The completion of the acquisition of all of the issued and outstanding securities of Hempalta Inc. on March 19, 2024, marked the Company’s Qualifying Transaction, as defined by Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange. The Transaction was executed in accordance with the terms of an amalgamation agreement dated November 15, 2023, where the Company acquired all securities of Hempalta Inc. through a three-cornered amalgamation with a subsidiary under the Business Corporations Act (Alberta). Prior to this Transaction, the Company underwent a consolidation and name change to “Hempalta Corp.”
The Financial Statements and MD&A reflect the operating activities of Hempalta Corp. for the current period and comparative periods. The audited financial statements for the years ended September 30, 2023 and 2022 for both the Company (formerly Trail Blazing Ventures Ltd.) and Hempalta Inc. are available on www.sedarplus.ca.
Quarterly Financial Results:
– Revenue for the three months ended March 31, 2024, increased by 30% compared to the same period in 2023, attributed to the expansion of hemp-based products and distribution.
– Cost of sales for the same period increased by 22%, driven by various factors including raw material costs and labor expenses.
– Net loss also increased for the three and six months ended March 31, 2024, mainly due to higher general and administration costs.
As of March 31, 2024, the Company reported cash of $2,694,707 and working capital of $2,712,780.
The recent acquisition of a controlling interest in Hemp Carbon Standard Inc. on May 1, 2024, marked a strategic move in Hempalta’s focus on sustainable practices. This acquisition is expected to provide an additional revenue stream through carbon credits derived from industrial hemp cultivation. HCS operates a carbon farming incentive program, contributing to climate change mitigation.
HCS’s methodology leverages advanced technology to accurately quantify carbon removal from industrial hemp crops. By participating in the Voluntary Carbon Market, HCS provides a platform for hemp farmers to generate revenue and contribute to climate action. The Company plans to sell carbon credits through the VCM, based on the forecasted removal of over 45,000 tonnes of CO2 in 2024.
Darren Bondar, President and CEO of Hempalta Corp., highlighted the Company’s commitment to sustainable agriculture and the global carbon credit marketplace. Investors are encouraged to stay updated on developments and announcements by subscribing to the mailing list on the Company’s website.
Hempalta Corp. (TSXV: HEMP) is an agricultural technology company pioneering the global hemp carbon credit industry. The Company’s hemp-based products are sustainably sourced and processed at their Calgary facility. Hempalta has garnered industry recognition for its innovative approach to industrial hemp cultivation and carbon credit monetization strategies.
For further information, please contact:
Hempalta Corp.
Darren Bondar
President and Chief Executive Officer
Email: info@hempalta.com
Disclaimer: This content includes forward-looking information and should not be solely relied upon for investment decisions. It is recommended to consult with financial advisors or conduct further research before making any investment choices.
