Canadian Rockies Hemp Corporation Closes Financing to Complete Build-Out of North America's Largest Industrial Hemp Processing Facility
BRUDERHEIM, AB, Feb. 2, 2021 /CNW/ - Canadian Rockies Hemp Corporation (CRHC or the Company), an Alberta-based agribusiness that focuses on processing hemp at scale for industrial use outputs, has announced the closing of a CAD $18 million equity and debt financing led by Merida Capital Holdings, a private equity firm targeting fundamental growth drivers which accelerate the rapid development of the cannabis and hemp industries. The company will use the proceeds to complete construction of their Bruderheim biorefinery, the first of several planned across Western Canada.
CRHC provides sustainable, consistent supply of processed hemp to manufacturing facilities globally for numerous product outputs including textiles, pulp and paper, animal bedding, rope and twine, building and insulation materials, composites and automobile components. The Company, in conjunction with its local farming partners, leverages 20 million acres of Northern Alberta farmland within a 500 kilometer radius, which offers potentially the best growing conditions in the world for hemp fibre, given the long summer days and relative lack of humidity.
CRHC has been in operations since 2016. Upon completion of the 60,000 square feet Bruderheim processing facility this summer, the Company's proprietary harvesting equipment, decortication lines and degumming technology will have the ability to process up to 50,000 tons of fibre and 110,000 tons of hurd per year. The facility is primely located to optimize transportation access for global logistics. CRHC customers span Canada, the United States, Italy, Australia, New Zealand and China. The Company will ultimately have 60+ employees on staff to support Bruderheim operations.
Environmental, social, and corporate governance (ESG) principles are at the core of CRHC's business. The Company is working closely with local farmers, manufacturers, academic institutions and provincial government bodies to develop a Hemp CO2 sequestration tax credit program. The hemp plant has many uses and benefits, including the ability to remove up to 35 percent of its total mass in CO2 from the atmosphere. The resulting tax credits will be purchased by many local industries, most notably the oil and gas segment, resulting in incremental revenues to the company and local farmers.
Aaron Barr, CRHC CEO and certified Horticultural Specialist says, "Our Company is a cumulation of 18 years of Alberta innovation, entrepreneurship and farming that supports our success within raw material processing, where there is a need to diversify beyond oil and gas. With the help of Merida Capital Holdings, we were able to stress test our Company model, proactively prevent risks and align with legal regulations, setting us up for success heading into 2021."
Barr leads with the support of Mina Mishrikey, Partner at Merida Capital Holdings. "The Industrial Hemp Industry is just being developed in North America, and the opportunity is massive, with demand from various industries across the globe," says Mishrikey. "Today, there are many holes in the North American value-chain, in particular the processing of raw materials. We feel that CRHC is a best-in-class operator which has thoughtfully strategized their approach to provide a sustainable, consistent supply of processed hemp to manufacturing facilities worldwide."
For more information about CRHC, please visit www.canadianrockieshemp.com.
About Canadian Rockies Hemp Corporation (CRHC)
Canadian Rockies Hemp Corporation (CRHC), founded in 2016, is an innovative agribusiness operating in Bruderheim, Alberta to grow industrial-use hemp, building a sustainable and profitable future for generations to come. The company is capable of processing thousands of acres of hemp for fibre, hurd, and dust products, as well as CBD products. To learn more about CRHC, visit www.canadianrockieshemp.com, or follow CRHC on Twitter, Instagram or LinkedIn.
About Merida Capital Holdings
Merida Capital Holdings is a private equity firm targeting fundamental growth drivers which accelerate the rapid development of the cannabis and hemp industries. Merida's motto, Responsible Investing in the Cannabis Ecosystem, highlights its focus on governance while identifying leading cultivation technologies, products and services associated with the evolution of cannabis and hemp as agricultural products, plant-based medicines, constituents in pharmaceutical formulations and recreational consumer products. For more information, please visit www.meridacap.com or follow Merida on twitter @meridacap.
SOURCE Canadian Rockies Hemp Corporation
Media Contact: Katie Penstone, 306.361.5025, [email protected]
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