GLOBAL HEMP GROUP FILES AMENDED AND RESTATED OFFERING DOCUMENT IN RESPECT OF NON-BROKERED PRIVATE PLACEMENT PURSUANT TO LISTED ISSUER FINANCING EXEMPTION

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Vancouver, BC -- (November 2, 2023) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / FRANKFURT: GHG) announces that it has filed an amended and restated offering document (“Amended and Restated Offering Document”) dated November 2, 2023 related to its previously announced (October 16, 2023) non-brokered private placement offering pursuant to the Listed Issuer Financing Exemption (as defined below) of 8,970,740 common shares of the Company (the “Common Shares”) at a price of $0.05 per Common Share for gross proceeds of up to $448,537 (the "Offering").

The Amended and Restated Offering Document has been filed to include additional details surrounding the business objectives expected to be achieved using the funds raised under the Offering. The Company intends to use the funds to negotiate marketing and distribution agreements in UK and Europe and eventually build up an inventory and begin distributions through retailers. The Amended and Restated Offering Document also updated the working capital deficiency as at September 30, 2023 to be $210,690 (as a result of adjustments further explained in the Amended and Restated Offering Document) and accordingly adjusting the total available funds upon closing to be $176,964.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Common Shares will be offered for sale to purchasers in Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an Amended and Restated Offering Document related to this Offering that can be accessed under the Company’s profile at www.sedarplus.com and on the Company’s website at https://www.globalhempgroup.com/investor-information. Prospective investors should read this offering document before making an investment decision.

The Offering is scheduled to close on or prior to November 29, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

As disclosed in the Amended and Restated Offering Document, the Company may (i) pay to certain finders a cash commission up to 8.0% of the gross proceeds of the Offering resulting from subscribers introduced by such finders, and (ii) issue to such finders Common Share purchase warrants, exercisable for a period of two (2) years at an exercise price of $0.05 following the closing of the Offering, to acquire in aggregate that number of Common Shares which is up to 8.0% ‎of the number of Common Shares sold under the Offering attributable to the finders.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

About Global Hemp Group Inc.

Global Hemp Group Inc. (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) is company currently focused on two business segments: the development and promotion of hemp-based products that are sustainable, environmentally friendly, and have a positive impact on society. To further support and innovate, GHG has established a R&D Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. whose career has focused in the areas of applied science and technology.

GHG has expanded its scope of business into natural biologic therapeutics by acquiring the exclusive licensing of patents and IP from B-Organic R&D Corp. (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) and Apollon Formularies plc (a UK-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 pre-clinical testing).

For Further Information Contact Global Hemp Group
Investor Relations
Tel: 778-726-2900
info@globalhempgroup.com
https://www.globalhempgroup.com

Cautionary Note Regarding Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk, the legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.