Agricultural Technology Company HEMPALTA(TM) Launches Environmentally Friendly Product for Sustainable Hempcrete Construction
Alberta-based Company's hemp processing capabilities and innovative hemp-based products designed to make the planet healthier and more sustainable.
Optimized hemp hurd for use in hempcrete being launched to serve U.S. residential construction market on heels of key regulatory change
Calgary, Alberta--(Newsfile Corp. - October 11, 2022) - Hempalta Inc. ("HEMPALTA" or the "Company"), a Canadian agricultural technology company focused on innovative hemp processing and product creation, today announced the launch of optimized hemp hurd for use in hempcrete formulations, designed to serve the U.S. residential construction market.
With its production facility in Calgary, HEMPALTA has positioned itself at the forefront of the next evolution in agriculture by utilizing advanced technology to produce hemp-based products for a healthier and sustainable planet. Hemp is regarded as one of the world's most sustainable crops as it is renewable, reusable and recyclable.
"Our company is disrupting environmentally destructive products by targeting the growth potential of industrial hemp fiber. We are applying new technologies to commercial-scale hemp processing and delivering a variety of products with the optimized hemp hurd input for hempcrete being our newest offering. It's exciting as this product will be positioned for the U.S. residential construction sector and can supplement our business in the U.S. market," said Darren Bondar, CEO of HEMPALTA.
In September 2022, hempcrete was approved as a material for use in U.S. residential construction with changes to take effect in 2024.1 Hempcrete is an environmentally friendly alternative to concrete, made from a mixture of hemp stalk hurds and lime binder. The resulting product is safe, durable and sustainable. The updated legislation is a milestone event for the hemp and construction industries and will enable HEMPALTA to add a new potentially lucrative product offering.
The Company has already developed a strong product line since its launch earlier this year which includes Hemp-Fresco™ food saving pads, HempyCat™ cat litter, HEMPALTA premium animal bedding, Hemp-Pak™ all-purpose soil enrichment, and Hempzorb™ spill clean-up material. The products sell at select major retailers such as Sobeys, Safeway Canada and Calgary Co-op stores, as well as being made available online through retailers such as Amazon, Lowe's and Loblaws.
Awards and Recognition
HEMPALTA has earned local recognition for its business growth and was named a finalist for the Calgary Chamber of Commerce's Helcim Emerging Growth Award. Presentation of the award to the startup showing both rapid growth and strong potential for commercial success will be on October 21, 2022.
HEMPALTA has also been featured this month on a BNN Bloomberg small business segment where Bondar detailed the Company's business strategy and highlighted the opportunity for hempcrete in the U.S. market. The segment can be viewed at https://www.bnnbloomberg.ca/technology/video/recycling-hemp-eliminates-waste-and-turns-a-profit-hempalta-ceo-on-processing-hemp-in-alberta~2534789.
HEMPALTA is currently raising up to $1.8 million through an equity crowdfunding round on FrontFundr, Canada's leading crowdfunding platform, to drive further growth in the Company's product creation and to expand its distribution capabilities. The opportunity is open to retail and institutional investors with HEMPALTA's campaign scheduled to run until November 2, 2022. Details of the offering can be found in the Offering Document at https://www.frontfundr.com/hempalta as this news release is for informational purposes only.
HEMPALTA CEO Darren Bondar and General Manager Brittany McKell will be conducting in-person investor tours at the Company's production facility in Calgary on October 12, 2022 at 2:30pm MT. Interested participants can sign up at https://bit.ly/3Eb6HtU.
Bondar will also be participating in FrontFundr's virtual pitch event on October 13, 2022 at 11:00 am MT. Those interested in the online event can sign up at https://bit.ly/3yeORlO.
1 Detail on the approval of hempcrete for U.S. residential construction can be viewed at https://www.hempbuildmag.com/home/hempcrete-approved-for-us-residential-building-code-update.
Hempalta Inc. is an agricultural technology company focused on innovative hemp processing and product creation. It is one of the only commercial-scale hemp processors in North America able to manufacture high-value hemp products. HEMPALTA™ products are made from industrial hemp grown sustainably in Southern Alberta and processed using a state-of-the-art HempTrain™ Advanced Processing Plant at our production facility in the heart of Calgary, Alberta, Canada. The Company is led by passionate advocates for industrial hemp who have years of operations, manufacturing, marketing, consumer packaged goods and retail sales experience. We work with progressive farmers and world-recognized researchers with unparalleled expertise. Learn more at www.hempalta.com.
HEMP TO BETTER THE PLANET.™
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is typically, but not always, identified by the use of words such as "project", "will", and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the launch of optimized hemp hurd for use in hempcrete formulations; the positioning of hempcrete for the U.S. residential construction sector, with the U.S. being a new market for the Company; the updated legislation in the U.S. enabling the Company to add a potentially lucrative product offering; and the FrontFundr crowdfunding financing of the Company (the "Financing") and the use of proceeds thereof.
Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the completion of the Financing and the timing thereof; and the ability of the Company to successfully implement its strategic plans and initiatives and whether such strategic plans and initiatives will yield the expected benefits. Although the Company believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: conditions in the industrial hemp industry; the risk that the Financing will not be completed as anticipated or at all; the ability of management to execute its business strategy, objectives and plans, including the launch of optimized hemp hurd for use in hempcrete formulations; changes to regulations governing the Company's current or anticipated business activities, including changes to regulations pertaining to hempcrete in the U.S.; and the impact of general economic conditions and the COVID-19 pandemic in Canada. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.
Darren Bondar, President and CEO