GBHPF - Global Hemp Group Successfully Concludes Conditions Precedent Under Definitive Agreement and Will Proceed to Expedited Closing of Transaction
(TheNewswire)
Closing of this Transaction Paves theWay for Creation of the Colorado Hemp
Agro-Industrial Zone – aSustainable Green Project in Northwest Colorado
Vancouver, BC - TheNewswire - March 5,2021- GLOBAL HEMP GROUP INC.(“GHG” or the “Company”) (C NSX :GHG. CN) ( OTC:GBHPF ) ( FRANKFURT:GHG) ispleased to announce that the Company has now finalized its DefinitiveAgreement (see news releaseof February 8, 2021 for further details) bysatisfying all “conditions precedent” to close the transactionwith Prescient Strategies Group, LLC (“PSG”).
The Company’s closingis now in process and expected to be completed with the exchange ofPSG’s Western Sierra Resource Corporation (“WSRC”) (OTC: WSRC)Preferred Series A and GHG’s Preferred Series B Stock. Thetransaction provides the Company with control of WSRC’s extensiveexisting water infrastructure developed over the last 15 years andcurrently valued at more than +US$40 Million. The availability ofthese water assets is a key resource in the development of theColorado Hemp Agro-Industrial Zone (“HAIZ”), a Sustainable GreenEnterprise.
The Colorado HAIZ is being developed under the bannerof Innovative Hemp Technologies (IHT), a wholly owned subsidiary ofGlobal Hemp Group. IHT’s core objective is to develop “green”and “affordable” homes in a Planned Unit Development utilizinghemp-based construction materials to meet historical pent-up demand inthe area. This will complement the project’s onsite development oflargescale irrigation and cultivation of industrial hemp and themanufacture of hemp-based construction products and textiles. Theproject will significantly expand the existing water rights andinfrastructure assets while generating multiple revenue streams forthe Company.
Further, thistransaction facilitates the Company’s capital formationopportunities and subsequent growth through completion of a series oftargeted acquisitions strategic for accumulation of long-term realestate assets and enhanced value through expansion of waterinfrastructure. The project will maximize the beneficial use of thewater assets through all aspects of the HAIZ. Significant job creationwill be an additional benefit to the region.
Curt Huber, President of Global Hemp stated, “Since Global Hemp’sinception, the Company’s vision has always been about sustainabilityand collaboration, with a focus on the development of the industrialaspects of the hemp. The multiple applications of the hemp plant,notably in the building industry, will become the most significantover time. This project combines all of the Company’s values intoone project and enables individual homeowners to make ameaningful environmental statement of their own . We are looking forward to working with the WesternSierra team in the development of this project.”
Like us on Facebook: https://www.facebook.com/globalhempgrp
Follow us on Instagram: https://www.instagram.com/hemp_global/
Follow us on Twitter: https://twitter.com/Hemp_Global
Connect with us on LinkedIn: https://www.linkedin.com/company/18596421
Global Hemp Group Inc.(CSE: GHG / OTC: GBHPF / FRANKFURT: GHG), is focused on a multi-phasedstrategy to build a strong presence in the industrial hemp industrythe United States. The Company is headquartered in Vancouver, BritishColumbia, with hemp cultivation operations in the state of Oregon. The current phase of the strategy focuses on thedevelopment of “sustainable” and “green” value-addedindustrial hemp products utilizing the processing of the entirety ofthe hemp plant, as envisioned in the Colorado Hemp Agro-IndustrialZone (HAIZ) project. In addition, GlobalHemp Group has established a Research and Development Division toactively pursue the development of Intellectual Property that can bepatented and implemented in the hemp and/or building industry, and inparticular at Company’s Colorado HAIZ. The Division will be headedby Prof. Víctor M. Castaño,Ph.D . from the National AutonomousUniversity of Mexico, a recognized leader in areas of applied scienceand technology. The R&D team brings an amazing wealth of knowledgeand experience in multiple disciplines and will initially focus ondevelopment of Environmentally-Friendly Construction Materials,Nanofertilizers and Enhanced Extraction from Hemp.
For FurtherInformation Contact Global Hemp Group
Tel:424-354-2998
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.
Copyright (c) 2021 TheNewswire - All rights reserved.