Hempalta Corp. Announces Financial Results for Three Months and Nine Months Ended June 30, 2024

Hempalta Corp. Announces Financial Results for Three Months and Nine Months Ended June 30, 2024

AgTech Company shares its second quarter of financial reporting and details advances with Industrial Hemp Carbon Credits platform and Biochar product

Hempalta Corp. (formerly Trail Blazing Ventures Ltd.) (TSXV: HEMP) ("Hempalta" or the "Company") has released its financial results for the three and nine months ended June 30, 2024. Hempalta's unaudited interim condensed consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three and nine months ended June 30, 2024 are available on www.sedarplus.ca.

Financial Results

  • Revenue for the three months ended June 30, 2024 was $185,021, a 32% increase compared to the same period in 2023. Revenue for the nine months ended June 30, 2024 was $436,328, a 28% increase compared to the same period in the prior fiscal year. The increases are due to the Company increasing production of its hemp-based commercial and consumer products and expanding its distribution channels.
  • Cost of sales for the three months ended June 30, 2024 was $220,916, a 56% increase compared to the same period in 2023. Cost of sales for the nine months ended June 30, 2024 was $497,587, a 48% increase compared to the same period in the prior fiscal year. Contributing factors to the increased cost of sales were the costs associated with scaling up operations to handle the increased sales, including increases in the cost of freight to retailers, production supply costs, and maintenance and repair costs.
  • Net loss for the three months ended June 30, 2024 was $858,647 or $0.01 per share, a 182% increase compared to the same period in 2023. Net loss for the nine months ended June 30, 2024 was $2,008,330 or $0.02 per share, a 70% increase compared to the same period in the prior fiscal year. The increases are primarily based on higher general and administration costs due to the going public process, acquisition of a controlling interest in Hemp Carbon Standard Inc. ("HCS"), and higher labour costs due to employee additions. For the three months ended June 30, 2024, there was also increased share-based compensation increasing the net loss.
  • Net general and administrative expenses increased 222% and 95% for the three and nine months ended June 30, 2024 compared to the same periods in the prior fiscal year. The increases are primarily due to higher filing and listing fees and accounting and legal costs related to the going public process, acquisition of a controlling interest in HCS, higher labour costs due to employee additions, and increased share-based compensation.
  • At June 30, 2024, the Company had cash of $1,712,587 and working capital of $1,927,064.

Acquisition of Hemp Carbon Credits Platform

In May 2024, the Company acquired a controlling interest of 50.1% in HCS (the "HCS Transaction"). The transaction marked a significant milestone in Hempalta's focus on sustainable business practices and is expected to provide the Company with an additional revenue stream alongside its consumer packaged goods and commercial products divisions.

HCS operates a financial incentive program that rewards industrial hemp farmers on their sustainable carbon farming journey. HCS's work is rooted in their mission to create a positive climate impact for future generations, while continuing to support the processing of industrial hemp into a wide array of products.

Progress with Industrial Hemp Carbon Credits

The demand for carbon credits is increasing as companies seek to reduce their carbon footprint and mitigate climate change. Industrial hemp possesses the capacity to absorb substantial amounts of carbon dioxide ("CO2") during its rapid growth cycle. HCS has been a pioneer in the generation of carbon credits derived from the industrial hemp crop life cycle.

HCS's precision quantification methodology leverages cutting-edge remote sensing technology, ensuring the accurate measurement of CO2 removal within the biomass of the industrial hemp crop and associated topsoil. This approach guarantees transparency and integrity in carbon accounting and helps corporate buyers of HCS carbon credits to achieve their sustainability goals. By participating in the Voluntary Carbon Market, industrial hemp farmers can diversify their revenue streams and make meaningful contributions to climate change mitigation.

For 2024, HCS continues to enhance its industrial hemp carbon credit platform. To this point, HCS has achieved a 337% increase in total acres under management over 2023, which is the year the platform was established. For 2024, HCS has signed up 36 farms, 184 sites, and 13,556 acres in Canada, the United States, the United Kingdom, Ukraine, Spain, Portugal, and Australia. This is expected to result in the removal of over 50,000 tonnes of CO2 from the atmosphere, creating an equal amount of high-integrity, nature-based carbon removal credits which HCS plans to sell through the Voluntary Credit Market.

