|By Marketwired .||
|July 16, 2014 09:56 AM EDT||
SURREY, BRITISH COLUMBIA -- (Marketwired) -- 07/16/14 -- Global Hemp Group ("GHG" or the "Company") (CSE: GHG)(OTCQB: GBHPF)(FRANKFURT: GHG) is pleased to report that the 1,500 acres seeded in June are healthy and at varying stages of growth. Some fields were stalled by excessive rain, but are recovering nicely with recent good weather and warm sunshine. All other fields are in excellent shape with minimal weed control necessary. Irrigation and additional fertilizing will take place this week on designated fields, while the dry land fields will be left to Mother Nature.
GHG crops are on target to produce an estimated 1.5 million pounds of hemp seed in October of this year, which management expects will translate into profitable revenues and cash flow for the Company in 2014.
GHG and the Alberta farmers have mutually agreed upon a restructuring of the contractual agreements for the 1,500 acres of hemp. $150,000 has already been paid into the farmers' trust, with additional payments of $225,000 and $375,000 due on July 30 and Sept. 15, respectively, and a final payment of $750,000 due on delivery. The revised agreement includes 1,500,000 warrants to purchase GHG stock at $0.15 for two years, subject to regulatory approval.
"This revised agreement shows that GHG and our agriculture partners remain closely aligned in working to achieve a common goal: restoring hemp's place as a major North American commodity," said Charles Larsen, CEO of Global Hemp Group Inc. "We are encouraged by the both the strength of the hemp crop so far, and the enduring strength of our farming partnership, and hope both represent only the beginning of greater things to come."
U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for GHG at http://www.otcmarkets.com/stock/GBHPF/quote.
On behalf of the Board of Directors
Charles Larsen, Chairman & CEO
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. 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.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Global Hemp Group Inc.
Second Floor, 8338-120th Street
Surrey, BC, V3W 3N4
Frankfurt Office: +49.69.173 226 6672