VANCOUVER, BC / ACCESSWIRE / October 28, 2019 / GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (CSE:GHG)(OTC PINK:GBHPF) (FRANKFURT:GHG) is pleased to announce that harvest at its joint venture hemp farm in Scio, Oregon is now complete.
Harvest
Harvesting began in early October and is now 100% complete. As with many areas of Oregon this year, Scio also experienced some weather challenges during the end of the growing season prior to harvest. Ultimately periods of dry weather extended long enough into October to have a successful harvest.
The last batch of hemp plants harvested have just competed the drying process. All biomass from the 2019 harvest will be ready for sale and/or further processing in the coming week. As drying and shucking are completed, the biomass will be weighed and prepared for storage before processing and/or sale.
This year genetics used at the farm were of vastly superior quality as compared to last year. The most recent independent test results of the current harvest was 18.48% Total CBD and compliant with non-detectable Delta 9 THC. Not only was there a 50% increase in CBD content over the previous year's harvest, there were virtually no males found in the field through the entire growing season. These improved genetics have produced higher quality trimmable flower that is being separated from the general biomass that will be processed into CBD crude oil. Trimmable flower prices are currently selling for upwards of $250 per pound, whereas biomass for extraction last season was priced at $30 to $40 per pound depending on quality.
Greenhouse Operations
The Company has expanded growing operations to include year-round production from its greenhouses. The first greenhouse (approx. 3,000 sq ft) is on track for harvest in January. Expansion into the adjacent greenhouses, will occur over the next 30 days. Drying flower in the larger greenhouses is complete and cultivation will soon expand into all of the greenhouses on the farm. An additional 4,000 sq ft greenhouse will be constructed in Q1 2020 to increase the available indoor growing area. Management is currently evaluating additional greenhouse expansion plans in order to generate a year-round revenue stream for the Company.
Follow the development of the Scio Oregon Hemp Project on Instagram @hemp_global.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE:GHG) (OTC PINK: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 Oregon State. 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.
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.
For Further Information Contact Global Hemp Group
Tel: 424-354-2998
[email protected]
https://globalhempgroup.com
SOURCE: Global Hemp Group