Calgary, Alberta--(Newsfile Corp. - October 7, 2024) - Hempalta Corp. (TSXV: HEMP) ("HEMPALTA" or the "Company") today confirmed ongoing execution of its business strategy and responded to recent trading activity.
Business Strategy Update
Further to previous announcements by the Company, HEMPALTA continues to execute on its business strategy, driving growth through new revenue streams and expanding its product portfolio. The Company's existing hemp-based products include animal bedding, pet litter, garden mulch, and hurd for hempcrete, and it has recently added biochar for sale in its consumer package division and to commercial buyers.
With a focus on industrial hemp, the Company also owns a controlling interest in Hemp Carbon Standard Inc. ("HCS"), a platform for carbon removal credits in the hemp industry. The platform enables participation in the growing voluntary carbon credit marketplace and further diversifies HEMPALTA's revenue streams. For 2024, HCS has increased the number of acreages under management in its regenerative agriculture program by 337% compared with 2023, managing 13,556 acres across seven countries.
Increased Trading Volume
HEMPALTA has observed a significant increase in the volume of HEMPALTA stock traded over the preceding two-week period. The Company confirms that no material operational or corporate developments have occurred to substantiate this increased trading activity which appears to have commenced on September 19, 2024.
However, the Company wishes to announce that it was advised by Climafi Limited ("Climafi") and certain of its shareholders of their intention to sell certain of their HEMPALTA shares starting on that date. In May 2024, in exchange for the acquisition by HEMPALTA of its 50.1% controlling interest in HCS, Climafi and certain of its shareholders received 12.5 million common shares of the Company which were subject to a statutory hold period that expired in early September 2024, thus allowing those parties to freely sell their HEMPALTA shares.
About HEMPALTA
Hempalta Corp. (TSXV:HEMP) is a publicly traded agricultural technology company listed on the TSX Venture Exchange, focused on harnessing the immense potential of hemp.
HEMPALTA utilizes advanced agricultural technology to process industrial hemp at scale. Products are made from hemp grown sustainably in Alberta and processed using a state-of-the-art processing plant at its production facility in Calgary, Alberta. The Company is also participating in the global hemp carbon credit industry through its controlling interest in Hemp Carbon Standard Inc.
The Company is led by passionate advocates for industrial hemp who have years of operations, manufacturing, marketing, consumer packaged goods, and retail sales experience. HEMPALTA has been named a Top 10 Startup by Platform Calgary's Launch Party and recognized as one of the 50 most investable clean technology companies by Foresight Canada. Learn more at www.hempalta.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information
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 "will", "expected", "plans", "enable" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the HCS platform enabling participation in the growing voluntary carbon credit marketplace ("VCM"); and the HCS platform further diversifying HEMPALTA's revenue streams. 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 the expected benefits therefrom; the ability of farms and sites currently signed up by HCS to grow hemp; and the ability of HCS to sell carbon removal credits through the VCM. 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 may vary from those currently anticipated due to a number of factors and risks including, but not limited to: risks associated with general economic conditions; conditions in the carbon credit markets; adverse industry events; the risk that farms and sites currently signed up by HCS will not grow or be able to grow industrial hemp as anticipated or at all; the risk that HCS may not be able to sell carbon removal credits as anticipated or at all; adverse weather conditions affecting the growth of hemp; future legislative, tax and regulatory developments; and the ability of management to execute its business strategy, objectives and plans. 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.
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