An anonymous director reports

GLOBAL HEMP GROUP ANNOUNCES CLOSING OF THE FIRST TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT AND ISSUANCE OF COMMON SHARES PER OPTION AGREEMENT

Further to Global Hemp Group Inc.'s news release of Jan. 16, 2024, the company has completed the first tranche of a non-brokered private placement pursuant to which it has issued an aggregate of 1.35 million units at a price of five cents per unit to raise aggregate gross proceeds of $67,500. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional common share of the company at an exercise price of 10 cents until Jan. 15, 2027. Proceeds of the offering will be used for working capital. All securities issued and issuable in connection with the first tranche of the offering are subject to a statutory hold period of four months and one day, expiring on May 27, 2024. There was no finder's fee paid in connection with this tranche of the placement.

Prior to the offering, Nikolas Perrault (the holder) owned, directly and indirectly, 746,000 common shares of the company, representing approximately 3.74 per cent of the issued and outstanding common shares of the company based on 19,941,458 common shares issued and outstanding of the company. After giving effect to the offering, the holder owns, directly and indirectly, 2,096,000 common shares and 1.35 million warrants, representing approximately 9.84 per cent of the issued and outstanding common shares based on 21,291,458 common shares issued and outstanding of the company on a non-diluted basis, and approximately 15.22 per cent of the issued and outstanding common shares on a partially diluted basis assuming the exercise in full of the warrants, based upon 22,641,458 common shares.

The company may close additional tranches of the offering up to an additional amount of $377,500.

This news release is being issued pursuant to National Instrument 62-103, persons who wish to obtain a copy of the early warning report to be filed by Komodo Holdings (Alberta) ULC in connection with this transaction may obtain a copy of such report from SEDAR+ or by contacting the persons named herein.

In addition, further to the company's news release of Jan. 15, 2024, relating to the exclusive option agreement with Serres Theriault (2021) Inc. (STI), the company has issued on Jan. 25, 2024, two million restricted common shares to STI's nominees. These common shares which will carry three separate trading restriction release dates as listed herein, were issued at a deemed price of 5.5 cents and in accordance with securities regulations that are applicable:

• One million common shares that will have the applicable four-month-plus-one-day regulatory hold period, being until May 25, 2024;
• 500,000 common shares to be released on the eight-month anniversary of the effective date, being until Sept. 11, 2024;
• 500,000 common shares to be released on the 12-month anniversary of the effective date, being until Jan. 11, 2025.

About Global Hemp Group Inc.

Global Hemp Group is a dynamic company currently focused on two key business segments -- industrial hemp and biopharma.

The industrial hemp division's primary focus lies in the environmental uses of hemp for construction and hemp for sustainable bio-energy sources, both contributing to a carbon-negative footprint. The company's R&D (research and development) team is engaged in developing intellectual property that can be patented and implemented within the company's projects and beyond. Prof. Victor M. Castano, PhD, a distinguished figure in applied science and nanotechnology, leads the R&D division for the organization. The health and wellness division is focused on the acquisition of exclusive patents and IP through licensing agreements. The company acquired exclusive the rights to key patents and IP of Apollon Formularies PLC, a United Kingdom-based international pharmaceutical company whose formulations and patents specialize in developing cancer treatments from natural biologics, including cannabinoids and functional mushrooms. More recently, the company has signed a letter of intent with B-Organic R&D Corp. relating to the use of its bioactive lipid agents (BLA) technology with cannabinoids, terpenes, flavonoids and mushroom extracts. BLA enhances the solubility and bioavailability of various "poorly soluble pharma ingredients."

These strategic alliances form the basis for the commercialization of promising independently preclinically tested formulations, underscoring the company's commitment to cutting-edge innovation in the commercial biopharma sector.

We seek Safe Harbor.