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Hempalta Corp. Announces New Biochar Product

Hempalta Corp., a company focused on harnessing hemp's potential, announced the launch of a new biochar product derived from industrial hemp.
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Key Takeaways:

  1. Hempalta Corp. introduces a new biochar product derived from industrial hemp.
  2. The company expands processing operations and renames its subsidiary.
  3. Stock options are granted to directors, officers, and employees.
  4. Progress in carbon removal credits with Hemp Carbon Standard Inc.
  5. Expansion of operations to meet growing demand for hemp-based products.

Hempalta Introduces a New Biochar Product From Industrial Hemp

Hempalta Corp., an agricultural technology company focused on harnessing hemp’s potential, announced the launch of a new biochar product derived from industrial hemp. The company also shared several corporate updates, including a name change for its processing division, an expansion of operations, and the granting of stock options.

New Biochar Product

HEMPALTA has been developing new hemp-based products to complement its existing product line, including animal bedding, pet litter, garden mulch, and hurd for hempcrete, a sustainable building material. The company is now introducing biochar, derived from industrial hemp, to the market.

Biochar is produced by recycling industrial hemp biomass through pyrolysis, which heats organic material at high temperatures under low oxygen levels. This process traps carbon and creates a product that can be spread on agricultural fields, boosting soil organic carbon and supporting plant growth while continuing to sequester carbon.

“We’re constantly working to find new ways to use industrial hemp to develop products that the market wants and that benefit the environment,” said HEMPALTA’s President and CEO Darren Bondar. “Biochar offers environmental benefits by sequestering carbon and improving soil health. Additionally, it allows farmers to monetize carbon removal credits on the voluntary carbon market.”

Carbon Removal Credits Update

In May 2024, HEMPALTA acquired a 50.1% controlling interest in Hemp Carbon Standard Inc. (“HCS”), a leading carbon removal program for industrial hemp farming. HCS has been making progress in the sale of carbon removal credits, including a recent agreement to sell 514 carbon removal units to Concordium, a blockchain with built-in ID verification.

HCS employs advanced methodologies and monitoring technologies to ensure precise carbon sequestration for industrial hemp, enhancing soil health and supporting regenerative agriculture. This approach ensures transparency and integrity in carbon accounting, enabling corporate buyers of HCS carbon credits to achieve their sustainability goals.

To date, HCS has signed up 36 farms across 184 sites and 5,486 hectares (13,555 acres) in Canada, the United States, Ukraine, the United Kingdom, Spain, Portugal, and Australia. This is forecasted to result in the removal of approximately 54,000 tonnes of CO2 from the atmosphere, creating an equal amount of high-integrity, nature-based carbon removal credits to be sold through the Voluntary Carbon Market (VCM).

Name and Expansion of Processing Operations

The company announced that its subsidiary, Hempalta Inc., has been renamed Hempalta Processing Inc. to better reflect its core business of processing industrial hemp into consumer and commercial products. Additionally, the production facility in Calgary is expanding by approximately 6,500 square feet to increase processing capacity and meet growing demand.

Stock Option Grant

HEMPALTA has granted 1,825,000 stock options to its directors, officers, and employees under the company’s stock option plan. Each option allows the purchase of one common share at $0.17 per share until June 24, 2029, with a vesting schedule over three years.

Outlook

“We’re very pleased to be launching the biochar product derived from industrial hemp,” said Bondar. “It complements our existing suite of products and positions us uniquely in the growing carbon credit marketplace with our nature-based solutions. We are helping farmers and corporate clients achieve their sustainability goals.”

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