Global Hemp Group (CSE: GHG) (OTC: GBHPF) announced Tuesday it plans to raise up to C$434,000 through a non-brokered private placement. The company also noted plans to expand its green industrial business segment through a new commercialization agreement focused on next-generation 3D house printing technology.
The Vancouver-based company intends to complete the private placement by issuing up to 14 million units at C$0.031 each, according to a news release. Each unit consists of one common share and one non-transferable warrant that allows holders to purchase an additional common share at C$0.10, exercisable until March 24, 2028.
The first tranche is expected to close within a week, with C$75,000 for approximately 2.42 million units. Proceeds will be used for general working capital purposes.
Global Hemp Group’s R&D Division, led by Prof. Victor Castaño from the National Autonomous University of Mexico, will begin research this month on different forms of environmentally friendly cement for 3D house printers, including looking at the use of hemp fiber in printing mixtures.
“This new technology will be considerably less costly to develop, lighter, easier to transport from location to location, simpler and quicker to set up and take down, and does not require a level setting to operate,” the company said in the release.
Global Hemp Group said initial discussions with several large residential home builders have received favorable responses, but specific details about the project are being withheld for competitive reasons until certain commitments are fulfilled within the next 30 days.
Lennar, the nation’s second-largest homebuilder, recently completed a 100-home development in Georgetown, Texas, in partnership with 3D technology company Icon, providing evidence of the commercial viability of such projects, according to CNBC. About 75% of those homes have already sold, the outlet reported.
Stuart Miller, chairman and co-CEO of Lennar, told CNBC, “We have a durable product here that if you look at its wind resistance for hurricanes, its fire resistance for fire-worn areas – the ability to adapt modern product to what we need for the future in housing and building a healthier housing market is amazing.”
The market’s interest in sustainable construction materials like hempcrete has been growing. Some institutions even, such as Texas A&M University, in recent years have received a multimillion-dollar grants from the U.S. Department of Energy to research 3D-printed buildings using hempcrete.
Dr. Petros Sideris, who led that research, noted at the time, “While production of conventional construction materials such as concrete requires large amounts of energy and releases large amounts of CO2, hempcrete is a net carbon-negative material, which can provide major environmental benefits.”
The Canadian firm is partnering with a tech developer while raising funds as the sustainable construction sector gains momentum. Read More
