Company Press Release
Monday June 7, 2:03 pm Eastern Time
Consolidated Growers & Processors Delivers 100
Tons of Hemp Seed to Manitoba
WINNIPEG, Canada--(BUSINESS WIRE)--June 7, 1999--Beginning its journey at Chateauroux airport in central France, a Russian Antonov 124, the largest commercial cargo aircraft in the world, has delivered 100
tons of industrial hemp seed to Winnipeg, fulfilling a major element in the business plan of Consolidated Growers & Processors Inc. to expand the global cultivation of hemp as well as its end markets.
The world's first multinational industrial hemp company, CGP is a public venture (OTC-BB:CGPR - news)formed in 1997 with the conviction that the non-psychotropic, versatile and environmentally friendly crop can one day be traded as commonly as wheat or cotton.
''In meeting the needs of Manitoba farmers who needed to plant in early June, we are proud to make this delivery right on schedule,'' stated CGP chief executive officer Larry Siddens. ''Shipping by boat would have been less expensive yet slower, and we were committed to wait until all those who wanted to grow hemp had received their government permits.''
The 100 tons of industrial hemp seed is comprised of two French varieties bred especially for the Manitoba prairies. Previously, CGP had delivered 70 tons of Ukrainian seed, 85% of which is already planted. ''The increasing desire by Canadian farmers to grow hemp fits well with our business plan, which calls for significant increases in acreage this year and beyond.''
Under long-term contracts with local farmers, Consolidated Growers & Processors is increasing its planting to nearly 20,000 acres this year and is working toward 70,000 acres in 2000. Integral to that expansion is the building of two state-of-the-art processing facilities in Dauphin, Canada which, at full capacity, will process up
to 100,000 tons of hemp straw and 15,000 tons of hemp seed annually, its end products to include nutraceutical oil, foods, paper and automobile components. By the end of 2003, CGP expects to plant 500,000 acres and build 20 processing facilities in three primary growing regions.
Verifying the company's rising prominence in an emerging industry, in March the United Nations Food and Agriculture Organization (FAO) appointed CGP as its primary contact for information on industrial hemp, recognized as a promising food crop for developing nations.
Contact:
Baker/Winokur/Ryder Public Relations, Beverly Hills
Robin Weitz or Larry Winokur, 310/248-6107 or
310/550-7776 |
