- Focused on growing strategic portfolio of industrial hemp-based companies
- Entered into joint venture with Marijuana Company of America, Inc. to purchase 109-acre farm in Oregon for cultivation of legal, high-yielding CBD from industrial hemp
- Hemp industry projected to reap $1.8 billion in sales by 2020, with growing political support
- 2018 growing season includes commercial hemp development projects at farms in Canada and Oregon
Hemp cultivation company Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF) continues to execute its strategic growth plan with the recent purchase of 109 acres of prime agricultural land in Oregon with joint venture partner Marijuana Company of America (OTC: MCOA). The company-partners plan to cultivate legal, high-yielding CBD (cannabidiol) industrial hemp to be grown at the farm located near the 152-year-old, picturesque town of Scio, Oregon (http://nnw.fm/mZCh0).
Industrial hemp is an agricultural heritage plant with a rich history. It also enjoys increasing political support, avoiding the legal challenges still faced by cannabis. Today’s hemp industry trumpets a variety of valuable niche markets, including personal care, hemp-derived cannabidiol (CBD) products, superfoods, supplements, textiles, industrial applications, building materials and pet care/health and wellness products. To qualify as industrial hemp, regulations in the United States and Canada require less than 0.3 percent Delta 9 Tetrahydrocannabinol (THC) content, the psychoactive ingredient in cannabis.
Hemp Business Journal, a leading provider of data and market intelligence for the hemp industry, estimates that sales of hemp CBD-based products are the fastest growing segment of the hemp market, rolling in with $130 million in sales and growing at a 53 percent annual growth rate in 2016. Looking forward, data suggests that the hemp industry will grow to $1.8 billion in sales by 2020, the Hemp Business Journal reports (http://nnw.fm/82d3T).
Global Hemp Group and MCOA first entered into a joint venture for hemp research in 2017 at a similarly sized farm on the Acadian Peninsula of New Brunswick, Canada. Following a successful first year of cultivation trials, the partners are now moving forward with commercial industrial hemp production with the end goal of extracting several different cannabinoids to provide near-term revenue. Experienced hemp farmers are already on board to grow hemp on the New Brunswick property in 2018, with plans to cultivate more than 1,000 acres by year three. This joint venture relationship has evolved further with the acquisition of 109 acres and a JV agreement for the Scio, Oregon, project.
Global Hemp Group developed the unique concept of a Hemp Agro-Industrial Zone (HAIZ) for the purpose of building cooperative mechanisms across industrial sectors that focus on different parts of the hemp plant. Under the HAIZ strategy, Global Hemp Group brings together capital, farmers and labor in an effort to build a “soil-to-shelf” portfolio of complimentary companies and joint venture partners in the global hemp industry (GlobalHempGroup/HAIZ).
As a publicly traded company headquartered in British Columbia, Canada, Global Hemp Group is focused on attracting joint venture partners across all sectors of the industrial hemp industries with a commitment to improving quality of life by researching, developing and distributing sustainable materials, products and services produced from hemp and, at the same time, consistently delivering a positive return on investment to shareholders.
For more information, visit the company’s website at GlobalHempGroup.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com