Hempco to Develop New Revenue Stream on Implementation of Bill C45
VANCOUVER, June 11, 2018 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco®" or the "Company") today comments on the vote in the Canadian Senate in favour of Bill C-45, the proposed new Cannabis Act and Regulations.
"The historic Senate vote clears the way for whole hemp plant utilization, a complete game changer for our industry that will allow Hempco to develop new revenue streams in potentially very significant markets," said Diane Jang, CEO of Hempco. "Bill C-45 will complete our sustainable tri-crop utilization of the industrial hemp plant and further position Hempco as a global supplier and marketer of high quality hemp-based foods, fibers, and now also CBD-based health products."
Food, CBD and Fiber Production – Changing legislation will permit us to utilize the entire crop of industrial hemp, including the leaves, flowers and branches, containing less than 0.3% THC. Currently much of the plant is discarded as waste. Hempco currently processes the hemp seeds into hemp-based foods and will soon be utilizing the stalk of the hemp plant as a fiber source for industrial building and textile uses, to be produced at its new 56,000 square foot facility in Nisku, Alberta.
Ms. Jang continued, "The extraction of CBD allowed for under the new Act is a core component of our strategy going forward, and we are well positioned to take advantage of this enormous opportunity, subject to obtaining the requisite license. Together with our strategic partner and majority shareholder Aurora Cannabis, we are now in prime position to take our hemp business to the next level and develop new, high-volume, value added products. The combined distribution channels of Aurora and Hempco will ensure broad market coverage, enabling us to pursue accelerated growth."
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of premier hemp seed foods. Hempco is committed to developing hemp foods, hemp fiber and hemp nutraceuticals, a "tri-crop" opportunity for producers and processors. Hempco is expanding its processing ability to meet global demands in a 56,000 sq. ft. facility located at Nisku, Alberta. Hempco's common shares trade on the TSX Venture Exchange under the symbol "HEMP".
On behalf of the Boards of Directors,
HEMPCO FOOD AND FIBER INC
The 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.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include the Company's anticipation of further growth, its expectation that continued spot inspections by the Canadian Food Inspection Agency will strengthen its standing as a trusted supplier, its intent to achieve the BRC Global Standard for Food Safety and its efforts to implement these standards at its Nisku, Alberta facility, its expectation that the Nisku facility will be operational by Winter 2017/2018, and its belief that the investment agreement with Aurora will be approved by its shareholders and help accelerate further growth. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Companies are under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Hempco Food and Fiber Inc.
For further information: John Ross, Chief Financial Officer, +1.647.291.4234, [email protected]