Calgary, Alberta--(Newsfile Corp. - October 31, 2023) - Hempalta Inc. ("HEMPALTA" or the "Company"), a Canadian agricultural technology company focused on harnessing the immense potential of industrial hemp, today announced it has been selected as one of the Top 10 Startups to be showcased at Calgary's 2023 Launch Party on November 23. The Company will also be presenting at the TAKESTOCK Investor Forum in Calgary on November 1.
The 2023 Launch Party will wrap up Innovation Week in Calgary and will highlight some of the city's most promising start-ups. HEMPALTA has been nominated by the Calgary innovation community and selected by a committee of Launch Party alumni founders to the coveted Launch Party Top 10 Startup List. To be selected, companies must be in operation for less than three years, be revenue positive, and demonstrate potential for growth. Prizes to be awarded during the event on November 23 include a People's Choice Award, Alumni's Choice Award, and the Alex Raczenko Pitch Award. Winners receive resources and services to continue growing their startup. Hundreds of companies have been showcased at the Launch Party over the years, including names like Goodlawyer, Quickly, SkipTheDishes, StellarAlgo, Virtual Gurus and more.
"We're very pleased to be recognized by Calgary's 2023 Launch Party. We've been active in building our business and focusing our efforts on hemp processing and product creation. We leverage a state-of-the-art processing technology to process industrial hemp at our plant in south Calgary. Our business offering includes consumer packaged goods, commercial products, and industrial hemp carbon credits," said Darren Bondar, HEMPALTA's President and CEO.
HEMPALTA is revolutionizing the industrial hemp industry through advanced and highly scalable agricultural processing technology through the state-of-the-art HempTrain™ advanced hemp processing system, as well as the monetization of industrial hemp carbon removal credits on a global scale through the global voluntary carbon market, which is projected to reach $2.68 trillion by 2028.1
Industrial hemp possesses a unique capacity to absorb substantial amounts of CO2 during a rapid growth cycle and Southern Alberta is home to some of the most productive hemp growing fields in North America. HEMPALTA anticipates substantial additional gross revenue from the monetization of industrial hemp carbon removal credits.
The Company has begun speaking with companies in the energy industry as well as other industries who may be interested in securing industrial hemp carbon credits. The organizations that do so will be demonstrating a commitment to sustainability, supporting farmers, and promoting regenerative agricultural practices.
Through its strategic alliance agreement with the Hemp Carbon Standard, the Company is also positioned to measure, report, and verify ("MRV") hemp removal credits on a global scale. This unique position will allow it to measure and monetize hemp acreages' carbon removal globally through satellite data and flux towers with a goal of 1,000,000 acres of hemp under its MRV system by 2025.
At the forefront of innovation and committed to addressing pressing environmental challenges, HEMPALTA's unique business model is a first of its kind and is set to modernize the agricultural industry while aligning with the global shift towards sustainability and environmental responsibility.
HEMPALTA entered into a non-binding letter of intent with Trail Blazing Ventures Ltd., dated October 11, 2023, regarding a planned business combination. In connection with the business combination it is anticipated HEMPALTA will complete a private placement in part to fund a tripling of the highly scalable processing capacity at HEMPALTA's Calgary plant to satisfy growing market demand.
The Company will be participating in the TAKESTOCK Investor Forum on November 1 beginning at 9:00 am MT at the Calgary Petroleum Club. TAKESTOCK connects emerging private companies with key investors, while providing a platform for networking and education. Interested participants can register for free to attend.
1 Market numbers are provided in "Global Carbon Credit Market: Analysis by Traded Value, Traded Volume, Segment, Project Category, Regional Size and Trends with Impact of COVID-19 and Forecast up to 2028."