- Hempalta (TSXV:HEMP) has completed its acquisition for the controlling interest equalling 50.1 per cent of Hemp Carbon Standard
- The transaction was completed by way of a share purchase agreement with HCS, Climafi and Hempalta
- The acquisition strengthens Hempalta’s focus on sustainable business practices and provides it with an additional revenue stream for its consumer packaged goods and commercial product divisions
- Shares of Hempalta are down 5.26 per cent to C$0.18 as of 11:50 am ET
Hempalta (TSXV:HEMP) has completed its acquisition for the controlling interest equalling 50.1 per cent of Hemp Carbon Standard (HCS).
In a news release, the Calgary-based company stated the acquisition strengthens its focus on sustainable business practices and provides it with an additional revenue stream for its consumer packaged goods and commercial product divisions
HCS creates and distributes HCS Carbon Certificates across various categories, including regenerative practices, biochar, and biomass burial, certifying the capture and long-term storage of carbon dioxide – from a decade up to centuries – through sustainable hemp farming practices.
“The acquisition of a controlling interest in the world’s leading carbon platform for industrial hemp farming is a key element to our growth strategy,” Darren Bondar, CEO of Hempalta, said in a statement. “The acquisition means we can deepen our collaboration with farmers worldwide, adopt an established and highly scalable platform, and share the financial benefits of the credits to create value for all parties involved.”
In 2023, HCS monitored 15 farms, 45 sites and 1,380 hectares across Canada, the United States, Ukraine and Spain that led to sequestering 12,354 tons of C02.
Hempalta is an agricultural technology company focused on the global hemp carbon credit industry.
The company’s products are made from hemp grown sustainably in Alberta and processed using a state-of-the-art processing plant at its production facility in Calgary.
Shares of Hempalta Corp. (TSXV:HEMP) are down 5.26 per cent to C$0.18 as of 11:50 am ET.
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