Hemp Carbon Standard Welcomes Hempalta As Major New Investor

Hemp Carbon Standard Welcomes Hempalta As Major New Investor - Carbon Herald

Canadian cleantech company Hempalta Corp., previously known as Trail Blazing Ventures Ltd., has announced that it has finalized a deal to acquire a significant stake in Hemp Carbon Standard Inc. 

Following a strategic alliance agreement signed on October 15, 2023, the company has chosen to exercise its option to purchase a controlling interest in HCS. This led to the signing of a definitive share purchase agreement between HCS, Climafi Limited, and Hempalta, where Hempalta will acquire 50.1% of HCS shares from Climafi.

Relevant: New Global Standard For Industrial Hemp Carbon Sequestration Launched

The Hemp Carbon Standard (HCS) offers a carbon certification system that focuses on the CO2 capture and storage potential of hemp cultivation. Through the issuance of HCS carbon certificates, this system addresses the urgent need to combat climate change by verifying the implementation of sustainable practices in hemp production. 

The certificates are awarded to various sectors that employ regenerative methods, biochar, and biomass burial to effectively capture and store CO2 for extended periods, ranging from ten to hundreds of years.

Read more: Game-Changing Industrial Hemp Forward Carbon Credits

Hempalta Corp. is also dedicated to unlocking the vast possibilities of hemp. Their products are crafted from hemp that is grown in a sustainable manner in Alberta and processed at a cutting-edge facility in Calgary. The inclusion of industrial hemp carbon credits in their portfolio will provide Hempalta with a sustainable, income-producing system to assist clients in reducing their carbon footprint.

The details of the Hemp Carbon Standard stake purchase by Hempalta state that the deal will be divided into two parts. First, a payment of $40,000 in cash will be made to Climafi. Second, a total of $2,000,000 in Hempalta common shares will be issued to Climafi shareholders at a price of $0.16 per share, resulting in a total of 12,500,000 shares being issued to Climafi shareholders. 

The transaction is expected to be finalized on or around April 30, 2024.

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