Smoky Hemp Decortication Ltd. (SHDL) is ready to hold its annual general meeting to update registered shareholders about the future of the business.
The AGM will be held on Nov. 30 at the Girouxville Community Hall at 7 pm. Shareholders are asked to show up at 6:30 p.m. to register and confirm voting shares held.
“All Smoky Hemp Decortication Ltd. shareholders received the invitation and information circular via email Nov. 9,” says president Avis Gagne.
Directors are appointed to the board on an annual basis, and eight positions are available to current shareholders who wish to contribute to the work the board is doing to get the decortication facility in production.
Gagne says there will be an election from the list of nominees to serve on the board for the coming year.
“This is also an opportunity to hear about the progress made toward the decortication facility and review the annual financial statements as presented by MNP,” says Gagne.
“Following the formal AGM there will an opportunity to talk with and ask questions of the current board members. It is a great chance to get to know where we are at with the decortication facility, learn more about the industrial hemp industry,” she says.
Gagne says board members serve a one-year term. There are eight positions to be filled on the board.
“We are hoping to attract a range of shareholders who are ready and willing to volunteer their time to see this project become the success we know it can be,” she says.
“We need people who have financial management skills, farming experience, communication skills, marketing and are also very community-minded and see the opportunity for economic development within the industrial hemp industry.”
The board is hoping to have the decortication facility in start-up operation within 18 months, depending on available funding resources. There have been some setbacks over the last year the board has been navigating. Gagne says there were supply chain issues resulting in delays sourcing some equipment that affected their original timeline. They also needed to complete work in the building, some of the work has been stalled until they can raise additional funds.
“It will take some time to fine-tune the decortication line, to ensure the fibre is of the best quality, and that the processing is efficient,” says Gagne.
“Our target for capacity production is 2027.”
She says the group is nearly ready to launch its second-round share offering. This round will provide the opportunity for current and new investors to purchase Class A voting shares, according to the criteria set in place by Alberta Securities Commission for a small business offering.
“The spectacular growth (up to 12 feet in plant height) we saw with this years’ crop resulted in some challenges with cutting the crop using available equipment,” says Gagne. “It is our intent to work with a couple of local innovator/fabricators during the coming winter to support the design of a multi-level cutting machine to address the need to be able to cut the plants efficiently. Will be working on getting or developing more equipment for both decorticating and harvesting.”
Gagne says they are currently tightening up plans and securing additional production equipment to help facilitate the decortication.
“We are very optimistic that this next offering will be very successful,” says Gagne. “We need to attract additional investment and will be offering open house type sessions to encourage investment in the future of SHDL.”
SHDL is an active member of both the Alberta Hemp Alliance, and the Canadian Hemp Trade Alliance which are strong lobby organizations promoting the industrial hemp industry. Gagne says this lobbying is key to garnering greater provincial and federal support of the industry.
Emily Plihal Local Journalism Initiative Reporter – South Peace News – southpeacenews.com
By Emily Plihal, Local Journalism Initiative Reporter
Original Published on Nov 28, 2023 at 15:25