Introduction of Biochar

Hempalta has been working to actively develop new hemp-based products to complement its current products retailing in the market with the goal of creating additional revenue streams. Current products include animal bedding, pet litter, garden mulch, and hurd for hempcrete, which is a sustainable building material.

The Company has recently introduced biochar derived from industrial hemp to the market. Made by recycling industrial hemp biomass processed at a production facility or onsite at farmers' fields, biochar is produced through a process called pyrolysis, which heats organic material at high temperatures at extremely low oxygen levels. This method 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 and helping to generate high-value carbon credits.

Biochar presents an exciting opportunity for Hempalta and for farmers, allowing hemp and other plant and farm waste to be converted into a sustainable and valuable commodity that can generate revenue through carbon credits, which for high-quality biochar typically sell for between US$100 and US$200 per ton of CO2 sequestered.

Outlook

Darren Bondar, Hempalta's President and Chief Executive Officer, said, "We continue to advance our business objectives by adding new revenue-generating streams related to industrial hemp and expanding our production capabilities. We've added a global hemp carbon credit platform that enables us to seek out new markets worldwide and participate in the growing carbon credit marketplace. We're also diversifying to meet market demand and unlock new industrial hemp-based products such as biochar."

Investor Updates

The Company will be presenting at the New York Venture Summit in New York City on September 4 and 5, 2024 and at the ArcStone-Kingswood Growth Summit in Toronto on September 26, 2024. Investors can stay updated on Hempalta's investor announcements by subscribing to our mailing list. Click here to subscribe and join our community as we advance towards a greener future.

About Hempalta

Hempalta Corp. (TSXV: HEMP) is an agricultural technology company focused on harnessing the immense potential of hemp. The Company is pioneering the global hemp carbon credit industry and utilizing advanced agricultural technology to process industrial hemp at scale. Hempalta is the first company in Canada to introduce the creation and sale of hemp carbon removal credits in the Voluntary Carbon Market and offer corporate buyers the opportunity to secure such credits through its controlling interest in Hemp Carbon Standard Inc. Hempalta's products are made from hemp grown sustainably in Alberta and processed using a state-of-the-art processing plant at its production facility in Calgary, Alberta. The Company is led by passionate advocates for industrial hemp who have years of operations, manufacturing, marketing, consumer packaged goods, and retail sales experience. Hempalta has been named a Top 10 Startup by Platform Calgary's Launch Party and recognized as one of the 50 most investable clean technology companies by Foresight Canada. Learn more at www.hempalta.com.

HEMP TO BETTER THE PLANET.â„¢

For more information please contact:

  Hempalta Corp.
  Darren Bondar
  President and Chief Executive Officer
  Email: info@hempalta.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

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 "will", "expected", "plans", "enable" 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 HCS Transaction being expected to provide the Company with an additional revenue stream; the Company's anticipated benefits from the HCS Transaction; the demand for carbon credits increasing; industrial hemp farmers being able to diversify their revenue streams by participating in the Voluntary Carbon Market; the expected removal of over 50,000 tonnes of CO2 from the atmosphere resulting from the farms and sites signed up by HCS, the creation of an equal amount of high-integrity, nature-based carbon removal credits, and the plans of HCS to sell such carbon removal credits through the Voluntary Credit Market; the Company working to actively develop new hemp-based products with the goal of creating additional revenue streams; biochar presenting an opportunity for the Company; and the Company adding a global hemp carbon credit platform that enables it to seek out new markets worldwide and participate in the growing carbon credit market place. 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 ability of the Company to successfully implement its strategic plans and initiatives and the expected benefits therefrom; the anticipated benefits of the HCS Transaction; the ability of farms and sites currently signed up by HCS to grow hemp; and the ability of HCS to sell carbon removal credits through the Voluntary Credit Market. 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 may vary from those currently anticipated due to a number of factors and risks including, but not limited to: the risk that the benefits from the HCS Transaction will not be as anticipated; risks associated with general economic conditions; conditions in the carbon credit markets; adverse industry events; the risk that farms and sites currently signed up by HCS will not grow or be able to grow industrial hemp as anticipated or at all; the risk that HCS may not be able to sell carbon removal credits as anticipated or at all; adverse weather conditions affecting the growth of hemp; future legislative, tax and regulatory developments; and the ability of management to execute its business strategy, objectives and plans. 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.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220813

