. The manufacturing facility will contain the equipment to produce hempcrete blocks and hempcrete panels that will be used in the construction of the Green Community.
Development of the Planned Unit Development (PUD)
Patten Associates, Inc. has been engaged to provide creative project management, land planning and design solutions for the project. An initial Concept Plan for the first phase of the development on the 166 acre residential parcel can be seen below.
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Residential housing and the reduction of its carbon footprint.
The Company continues to explore initiatives to reduce the carbon footprint of the homes that it will be constructing in Hayden, with the goal of building a truly Green and Sustainable Community. The Company will achieve this with the use of hempcrete (hemp block technology and pre-fab hemp panels) and other hemp-based building materials manufactured onsite in Hayden.
Typical residential housing has a heavy carbon footprint, made up of two components: operational and embedded. The operational footprint depends on the nature of energy used in the house. In today's housing much has been done in reducing the operational footprint, but too often at the expense of a considerably heavier embodied carbon footprint. According to Proceedings of the National Academy of Sciences of the Untied States of America (PNAS) residential energy use accounts for roughly 20% of greenhouse gas (GHG) emissions in the United States.
Hempcrete construction (block and panel) responds to both operational and embedded carbon at the same time. It can reduce operational energy to the lowest possible amounts depending on the available energy source for heating and cooling, while reducing the embedded CO2 is less than 10% of conventional construction. Hemp construction locks away CO2 permanently, replacing carbon-laden housing.
Carbon market opportunities.
As the Hayden project is vertically integrated from farm to housing development it stands to sequester or lock in a sizeable amount of CO2e in soils as well as buildings and other products. Moreover, hempcrete buildings will replace current buildings that have a large, embodied carbon footprint. This provides an opportunity for the Company to enter the Voluntary Carbon Market, where GHG can supply ESG minded corporations with some of the credits they need to balance their carbon budget. The Company is also exploring the opportunities of being able to trade these credits with interested partners.
Management Cease Trade Order (MCTO)
The Company also announces that it anticipates a delay in the filing of the financial statements required pursuant to Part 4 of National Instrument 51-102 Continuous Disclosure Obligations (the "Instrument") as a result of various individuals from the Management team of the Company and external audit team members contracting Covid-19 during various stages of the audit process. Consequently, the completion of the annual audit is taking longer than expected.
The Instrument requires that the Company's audited financial statements and MD&A for the fiscal year ended September 30, 2021 be filed by January 28, 2022. The Company and its auditor are in the process of completing the associated audit work to complete these audited financial statements. The Company expects that the audited financial statements and MD&A for the year ended September 30, 2021 (collectively, the "Required Filings") will be completed and filed on or before February 11, 2022.
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has applied for a management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders ("NP 12-203") by the British Columbia Securities Commission, as principal regulator for the Company. The MCTO will restrict all trading by the Company's CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has no material information relating to its affairs that has not been generally disclosed.
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About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTCQB: GBHPF) (FSE: GHG) is focused on a executing a multi-phased strategy to become a leader in the industrial hemp industry in the United States. The Company is headquartered in Vancouver, British Columbia. The current phase of the strategy focuses on the development of "sustainable" and "green" value-added industrial hemp products utilizing the processing of the entirety of the hemp plant for multi-merchantable applications, as will be showcased at the Colorado Hemp Agro-Industrial Zone (HAIZ) project in Hayden Colorado.
To further support and innovate the HAIZ, Global Hemp Group has established a Research and Development Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. from the National Autonomous University of Mexico (UNAM), a highly recognized leader in areas of applied science and technology. The R&D team brings an amazing wealth of knowledge and experience in multiple disciplines and will initially focus on development of Environmentally-Friendly Construction Materials, Nanofertilizers and Enhanced Extraction from Hemp.
For Further Information Contact Global Hemp Group
Curt Huber, President
Tel: 778-726-2900
info@globalhempgroup.com
www.globalhempgroup.com
Cautionary Note Regarding 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. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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