HempNova Is Building Up a Large Scale Commercial Hemp Processing Facility in Oregon
Sep 12, 2019, 15:52 ET
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
VANCOUVER, Sept. 12, 2019 /CNW/ - HempNova Lifetech Corp. (the "Company" or "HempNova"), is pleased to announce that the Company's wholly owned subsidiary, HempNova Lifetech (Oregon) Corp. ("HempNova Oregon") has leased a 23,000 sq. foot facility (the "Oscar Facility") located at 706 Oscar St., Eugene, Oregon, USA, for hemp processing. The Oscar Facility was a USDA certified food processing facility. The Company plans to convert this facility into a GMP certified hemp processing facility providing one-stop solution to hemp growers, including hemp drying, biomass storage, research and development, product formulation, in-house analytical testing, and commercial hemp extraction producing CBD oil and isolates.
HempNova Oregon has received an Industrial Hemp Handler License from Oregon Department of Agriculture ("ODA") for the Oscar Facility, and is making good progress in obtaining building occupancy permits from Eugene City.
The hemp cultivation industry in Oregon is growing rapidly after the 2018 Farm Bill. There is a serious shortage of hemp drying and storage facilities. The Company's first priority is to build up drying and storage facility. For this purpose, the Company has purchased six commercial dryers with daily drying capacity of approximately 100,000 pounds of dried hemp biomass, and is constructing a 10,000 sq. foot hemp drying shop at the Oscar Facility on top of the current 23,000 sq. foot space. Four dryers are currently being installed at the Oscar Facility. The Company expects to start hemp drying and storage services at the Oscar Facility around the end of September, 2019.
In addition, HempNova Oregon has leased a 15,000 sq. foot warehouse located in White City, Oregon, USA for a second hemp drying shop (the "White City Facility"). An Industrial Hemp Handler License has been granted to the White City Facility by ODA. Two large commercial dryers will be installed at the White City Facility.
The Company also provides the following corporate updates:
The Company has engaged Ms. Maria Tang as the Executive Vice President and Chief Financial Officer of the Company. Ms. Tang served as the Chief Financial Officer of Silvercorp Metals Inc. from October 1, 2008 until February 6, 2015. Ms. Tang also served as Chief Financial Officer and Chief Accountant of New Pacific Metals Corp. from October 1, 2008 until February 6, 2015. She worked with Ernst & Young LLP, where she focused on public company audits with China operations. Ms. Tang has a Bachelor of Science degree from the Nankai University and holds both a Chartered Accountancy and American Institute of Certified Public Accountant designations.
The Company has closed a non-brokered private placement of C$1,766,500 by issuing 8,500,000 common shares. Proceeds from the financing will be used in the development of its hemp processing business and general corporate working capital. The Company has paid a finder's fee of C$88,325 in connection with this financing.
The Company has encountered significant delay in closing the proposed acquisition of Aibeida Lifetech Limited after its continuous efforts. The Company is focusing on building up the Oscar Facility.
ON BEHALF OF THE BOARD
"Ken Cai", President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE HempNova Lifetech Corporation
For further information: For additional information on the Company, please contact Jennifer Trevitt at 604-688-8002
Share this article