News Provided by Newsfile via QuoteMedia

HEMP:CC
Hempalta

Hempalta Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Hempalta (TSXV:HEMP)

Hempalta


Keep reading...Show less
Hempalta Corp. Confirms Business Strategy Execution and Responds to Increased Stock Trading Volume

Hempalta Corp. Confirms Business Strategy Execution and Responds to Increased Stock Trading Volume

Hempalta Corp. (TSXV: HEMP) ("Hempalta" or the "Company") today confirmed ongoing execution of its business strategy and responded to recent trading activity.

Business Strategy Update

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
HEMPALTA Introduces Biochar Derived from Industrial Hemp, Further Establishes Hemp Carbon Sequestration Activity, and Grants Stock Options

HEMPALTA Introduces Biochar Derived from Industrial Hemp, Further Establishes Hemp Carbon Sequestration Activity, and Grants Stock Options

Newly public AgTech Company continues to push forward with modernization and diversification of the industrial hemp market

Hempalta Corp. (TSXV: HEMP) ("Hempalta" or the "Company"), an agricultural technology company focused on harnessing the immense potential of hemp, today announced a new biochar product derived from industrial hemp and shared a number of corporate updates, including a name change for its processing division, expansion of those operations, and the granting of stock options.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Hempalta Corp. Announces Financial Results for Three Months and Six Months Ended March 31, 2024

Hempalta Corp. Announces Financial Results for Three Months and Six Months Ended March 31, 2024

Newly public AgTech Company shares initial financial reporting and details acquisition of controlling interest in global Industrial Hemp Carbon Credits platform

Hempalta Corp. (TSXV: HEMP) (formerly Trail Blazing Ventures Ltd.) ("Hempalta" or the "Company") has released its financial results for the three and six months ended March 31, 2024. Hempalta's unaudited interim condensed consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three and six months ended March 31, 2024 are available on www.sedarplus.ca.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
HEMPALTA Acquires Controlling Interest in Hemp Carbon Standard to Offer Hemp Carbon Credits to Global Markets

HEMPALTA Acquires Controlling Interest in Hemp Carbon Standard to Offer Hemp Carbon Credits to Global Markets

Adding Industrial Hemp Carbon Credits gives Hempalta a sustainable, revenue-generating platform to help customers worldwide decrease their footprint and reduce greenhouse gas emissions

Hempalta Corp. (TSXV: HEMP) (formerly Trail Blazing Ventures Ltd.) ("Hempalta" or the "Company") is pleased to announce that further to the press release dated April 15, 2024, the Company has completed its acquisition for the controlling interest of 50.1% of Hemp Carbon Standard Inc. ("HCS") (the "Transaction"). The Transaction was completed by way of share purchase agreement among HCS, Climafi Limited ("Climafi"), and the Company (the "SPA").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Cypher Metaverse

Cypher Metaverse Inc. Announces Closing of Financing

Cypher Metaverse Inc. ("Cypher" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) announces it has completed its previously announced non-brokered private placement (the "Financing"). The Company raised proceeds on this final tranche of $5,100 through the sale of 60,000 Units.

The Company raised a total of $159,525.20, and issued a total of 1,876,767 Units pursuant to the Financing.

Keep reading...Show less
Troy Minerals Initiates Field Program at Table Mountain Silica Project

Troy Minerals Initiates Field Program at Table Mountain Silica Project

(TheNewswire)

Troy Minerals Inc.

