Mr. Curt Huber reports

GLOBAL HEMP GROUP ANNOUNCES EFFECTIVE DATE OF CONSOLIDATION AND CLOSING OF DEBENTURE RESTRUCTURING

Global Hemp Group Inc. will consolidate its common shares on the basis of 20 preconsolidation shares for one postconsolidation share of the company.

Effective at the opening on Sept. 28, 2023, the shares of the company will commence trading on the Canadian Securities Exchange on a consolidated basis. The record date for the consolidation will be Sept. 29, 2023. The name of the company and trading symbol will remain the same after the consolidation. The new Cusip number will be 37953Y203 and the new ISIN number will be CA37953Y2033 for postconsolidation. As of the date hereof, the company has 358,829,688 shares issued and outstanding, and 15.65 million shares reserved for issuance upon the exercise of outstanding stock options and 39.8 million shares reserved for issuance upon the exercise of warrants. As a result of the consolidation, the company anticipates there will be a total of approximately 17,941,484 shares issued and outstanding, and a total of approximately 2,772,500 shares reserved for issuance upon the exercise of existing stock options and warrants. Fractional shares resulting from the consolidation will be rounded down to the nearest whole number. Registered shareholders of the company who hold shares represented by a physical certificate or DRS (direct registration system) advice will receive a letter of transmittal from the transfer agent for the company, Odyssey Trust Corp., with instructions on how to exchange their existing certificate or DRS advice for a postconsolidation certificate or DRS advice. Odyssey will mail the letter of transmittal on Sept. 29, 2023.

Restructuring closing

The company has successfully closed is restructuring of its senior secured convertible debentures (CD) and its other debts, previously announced on Sept. 19, 2023. The CD were issued in July, 2021, and matured on Sept. 8, 2023. The term of the CD was extended to March 8, 2025. Effective Sept. 6, 2023, the interest rate of the CD has increased from 7 per cent to 12 per cent per annum 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 a bonus in the amount of 12 per cent of their current remaining principal amount. The other terms of the CD will remain the same. No additional funds were paid by the holders.

All securities issued pursuant to the restructuring will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

The company also has closed the restructuring of the debts it has entered into with a private lender at arm's length for an amount of $263,625 (U.S.) and $18,284.73 (approximately $377,525 at 1.3627 exchange rate) plus accrued interest. The term of the loans with varying due dates has been extended to March 8, 2025. Effective Sept. 6, 2023, the interest rate on the loans has increased from 7 per cent to 12 per cent per annum and will continue to accrue until maturity. As an inducement to extend the Maturity Date, the Company provided the lender a bonus in the amount of 12.0 per cent of the original principal amount, to the outstanding balance ($31,635 (U.S.)/$2,194 -- approximately $45,300 bonus). 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 CD. It is understood that adding a conversion feature will conform to the rules of the Canadian Securities Exchange and may be subject to regulatory approval.

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, Global Hemp Group 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.