GBHPF - Global Hemp Group Secures Key Residential Development Land for the Initial Phases of its Colorado Hemp Agro-Industrial Zone
(TheNewswire)
Vancouver, BC - TheNewswire - May 17, 2021- GLOBAL HEMP GROUP INC. (“GHG” or the“Company”) ( C NSX :GH G.CN ) ( OTC:GBHPF ) ( FRANKFURT:GHG ) is pleased to announce that the Company has entered into a second strategic propertyacquisition (see theCompany’s news release of May 10, 2021 for details of the firstacquisition) that will be utilized in thedevelopment of its Colorado Hemp Agro-Industrial Zone (HAIZ) inNorthwest Colorado. The fully executed contract for the purchase ofapproximately 175 net acres of annexed and entitled land will serve asthe catalyst for the Company’s initial Planned Unit Development (PUD) of “green”and “affordable” homes, as well as irrigatedindustrial hemp cultivation. This is part ofGHG’s “Master Plan” to attract and showcase Industrial Hemp andrelated green and carbon neutral/negative building technologies to theWorld.
Earnest money in the amount of US$250,000 was depositedby the Company pending completion of due diligence to include titlesearch, survey, and on-site property inspection. Subject to completionof due diligence on or before June 11, 2021, the earnest money willbecome non-refundable, and the purchase will be scheduled for closing,with final payments for the property payable on or before December 11,2021.
Land Planning and Engineering Firms have been engagedby the Company. Immediately following the June 11th due-diligencecompletion date, the Company will be coordinating with the CityPlanners, Building Department, and its own consultants to establish adetailed land use plan from which to efficiently stage development ofboth properties totaling approximately 220 acres. Details of thetransaction, and the core features of the vision shared by the Cityand the Company for a sustainable, affordable, and green communitywill be forthcoming as those events unfold and the HAIZ comes tofruition.
Funding for this transaction will come from anon-brokered Unsecured Loan the Company is undertaking, for grossproceeds of up to $750,000. Terms - for the first four (4) monthsafter closing of this transaction or any tranche thereof, there willbe 0% interest paid or accrued on these loans. Thereafter, theUnsecured Loan will accrue simple annual interest of 10% P.A., whichwill accrue and be paid at the time of repayment of the principle ofthe Unsecured Loan. GHG is currently seeking a Senior Secured DebtFacility that will be collateralized by the Colorado water assets.Proceeds from this facility will be used to repay the Unsecured Loanand any accrued interest outstanding at time of repayment. Inaddition, a minimum of 25%, to a maximum of 50% of the proceeds fromany new common share equity offering, as determined by the Directorsbased on available cash on hand at the time of the equity offering andoccurring prior to the completion of a Senior Secured Debt Facility,will be used to retire this Unsecured Loan. For every $10,000 providedto the Corporation, the Investor will receive a bonus of one hundredthousand (100,000) common shares of the Corporation, which will besubject to a hold period ending four (4) months and a day after theClosing Date. The proceeds of this Unsecured Loan will be primarilyused as down payments to secure strategic properties for thedevelopment of the Colorado Hemp Agro-Industrial Zone project andgeneral working capital purposes.
Hemp-Based “Sustainable City” andThe Colorado Hemp Agro-Industrial Zone
Global Hemp Group Inc. is preparing to build a hemp-based“Sustainable City” from the ground up, strategically located in abeautiful part of northwestern Colorado, a location in great need ofaffordable workforce housing.
The project will utilize hemp from its eco-friendly farm processedinto carbon neutral/negative building materials at its nearbyindustrial campus. The hemp-tech “campus” will serve as incubatorfor the development and production of new hemp-tech intellectualproperty and will also serve to showcase best-in-class carbon reducingbuilding technologies. This unique initiative will be an openinvitation to collaborate with leading hemp-tech R&D scientists,academic partners, community stakeholders, and hemp-tech start-upentrepreneurs from around the world. Our ultimate Corporate Vision iscontributing towards the development of a zero-carbon footprint livingenvironment supportive of a healthy community model for the future. Inorder to achieve this vision, the Company will become a leader in theestablishment of a “Gold Standard” in hemp-tech building sciences.
We intend to prove this model out and then help others world-wide dothe same, by securing strategic vertical integration from growing hempand processing it into various industrial, value-added marketableproducts for the massive untapped North American hemp building marketand beyond. We believe in, are excited about and are championing hempas a key to the carbon reducing building sciences revolution beginningto unfold, and to proudly offer products the planet desperatelyrequires to win the war on global warming.
As part of the Company’s shift in focus to creatingthe hemp-based “Sustainable City” in Colorado, it has closed itsoperation in Oregon and has completed the sale of the Scio Oregonfarm. Sale of the farm will net the Company approximately US$325,000with staged final payments being received from closing to July 31,2021.
The Company also announces that it has granted incentive stock optionsto Officers, Directors and Consultants to purchase up to 4,000,000common shares of the Company at an exercise price of $0.05 per share.The options have a term of five years expiring May 16, 2026.
Global Hemp Group has recentlychanged its phone number.
To contact Investor Relations, pleasecall 778-726-2900.
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About Global Hemp Group Inc.
Global Hemp Group Inc. ( CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG ) is focused on a executing amulti-phased strategy of becoming a leader in the development andpromotion of the industrial hemp technology industry in the UnitedStates and beyond. The Company is headquartered in Vancouver, BritishColumbia. The current phase of the strategy focuses on the developmentof “sustainable” and “green” value-added industrial hempproducts utilizing the processing of the entirety of the hemp plantfor multi-merchantable applications, as envisioned to be showcased inthe Colorado HempAgro-Industrial Zone (HAIZ) project. This HAIZ will be theepicentre of a futuristic “Sustainable/Renewable and RegenerativeCity model the Company intends to “brand” and duplicate sharingthis model with the World. To support and innovate the HAIZ further,Global Hemp Group has established a Research and Development Divisionto actively pursue the development of Intellectual Property that canbe patented for implementation locally and for partnerships Globally.The Division is led by Prof.Víctor M. Castaño, Ph.D. from the National Autonomous Universityof Mexico, a highly recognized leader in areas of applied science andtechnology. The R&D team brings an amazing wealth of knowledge andexperience in multiple disciplines and will initially focus ondevelopment of Environmentally-Friendly Construction Materials,Nanofertilizers and Enhanced Extraction from Hemp.
For Further Information ContactGlobal Hemp Group
Curt Huber, President
Tel: 778-726-2900
Cautionary NoteRegarding Forward Looking Statements
Certain information set forth inthis news release may contain forward-looking statements that involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which are beyond the control of GlobalHemp Group Inc., including, but not limited to the impact of general economic conditions, industryconditions, volatility of commodity prices, currency fluctuations,dependence upon regulatory approvals, the availability of futurefinancing and exploration risk, the legality of cannabis and hemp.Readers are cautioned that the assumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, unduereliance should not be placed on forward-looking statements. Except as required by law, GlobalHemp Group Inc. disclaims any intention and assumes no obligation toupdate or revise any forward-looking statements to reflect actualresults, whether as a result of new information, future events,changes in assumptions, changes in factors affecting such forwardlooking statements or otherwise.
The CSE has not reviewed and doesnot accept responsibility for the adequacy or accuracy of thisrelease.
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