Vancouver, British Columbia: HEMP FOR HEALTH INC. (CSE: HFH) (“HFH” or the “Company”) provides this corporate update for its shareholders.
As reported in our news release of May 18, 2021, the agreement to acquire 100% of Pacific Hemp Company Pty Ltd. (“PHC”) expired, and the proposed transaction was terminated. Our target acquisition was unable to complete the required financing within the timelines of our agreement, which timelines were extended by more than 45 days to May 17, 2021. Although the proposed transaction with PHC was not completed, the Company is not disregarding the possibility of re-visiting the target acquisition if the impediments are resolved.
Up until two weeks ago, COVID-19 restrictions in Italy prohibited us from accessing our harvest from last year’s growing season. Once the restrictions were lifted by the Italian authorities, we immediately re-sampled our current stock and are now awaiting laboratory results from the testing.
Currently, in our inventory, we have the following hemp stock:
- 12,685 kg of biomass, no fiber
- 6,720 kg of biomass with fiber
- 878 kg of flowers
As liquid yields from biomass and flowers will differ, and the price of our products in the markets fluctuate, management will report on the income received from our stock once sales are finalized. The Company’s objective is to joint venture the processing or refining of our harvest for sale in the market, a process which we expect to be completed within the next 60 – 90 days.
“We thank our shareholders for their patience in what has been a very trying year and look forward to coming out of the global pandemic with renewed vigor and positive results for all,” concluded Robert Eadie, President and CEO of HFH.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 416-640-1936 x 203
Toll Free: 1-866-602-4935
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This news release does not constitute an offer of sale of any securities in the United States. None of the Company’s securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the availability of government financing programs and the business and operations of the company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with the Company’s activities, lack of investor interest; requirements for additional capital; changes in general economic conditions; accidents, delays or the failure to receive regulatory approvals, including the required permits needed by the Company’s operations; changes in laws, regulations, policies, and programs affecting the Cannabis industry, and so forth. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Hemp for Health disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.