HEMPALTA has been selected as one of the Top 10 Startups to be showcased at Calgary’s 2023 Launch Party on November 23.
HEMPALTA is an agricultural technology company focused on harnessing the immense potential of industrial hemp that has also found itself on Calgary.tech’s 2023 watchlist of companies.
The Launch Party will wrap up this year’s Innovation Week in Calgary and will highlight promising startups. To be selected, companies must be in operation for less than three years, be revenue positive, and show their growth potential. Prizes awarded during the event include a People’s Choice Award, Alumni’s Choice Award, and the Alex Raczenko Pitch Award.
Many startups have been showcased at the Launch Party over the years, including names like Goodlawyer, Quickly, SkipTheDishes, StellarAlgo, and Virtual Gurus.
“We’re very pleased to be recognized by Calgary’s 2023 Launch Party. We’ve been active in building our business and focusing our efforts on hemp processing and product creation,” said Darren Bondar, HEMPALTA’s President and CEO.
HEMPALTA recently entered into a letter of intent with Trail Blazing Ventures (TSXV:BLAZ.P), a capital pool company, regarding a planned business combination. Capital pool companies can be useful to a startup to go public without committing to a lengthy IPO process.
Prior to completing the combination, HEMPALTA plans to complete a brokered private placement offering worth between $1.45 million and $3.3 million. Investors in the private placement would become investors in the new company once it becomes public. Proceeds from the offering are expected to be used in part to triple HEMPALTA’s hemp processing capacity to satisfy the growing market demand.
HEMPALTA contends it is revolutionizing the industrial hemp industry through its advanced and highly scalable agricultural processing technology, as well as the monetization of industrial hemp carbon removal credits on a global scale through the global voluntary carbon market, which is projected to reach $2.68 trillion by 2028. The company has partnered with Hemp Carbon Standard with a strategic alliance agreement to enter the carbon credit market space.
Industrial hemp possesses a unique capacity to absorb substantial amounts of CO2 during a rapid growth cycle with Southern Alberta being home to some of the most productive hemp growing fields in North America. HEMPALTA is anticipating substantial additional gross revenue from the monetization of hemp carbon credits.
The company has been speaking with firms in the energy industry as well as other industries who may be interested in securing the industrial hemp carbon credits.
HEMPALTA is also positioning itself to measure, report, and verify hemp removal credits on a global scale. This unique position would allow the company to measure and monetize hemp acreages’ carbon removal globally through satellite data and flux towers with a goal of 1,000,000 acres of hemp under its MRV system by 2025.