CRHC (Canadian Rockies Hemp Corporation) asserted that it has restarted construction on a hemp fiber processing facility after a nine-month stall due to financial hiccups. The firm explained that the private equity organization, Merida Capital Holdings, has remitted $14 million that will enable the organization to get the task back on its feet.
CRHC asserted that the processing facility, found in Bruderheim town, could be completed as soon as this summer. Construction commenced during autumn 2019, however, it came to a halt when CRHC’s initial funding plan became futile.
Barr Aaron, the organization’s CEO and senior horticulturalists, noted that CRHC satisfied all banking requirements in late 2020, paving way for funding and enabling the resumption of construction. Barr disclosed that operations on the 60,000 foot-square facility (being erected to process hemp fiber, dust, and hurd commodities) are half-way finished.
Aaron told Alberta Farmer that CRHC has an outstanding opportunity in Alberta, thanks to the area’s dry climate. He added that a glut of hemp fiber processors need to store all their materials indoors to avert the rotting of bales. CRHC doesn’t have to do all that since it has outdoor storage units for their bales. Aaron claimed that his firm can leave its raw hemp bales outdoors for up to four years without decay of the material.
The facility’s production capacity is envisioned to reach around 50,000 fiber tons and 110,000 hurd tons each year which requires 50,000 hemp field acres. The company asserted that it envisions animal bedding as its largest hurd market. It already has signed agreements to purvey high-end horse centers in Canada and United States.
CRHC hires local farmers near Bruderheim to cultivate hemp and offer alternative harvesting services. The organization had contracts with around fifty growers during 2020. Barr asserted that fewer farmers were hired this year, however they connote a higher overall acreage.