register free | resend password

GLOBAL HEMP GROUP Signs Letter of Intent to Acquire a 50% Interest in House of Hemp

ID: 1327422
recent pressrelease next pressrelease

(businesspress24) -

Surrey, BC -- (December 29, 2014) -- GLOBAL HEMP GROUP INC. (GHG or the Company) (CSE: GHG) (OTCQB: GBHPF) (FRANKFURT: GHG) announces that it has signed a Letter of Intent to acquire a 50% interest in House of Hemp (Pty) LTD (HoH), GHG''s South African partner and the only South African corporation to be awarded a permit from the Department of Agriculture and the Department of Health to legally cultivate and process hemp in South Africa.

Founded in 1999, House of Hemp is South Africas largest supplier of hemp raw material and finished products. Founder Dr. Thandeka Kunene has been researching hemp for more than the 15 years that HoH has been in existence. She brings a tremendous amount of unique experience and knowledge to this venture and the development of the hemp industry in South Africa. Dr. Kunene has developed strong, long-term relationships with agencies within the South African government required to complete research trials and usher in a commercial hemp industry in South Africa. This will provide jobs, rural development, and social solutions while improving the quality of life and economic standing for the proud citizens of South Africa.

Pursuant to the LOI, GHG has been granted an exclusive 90 day period to complete its due diligence and settle on a mutually agreed final valuation for House of Hemp, which is not expected to exceed US$420,000. The consideration for this transaction will a combination of 50% cash and 50% common shares of GHG or other such combination as is suitable to the parties. GHG has also granted a Right of First Refusal to acquire the balance of HoH in the future.

The cash component of this acquisition will only be used for direct investment in the development of new hemp-based businesses and/or enhancement of ongoing business endeavours, as outlined in the current business plan. Initial focus for revenue generation of the combined entity will be the sale of hemp oil to the food industry in South Africa and the completion of HoH''s own oil pressing plant.

The completion of the transaction is subject to a number of conditions including signing of a Definitive Purchase Agreement by March 15, 2015 and Regulatory Approval. No finder''s fee will be payable in connection with this transaction.

GHG is also pleased to announce the appointment of Dr. Paul T. Perrault to the Board of Directors, replacing Sandy Janda who has resigned to pursue other personal endeavours. Dr. Perrault was trained in cooperative development (M.A.) and in Economics of Rural Development (Ph.D.). His early career started in the growth and management of rural development projects in a number of developing countries. The core of his career has been in institutional development. Over the years he participated actively in the creation of three institutions in Africa; the National University of Rwanda, the Agricultural and Rural Management Training Institute and the Doctorate Program on Rural Economics at the Université Nationale de Côte dIvoire. He has contributed to the strengthening of agricultural research organizations principally in Africa as a researcher, then as a program director at the International Service for National Agricultural Research, a CGIAR institution. He has been a member of GHG''s International Advisory Board since January 2014 and has been instrumental in preparing GHG''s business strategy for Africa.

This acquisition firmly establishes Global Hemp Group in South Africa. We have a strong partner representing our interests in Dr. Thandeka Kunene and look forward to working alongside her to establish and expand the hemp industry all throughout Africa, said CEO, Charles Larsen. We are also very fortunate to appoint Dr. Paul Perrault to our board of directors. Paul brings extensive experience in agriculture and business development on the African Continent. Dr. Perrault will work closely with Dr. Kunene to develop infrastructure to support the commercial hemp industry in South Africa and beyond.

About Global Hemp Group Inc.
Global Hemp Group, Inc. (CSE - GHG) is a publicly traded holding company founded in 2012. It is headquartered in British Columbia, Canada with base operations in Southern California and South Africa. The Company is acquiring and/or joint venturing with companies across all sectors of the hemp and cannabis industries in an effort to build a "soil-to-shelf" portfolio of complimentary companies that will enable GHG to capture cash flow, revenues and value from its acquisitions and establish a far greater collective valuation than GHG or the individual companies would have on their own. The Company performs comprehensive research and analysis on companies in these industries, both public and private, seeking acquisition and joint venture opportunities with experienced experts in the industry. GHG portfolio companies operate synergistically, enabling greater efficiencies, profitability and value through the economies of scale created from operating as a cohesive group. The Company also provides consulting services, from agronomics and technology to product development and distribution. In addition, GHG provides brokerage services to hemp and cannabis producers, processors, manufacturers and distributors.

On behalf of the Board of Directors,

Charles Larsen
Charles Larsen
Chairman & CEO

Second Floor, 8338-120th Street
Surrey, BC, V3W 3N4


To view Global Hemp Group, Inc. on the Canadian Securities Exchange under symbol GHG click HERE.

To view Global Hemp Group, Inc. on the Boerse-Frankfurt Exchange/XETRA exchange under symbol GHG click HERE.
To view Global Hemp Group, Inc. on the OTC Markets in the United States under symbol GBHPF click HERE.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Keywords (optional):

Company information / Profile:

PressRelease by


Die Unternehmen der Global Hemp Group, Inc. sind Komplettanbieter von hochwertigen nachhaltigen Rohstoffen aus der Hanfpflanze. Mit seinen Produkten, die als führende Weltmarken Anerkennung finden, wird der Konzern die Automobilindustrie, die Baustoffindustrie, den Bioverbundstoffsektor, Energieversorgungsunternehmen, Hersteller von Nahrungsmittel, Nahrungsergänzungsmittel und Nutriceuticals sowie die Pharmaindustrie beliefern und ist dabei in allen Belangen dem globalen Umweltschutz verpflichtet.

PressContact / Agency:

published by: irw
print pressrelease  send to a friend  

Date: 12/29/2014 - 15:31
Language: English
News-ID 1327422
Character count: 0
Firma: Global Hemp Group Inc.
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Wien


Number of hits: 340


Direct Link to this PressRelease:

We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease

All members: 9 438
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 66

Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.