2022-09-21 | CSE:GHG | Press Release


Vancouver, British Columbia–(Newsfile Corp. – September 21, 2022)- GLOBAL HEMP GROUP INC. (CSE:THG) (OTC: GBPF) (FSE: THG) (“THG” or the “company“) In addition to GHG’s news releases dated July 12, 2022 and July 13, 2022, the Company wishes to provide additional information regarding Revitalize Earth’s reverse takeover transaction.

The parties recently amended their binding letter of intent, originally signed on July 8, 2022, to extend the due diligence period to October 31, 2022 and the completion of the Definitive Agreement and underlying transactions by October 31, 2022 or to such other date as the parties may agree in writing and, in any event, to close the intended listing on the CSE no later than March 31, 2023. The parties will endeavor to complete the listing as soon as possible. In addition to completing the due diligence and definitive agreement by the parties, they are working to finalize a listing statement and information circular required for the transaction. In addition, Revitalize Earth will conduct an audit of its financial statements as part of the transaction. The company will announce each step upon completion.

Meanwhile, trading in GHG common stock will remain suspended until the Company receives shareholder approval by written consent or when the information circular is filed on SEDAR in view of the Company’s meeting of shareholders, whichever way the Company elects to do so .

MORE INFORMATION ABOUT REVITALIZE EARTH

Revitalize Earth is dedicated to increasing the wellbeing of the planet through global wellness centers, state-of-the-art agriculture and herbal medicines, while ensuring quality in all aspects of the business from seed to sale. GHG will add a page to its website with information about the Revitalize Earth transaction, which will continue to be updated as more information becomes available.

MISSION

Building sustainable businesses with the sole intention of bringing plant-based medicine to those in need. With passion and determination, Revitalize Earth uses science and the latest technologies to create the most effective products and solutions.

CURRENT OPERATIONS

Revitalize Earth has built a platform to help people restore their bodies and minds to full health. By combining Eastern philosophy, botanical medicine, quantum theory, neuroscience, epigenetics, homeopathy and nutrition into one modality, hoping to propel individuals towards self-care and healing.

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Their e-commerce platform has average gross sales of $869,885 (approx. CA$1,150,000) per month for the last five months (April to August 2022), double the figure for the same period last year. Note: All sales information was provided by Revitalize Earth and is currently unaudited. Learn more about Revitalize Earth.

CURRENT FARM OPERATION – Revitalize Earth has partnered with a number of organic farms in California to ensure the quality of the flowers for their raw material. Revitalize Earth partners with small family farms to ensure the quality and integrity of their products, in addition to indoor and outdoor grow facilities in Hollister, California.

MANUFACTURING FACILITY – A majority of the products sold on Revitalize Earth’s e-commerce site are manufactured in a 20,000 square foot facility in Tarzana, California.

KEY AREAS OF FUTURE DEVELOPMENT

EXPANDING THE CANADIAN MARKET – Revitalize Earth is also seeking to expand its medical and recreational cannabis products presence in the Canadian market by emulating its online issuance model in Canada. In addition, other vertical industries have been added to the sector, e.g. B. supplying cannabis pre-rolls, edibles and a range of Belgian chocolates infused with psilocybin to the wholesale sector.

ACCESS TO PORTUGAL AND EUROPEAN MARKET – On a broader geographic scale, Revitalize Earth has acquired a 1,500 hectare plot of land in Portugal to serve the European market which is just starting to sell CBD as Germany and Greece now offer medicinal cannabis products with high THC content for medicinal use. This trend will continue in large parts of Europe in the coming years. The company believes it can build a strong presence in this fledgling market by leveraging the experience it has gained from its US operations. The farm is expected to have multiple revenue streams from the sale of raw materials in Europe, as well as an on-site processing facility to manufacture products to be sold in Portugal and across Europe.

According to Infarmed (National Agency for Medicines and Health Products, IP, the regulatory agency for medicinal cannabis, which also controls the medical sector in Portugal), there are currently 20 business activities in Portugal that are licensed in this sector. The company’s license is currently pending and is expected to be granted this fall. Once licensed, the Company will enter the expanding medical side of the cannabis business in Europe and plans to open pain management centers in Portugal in partnership with Infarmed. From there, the company expects to grow its business by establishing locations across Europe. CLICK HERE to view a presentation on the Portugal business segment.

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NATIONAL HEALTH SERVICES (NHS) – UNITED KINGDOM – The directors of Revitalize Earth have been working with the NHS for the last year with the aim of obtaining a license to provide care in the UK to General Practitioners (GPs) who are licensed to do so, Prescribing medicinal cannabis to patients when they believe it would be beneficial as a treatment. This deal with the NHS, if awarded, could prove incredibly valuable to the company over the long term as it would supply one of the largest government healthcare providers in the world.

True North Testing – Cannabis Testing Labs (multiple locations worldwide) – Revitalize Earth is seeking to establish testing labs under license from governments in Thailand, Costa Rica and Portugal. The labs would be used for government-controlled cannabis testing to determine THC levels and gather valuable data from the plant and users for use by both governments and the pharmaceutical industry in the future as these products proliferate become mainstream. CLICK HERE to view a presentation about True North Testing.

HEMP-DERIVED PRODUCTS – Revitalize Earth intends to expand its commercialization reach into hemp-derived products in the future by utilizing its waste materials for hempcrete and bioplastics. GHG’s R&D department will help expand this market. Additionally, the company is exploring dietary uses of hemp, such as hemp milk, a product that’s gaining popularity in both the US and Europe. Sales on their e-commerce site have grown steadily over the past year. Revenue on the site is expected to continue to grow as more CBD-focused products are added, targeting markets in the US and Canada.

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About Global Hemp Group Inc.

Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FSE: GHG) is focused on executing a multi-pronged 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 is focused on the development of value-added “sustainable” and “green” industrial hemp products that leverage whole hemp plant processing for multi-market applications, such as at the Colorado Hemp Agro-Industrial Zone (HAIZ) project in Hayden, Colorado.

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To further support and innovate the HAIZ, the Global Hemp Group has set up a research and development departmentto actively pursue the development of intellectual property that can be patented for implementation in its projects and beyond. The department is led by Prof. Víctor M. Castaño, Ph.D.from the National Autonomous University of Mexico (UNAM), a highly recognized leader in applied science and technology. The R&D team brings an amazing wealth of knowledge and experience across multiple disciplines and will initially focus on the development of green building materials, nano-fertilizers and improved extraction from hemp.

For more information, please contact the Global Hemp Group

Kurt Huber, President

Phone: 778-726-2900

[email protected]

www.globalhempgroup.com

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release may contain forward-looking statements that involve significant known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Global Hemp Group Inc.’s control, including but not limited to the effects of general economic conditions, industry conditions, volatility in commodity prices, currency fluctuations, reliance on regulatory approvals, availability future financing and exploration risks, legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be inaccurate and undue reliance should not be placed on any 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 influencing factors such forward-looking statements or otherwise.

The CSE has not reviewed this press release and accepts no responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137961





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