HEMPALTA, a local company focused on hemp processing and product creation, is partnering with UK-based Hemp Carbon Standard, a leading carbon platform for industrial hemp farming, to enter the growing carbon credits market space.
It represents a milestone for HEMPALTA’s focus on sustainable business practices and provides the company with a valuable new revenue stream to add to its consumer packaged goods and commercial products businesses. The company’s operations leverage a state-of-the-art, patented processing technology to process industrial hemp at its plant south of Calgary.
HEMPALTA is on Calgary.tech’s watchlist of companies for 2023. The company was also recently named a finalist for the Calgary Chamber’s small business innovation award for the second straight year.
“Our partnership with Hemp Carbon Standard will really round out our business offering,” said Darren Bondar, HEMPALTA’s President and CEO. “Providing industrial hemp carbon removal credits aligns perfectly with the company’s mission to build a sustainable business and contribute positively to the planet.”
“The partnership will also allow us to deepen our collaboration with farmers in Western Canada and share the financial benefits of the credits with them,” he said.
Industrial hemp possesses a unique capacity to absorb substantial amounts of CO2 during a rapid growth cycle. Southern Alberta is home to some of the most productive hemp growing fields in North America.
UK-based Hemp Carbon Standard is a pioneer in generating carbon credits derived from industrial hemp. The credits result from a precise quantification methodology that uses state-of-the-art remote sensing technology to accurately measure CO2 sequestration at scale.
“We’re excited to work with HEMPALTA to introduce industrial hemp carbon credits to markets in Canada,” said Tim de Rosen, CEO at ClimaFi, the company which sponsors the Hemp Carbon Standard. “The credits offer companies the opportunity to secure high-quality credits that enable them to measure and contribute to their decarbonization efforts.”
Bondar says HEMPALTA will be speaking with companies in the energy industry as well as other industries who may be interested in buying industrial hemp carbon credits. The companies that do so will be demonstrating a commitment to sustainability, supporting farmers, and promoting regenerative agricultural practices.
HEMPALTA, which ran a successful crowdfunding campaign through FrontFundr last year, is active raising money at this time, primarily to fund a tripling of processing capacity at its Calgary plant to satisfy growing market demand.