Business
Global Hemp Group Provides Update on its CBD Hemp JV Project with Marijuana Company of America in New Brunswick, Canada
(via TheNewswire) Vancouver, BC / TheNewswire / August 21, 2018 -- GLOB...
About this update from Global Hemp Group, Inc.
[{"type":"text","content":"Global Hemp Group Provides Update on its CBD Hemp JV Project with Marijuana Company of America in New Brunswick, Canada(via TheNewswire)\n \n \n\n\n\n \nVancouver, BC / TheNewswire / August 21, 2018 -- GLOBAL HEMP GROUP INC. (\"GHG\" or the \"Company\") (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) and its joint venture partner Marijuana Company of America, Inc. (OTC: MCOA) (the \"Partners\") are pleased to provide an update on their CBD hemp farming joint venture in New Brunswick, Canada (the \"Project\"). \n\n \n \nThe goal of the hemp project in northeast New Brunswick is to produce hemp biomass that can be used for the extraction of cannabinoids. In anticipation of the implementation of the Cannabis Act on October 17, 2018, which will allow for the processing of the entire hemp plant, the Partners began preparing its Bathurst facility for the installation of drying equipment capable of drying 125 acres of flowers and leaves from the 2018 cultivation. \n\n \n \nThe flowers and leaves of the hemp plant are rich in cannabinoids, notably the non-psychoactive compound Cannabidiol (CBD). CBD, which has gained increasing popularity as of late, has been found to be effective in treating a wide variety of ailments, producing an increase in demand from consumers for products containing CBD. The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020.\n\n \n \nHealth Canada issues Class Exemption to the Industrial Hemp Regulations \n\n\n \nHealth Canada, the governing body in charge of industrial hemp licensing and its regulations in Canada, has recently issued a new Class Exemption in Relation to the Industrial Hemp Regulations (flowering heads, leaves and branches). This will allow the Partners to legally harvest, dry and store flowering heads, leaves and branches of industrial hemp from its 2018 cultivation, prior to the implementation of the Cannabis Act on October 17, 2018, when extraction of CBD from the flowers and leaves from industrial hemp will be legal in Canada. This will enable the industry to take advantage of an entirely new product market utilizing hemp derived cannabinoids.\n\n \n \nNew Brunswick Facilities\n\n\n \nA 4,000 sq. ft. facility was secured in Bathurst, NB for the project in June. The company has established its offices and soon will complete the installati...