Troy Minerals Inc. (" Troy " or the " Company " ) (CSE: TROY; OTCQB: TROYF; FSE: VJ3) i s pleased to announce the commencement of a comprehensive field reconnaissance, mapping, and geochemical sampling program at its Table Mountain Silica Project near Golden, British Columbia.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
NorthStar Gaming Unveils Sports Insights 2.0

NorthStar Gaming Unveils Sports Insights 2.0

Enhanced content and added features strengthen a key NorthStar Bets differentiator

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced the launch across all NorthStar Bets online and mobile betting platforms of "Sports Insights 2.0," a robust set of enhancements and new features added to its industry-leading content vertical.

Sports Insights is a key differentiating feature that supports NorthStar's position as a premium brand and industry leader at the intersection of iGaming and media. A key pillar of Sports Insights' content offering is analysis of upcoming events, betting strategies, predictions and tips, with original articles produced daily by the Company's in-house team of sports writers. As announced this past February, NorthStar embarked on a significant enhancement of Sports Insights with upgrades and new features rolled out throughout 2024.

"Sports Insights 2.0 has been a major focus for our team this year and we are thrilled to share these new features with our customers," said Michael Moskowitz, Chair and CEO of NorthStar. "Players have told us they place a high value on the ability to access quality, in-depth stats and information seamlessly within our betting environment. This differentiates us from competing platforms that continue to require players to use multiple apps to access the same information. The added content should keep our players engaged and help them make informed betting decisions."

Highlights of new features and tools introduced for Sports Insights 2.0 include:

  • A redesigned home page offering an improved user experience, a three-story rotating carousel showcasing the most important content, articles grouped by topic (MLB, NFL, casino, etc.) and a "Live Now" strip promoting live betting markets and other promotional priorities.

  • More casino content, including tips, strategies, game reviews and casino lifestyle articles.

  • A comprehensive suite of team and player statistics for major league sports including football, baseball, hockey, and basketball.

  • Enhanced coverage of popular betting sports such as soccer, NCAA football and CFL.

  • Injury and player news feeds for NFL, MLB, NBA and NHL from industry leader RotoWire.

Sports Insights has proven to be a valuable driver of player engagement and betting activity, with many players reading articles and consuming stats and injury news prior to placing their bets. Frequent Sports Insights visitors, in comparison to non-readers, generate 118% higher average deposits, 58% higher average casino turnover, and 110% higher average sports turnover.1

Sports Insights content is regularly distributed across social media (@NorthStarBet) and through third-party media partners, and serves as an important acquisition and retention tool for NorthStar Bets. To view Sports Insights content, please visit www.northstarbets.ca/sportsbook/news.

Following the completion of this milestone, the Company will continue to make incremental enhancements to Sports Insights based on ongoing user feedback and an evolving product roadmap.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/9376/225943_a41f82ce246539db_001full.jpg

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9376/225943_a41f82ce246539db_001full.jpg

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, expected benefits of the introduction of product innovations, and player engagement levels. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Troy Minerals Completes Infill Soil Sampling at Lac Jacques

Troy Minerals Completes Infill Soil Sampling at Lac Jacques

(TheNewswire)

Troy Minerals Inc.

Troy Minerals Inc. (" Troy " or the " Company " ) (CSE: TROY; OTCQB: TROYF; FSE: VJ3) is pleased to announce the results of the 2024 soil geochemical survey on the Lac Jacques rare earth element (REE) property. The 100% owned Lac Jacques property is located approximately 250km north of Montreal Quebec, Canada and approximately 40km northeast of the town of St. Anne du Lac (Figure 1).

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN V2024-2937

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp. announce Closing of Business Combination

Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp. announce Closing of Business Combination

Toronto, Ontario // ACCESSWIRE // September 30, 2024 - Forward Water Technologies Corp. ("FWTC") (TSXV:FWTC) and Fraser Mackenzie Accelerator Corp ("FMAC") (TSXV: FMAC.P) are pleased to announce the successful closing of their previously announced business combination (the "Transaction"). The combined company will continue to conduct the business operated by FWTC.

Summary of the Transaction

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Hempalta

Hempalta Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×