The funds raised will be allocated towards funding technology acquisitions, driving sales and marketing activities, and securing the company’s foothold in the hemp processing and product development industry.
“We’re excited to offer all types of investors the opportunity to invest with us and support our mission to better the planet with hemp. We recognized the need for sustainable and planet-friendly practices and have found a solution with industrial hemp processing right here in southern Alberta,” said Darren Bondar, CEO of HEMPALTA.
Bondar previously founded Inner Spirit Holdings, the public company which built Spiritleaf into Canada’s leading cannabis retail brand before selling the network to Sundial for approximately $131 million last year.
Bondar’s new venture intends to be a major disruptor to traditional and environmentally destructive agricultural techniques by targeting the growth potential of industrial hemp fiber. The company has been applying new technologies to commercial-scale hemp processing to deliver a variety of consumer products.
Just this week, hempcrete was approved as a material for use in U.S. residential construction. Hempcrete is an environmentally friendly alternative to concrete, made from a mixture of hemp stalk and lime or sand. The change in legislation can be expected to provide an additional potential product offering for HEMPALTA.
Since its launch earlier this year, HEMPALTA has enhanced its product line and expanded its retail distribution channels. As examples, Hemp-Fresco food saving pads and HempyCat litter are selling at select Sobeys, Safeway Canada and Calgary Co-op stores, as well as being made available online through Amazon and Loblaws.
HEMPALTA has also garnered some local recognition as the company is a finalist for the 2022 Calgary Chamber of Commerce’s Emerging Growth Award, which will be presented in late October to a small business startup that is showing rapid growth with the potential for future commercial success.
The company’s publicly available equity crowdfunding round is live on the FrontFundr crowdfunding platform. The opportunity is open to retail investors as well as institutional investors until November 2, 2022.
Prior financial support for HEMPALTA to the tune of $3.3 million came from partners such as W. Brett Wilson’s Prairie Merchant Corporation, along with an additional $1 million term loan from Farm Credit Canada.
“We have a thoughtful go-to-market strategy that includes acquiring new technologies and making technological improvements to our operations so we can expand our product lines and serve additional markets. Our financing efforts are designed to help us fund this activity and accomplish our goals so we can really be part of the golden opportunity for industrial hemp and better the planet,” said Bondar.