Mr. Curt Huber reports

GLOBAL HEMP GROUP PROVIDES CORPORATE UPDATE

Global Hemp Group Inc. has provided an update on the company's business.

On Oct. 11, 2023, the company announced the signing of a letter of intent with B-Organic for the exclusive licensing of its bioactive lipid agents (BLA) technology, a patented innovative matrix which is able to increase the solubility and bioavailability of numerous poorly soluble pharma ingredients, including cannabinoids. The parties are currently working to conclude the definitive agreement for the proposed transaction. However, given the upcoming holiday season, the parties now expect the completion of the agreement in the new year, on or before Jan. 31, 2024.

On Nov. 2, 2023, the company announced a LIFE private placement. The LIFE private placement is only available for 45 days and no closing took place during that period. The company will look to complete a standard non-brokered private placement which will provide the company with greater flexibility as it seeks to finance its projects going forward.

The company also wishes to announce the resignation of Veronique Laberge as director and chief financial officer. The board expects to imminently announce an interim CFO while the board conducts a search for a new permanent candidate to fulfill the role.

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 (R&D) division to actively pursue the development of intellectual property (IP) that can be patented for implementation at its projects and beyond. The division is led by Professor Victor M. Castano, PhD, whose career has focused in the areas of applied science and technology.

Global Hemp has expanded its scope of business into natural biologic therapeutics, having acquired the exclusive licensing of patents and intellectual property from B-Organic R&D Corp. (bioactive lipid agents technology, a patented innovative matrix which is able to increase the solubility and bioavailability of numerous poorly soluble pharma ingredients, including cannabinoids) and Apollon Formularies PLC (a United Kingdom-based international pharmaceutical company developing cancer treatments from natural biologics, including cannabinoids, functional mushrooms and combinations of these compounds, which, to date, have shown successful independent, third party results in preclinical testing).

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