Mr. Curt Huber reports

GLOBAL HEMP GROUP SUCCESSFULLY RESTRUCTURES DEBT

Global Hemp Group Inc. has successfully restructured its senior secured convertible debentures and other debt with a number of arm's-length parties totalling $728,000 face value, based on current exchange rates plus the 12.0-per-cent bonus and accrued interest, as displayed herein.

Senior secured convertible debentures (CD)

The term of the CD, due Sept. 8, 2023, has been extended to March 8, 2025.

Effective Sept. 6, 2023, the interest rate will increase from 7.0 per cent to 12.0 per cent P.A. and will continue to accrue until maturity or conversion.

As an inducement to complete the restructuring of the CD, the company provided the holders of the CD's a bonus in the amount of 12.0 per cent of the original principal amount, to be added to the outstanding balance.

All other terms and conditions of the CD remain the same.

Other debt amounts

The term of the loans with varying due dates have been extended to March 8, 2025.

Effective Sept. 6, 2023, the interest rate will increase from 7.0 per cent to 12.0 per cent P.A. and will continue to accrue until maturity or conversion.

As an inducement to complete the restructuring of the loans, the company provided the holder of the loans a bonus in the amount of 12.0 per cent of the original principal amount, to the outstanding balance.

The parties have agreed that on or before March 8, 2024, they will negotiate a conversion feature to this debt that will be similar to, but not more favourable than, the company's existing senior secured convertible debentures. It is understood that adding a conversion feature will conform to the rules of the CSE and may be subject to regulatory approval.

Warrants trading on the CSE under the symbol GHG.WT -- The company had a class of warrants trading under the symbol GHG.WT. The warrants expired on Sept. 8, 2023, and are no longer trading on the CSE.

About Global Hemp Group Inc.

Global Hemp Group is focused on developing and promoting hemp-based products that are sustainable, environmentally friendly, and have a positive impact on society. To further support and innovate, GHG has established a research and development division to actively pursue the development of intellectual property that can be patented for implementation at its projects and beyond. The division is led by Prof. Victor M. Castano, PhD, whose career has focused in the areas of applied science and technology. The R&D team is initially focused on development of environmentally friendly construction materials, nanofertilizers and enhanced cannabinoid extraction from hemp.

We seek Safe Harbor.