HEMPALTA a Canadian agricultural technology company focused on innovative hemp processing and product creation, today announced it has successfully completed an equity crowdfunding round on FrontFundr and with the support of existing shareholders raised just over $1.0 million. This financing will be used to fund strategic technology acquisitions, support sales and marketing activity, and for working capital purposes.
HEMPALTA was created to be at the forefront of the next evolution in agriculture by utilizing advanced technology to produce hemp-based products for a healthier and sustainable planet. Hemp is regarded as one of the world's most sustainable crops as it is renewable, reusable and recyclable.
"Our FrontFundr crowdfunding campaign has been an opportunity to consolidate funding support from key shareholders like Prairie Merchant Corporate and Fullbrook Thorpe Investments as well as welcome a number of retail investors who support HEMPALTA's mission to better the planet. We're pleased to add investors like this who look to fund sustainable and planet-friendly AgTech practices. With this support in place, we will now focus our attention on enhancing processing capabilities, growing our product lines both for consumer and commercial use, and adding new retail partners to increase market penetration," said Darren Bondar, CEO of HEMPALTA.
Since HEMPALTA's launch in early 2022, the Company has made significant improvements to its product lines, production scalability, and distribution channels which now include Canadian retailers such as Sobeys, Safeway Canada and Calgary Co-op as well as online sites such as Amazon, Lowe's and Loblaws. It's expected the Company will use some of the crowdfunding financing raised to install an automated packaging solution to scale up its product packaging and delivery capabilities, with installation expected by the end of the year.
The Company also announced it will be participating at the Canadian Hemp Trade Alliance's 2022 National Conference as a Gold Sponsor. This national association promotes hemp and hemp products in Canada and internationally. The conference runs from November 15 to 17 in Saskatoon, Saskatchewan this year. HEMPALTA General Manager Brittany McKell will be presenting on a panel with a number of fellow Canadian hemp producers.
Details on HEMPALTA's crowdfunding round can be viewed at https://www.frontfundr.com/hempalta.