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August 1, 2020 CONTACT

Hemptown Raises C$24 Million From Canaccord

Hemptown Organics Corp. raised  C$24 million in a round of financing from Canaccord Genuity Corp.who served as the lead agent on the brokered portion of the financing on behalf of a syndicate of investors that included Sprott Capital, Beacon Securities, and Pacific International.

The investment will allow Hemptown to embark on a multi-state expansion, purchase $5.5M in Oregon CBD seeds, begin the build-out of its processing and extraction facilities, research team, as well as planting and harvesting of its 2019 crop of feminized hemp seeds.

“Successful companies in this sector will be those with the ability to build a scalable, vertically integrated multi-state company,” stated Rod Wolterman, Founder and Chairman, Hemptown USA. “We have assembled a well-respected team that has already produced some of the highest quality feminized hemp in the country here in Southern Oregon’s Emerald Triangle. The capital infusion will allow us to expand operations to Colorado, Kentucky, Northern California, ramp up processing capabilities and develop disruptive product formulations in the CPG sector. Needless to say, we’re very excited to be executing on our vision and delivering sustainably grown feminized hemp flower and biomass on a commercial scale.”

With this capital infusion, Hemptown USA is now poised to become a formidable multi-state operation within this rapidly growing industry. Hemptown reported that it had a first-year yield of 110,000 lbs of feminized hemp biomass. The company said it is one of the largest CBG producers in the U.S. with our purchase of 1 million rare CBG seeds for the 2019 growing season. It also said that it is producing some of the world’s most coveted strain profiles containing 15% – 20% full spectrum CBD, CBG and other cannabinoids and terpenes.

Currently, the company is growing 1500 acres in Oregon, Kentucky, and Colorado with the capability to more than double the acreage in 2020 and each year after.

Looking Ahead

Hemptown plans to continue farming more novel cannabinoid strains in large quantities. Such as CBC, CBDV, and CBGV. The company also plans on acquiring a cGMP nutraceutical facility to develop unique cannabinoid products for the health and wellness industry.

“Successful companies in this sector will be those with the ability to build a scalable, vertically integrated multi-state company,” stated Rod Wolterman, Founder and Chairman, Hemptown USA. “We have assembled a well-respected team that has already produced some of the highest quality feminized hemp in the country here in Southern Oregon’s Emerald Triangle. The capital infusion will allow us to expand operations to Colorado, Kentucky, Northern California, ramp up processing capabilities and develop disruptive product formulations in the CPG sector. Needless to say, we’re very excited to be executing on our vision and delivering sustainably grown  feminized hemp flower and biomass on a commercial scale.”

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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