Global Hemp Group Provides Revenue Update

About this update from Global Hemp Group, Inc.

[{"type":"text","content":"Global Hemp Group Provides Revenue Update(via TheNewswire)\n \n \nVancouver, BC -- (August 9, 2019) -- GLOBAL HEMP GROUP INC. (\"GHG\" or the \"Company\") (CNSX:GHG.CN) (OTC:GBHPF)(FRANKFURT:GHG) is pleased to announce that its JV subsidiary Covered Bridge Acres Ltd. (CBA) has begun generating revenue through operations at its hemp farm in Scio, Oregon.\n\n \n \nThrough a combination of the sales of raw biomass, plantlets, CBD crude oil and CBD distillate that was produced from various processing test runs, along with other farm operations, revenue generated to date by CBA in its first year of operations is US$525,500 (approx. CDN$695,000).\n\n \n \nThe most recent transaction, the sale of 10,000 lbs of shucked biomass, was sold to an Oregon extraction facility for US$400,000 (approx. CDN$530,000). The CBA team is currently working with this party and a number of others to complete the purchase of the remaining inventory. \n\n \n \nOriginally CBA was expecting to monetize the 2018 hemp biomass after entering into a processing agreement with Richardson Gap Farm LLC (RGF), as announced on May 18, 2019. RGF has been unable to process the agreed upon quantities of CBA's biomass due to unforeseen issues with their processing equipment. Although RGF produces high quality distillate, CBA was no longer willing to delay the monetization of its biomass any further and decided to sell the biomass to another extractor. With multiple offers on the table to purchase the biomass, CBA shucked the biomass (removed stalks and stems) and completed the sale.\n\n \n \n\n\n\nClick Image To View Full Size\n\n\n\n \n \nCBA still has approximately 4,000 lb of unshucked biomass out for processing into distillate by additional extractors and will split the final product on a 50/50 basis. Once processed, it will be sold along with inventory on hand (8 kg of 92% distillate that was processed by RGF from crude oil CBA received from other processors test runs). Recent sales of this type of distillate has been in the $4,000 per kg range. \n\n \n \nInnovation and mechanization are keys to reducing labour costs on the farm. In preparation for the handling of this year's harvest, the CBA team has designed a shucking machine to remove the flowers and leaves from the stalk and stems. They are in the process of fabricating a prototype and have reserved a small amoun...

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