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Hempalta Corp. (TSXV: HEMP,OTC:HMPAF) ("Hempalta" or the "Company"), has commenced an orderly wind-up of its hemp processing operations following a review of its business and financial position.
Since its founding, Hempalta has pursued opportunities in industrial hemp, including the development of hemp-based consumer products, hurd for hempcrete, and the introduction of hemp biochar. Through the Hemp Carbon Standard, Hempalta verified nearly 30,000 tons of carbon removal across a global network of farms, creating one of the first farmer-driven hemp carbon credit programs.
Despite these milestones, the Company has been unable to generate sustainable revenues or attract the level of capital required to continue. The processing operation proved capital-intensive, consumer product adoption was slower than required, and the voluntary carbon market developed more cautiously than anticipated. In addition, the Company's previously announced equipment sale did not close, leaving Hempalta without sufficient resources to continue operations.
Hempalta also announces that Adrian Stokes, Russell Wilson, Craig Steinberg and Dan Balaban have resigned from the Board of Directors along with Michael Ginevsky as corporate secretary. Candace Ryan will remain as Chief Financial Officer to support ongoing financial reporting and compliance requirements. Darren Bondar, CEO and Director of Hempalta, will continue to manage the equipment sale process and the ongoing marketing of the Company's carbon credits. In addition, Hempalta will initiate a review of strategic alternatives available to the Company, including without limitation, seeking an alternative financing, sale, merger or other business combination.
Further disclosure regarding the wind-up and strategic review process will be provided as material information becomes available.
About Hempalta Corp.
Hempalta (TSXV: HEMP,OTC:HMPAF) is a Canadian-based company focused on delivering verifiable, high-integrity nature-based carbon removal credits through the Hemp Carbon Standard (HCS). Operating in seven countries and backed by AI-powered MRV, ISO 14064-2 certification, and blockchain transparency, Hempalta connects regenerative agriculture with corporate buyers seeking credible, scalable carbon offsets. The Company is headquartered in Calgary, Alberta.
Media Contact:
Darren Bondar
CEO, Hempalta Corp.
invest@hempalta.com
www.hempalta.com | www.hempcarbonstandard.org | www.trustedcarbon.org
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 "forward-looking information" within the meaning of applicable securities laws, including statements regarding the Company's strategic review process and the wind-up of operations. Forward-looking information is based on current expectations, assumptions, and projections that involve a number of known and unknown risks and uncertainties which may cause actual results to differ materially from those expressed or implied.
Various factors could cause actual results to differ materially from projections. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise forward-looking information, except as required by 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/265477
