- Proceeds to be used for development of new cultivation and processing project in New Brunswick
- A boost to operating capital
- Canada plans to legalize the extraction of cannabinoids from hemp in mid-2018
- Market for hemp CBD products is predicted to grow to $450 million by 2020
Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF), a company focused on the cultivation of hemp and cannabinoid extraction for both domestic and international markets, announced on March 7, 2018, that it had closed a non-brokered private placement, consisting of 12.5 million units at a price of $0.12 per unit, to raise $1.5 million (http://cnw.fm/DK0u6). Each unit comprises one common share of the company and one common share purchase warrant. The warrant entitles the holder to purchase one common share at a price of $0.15 for a period of five years from closing. No finder’s fee was paid on this placement, and all securities issued are subject, in accordance with securities laws, to a four-month plus one day holding period from date of issue.
Global Hemp Group intends to use the proceeds for several purposes. Firstly, the capital will be used to fund the development of its New Brunswick hemp cultivation and extraction project. In conjunction with its joint venture partner, Marijuana Company of America (OTC: MCOA), Global Hemp Group completed its industrial hemp trials in northeast New Brunswick at the end of 2017. This marked the first harvest of hemp on the Acadian peninsula in 20 years. The partners have recruited…
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