Global Hemp Group Inc (OTCMKTS:GBHPF) Purchases Industrial Property To Commence HAIZ In Colorado

Global Hemp Group Inc (OTCMKTS:GBHPF) acquired industrial property to begin Hemp Agro Industrial Zone in Colorado. 

Global Hemp will establish its manufacturing facility on this 44-acre property to focus on hemp-derived building materials. The company will use these building materials in economical and green homes in Colorado to demonstrate industrial hemp and associated carbon-neutral building technologies.

Seeks cultivation license for hemp

Global Hemp plans to complete this transaction before or on June 15, 2021. Following this purchase, the company can seek a cultivation license for hemp in the upcoming growing season. 

Global Hemp will utilize 30 acres of the property for hemp cultivation test. The company already received hemp seeds to grow five hemp strains on a trial basis and detect the best performing hemp strain at this property and in this climate. It will help to maximize the production of high-quality hemp building materials. 

The HAIZ in Colorado offers a promising opportunity for Global Hemp to realize its vision of building homes using completely green hemp-based building materials in Northwest Colorado. It helps to support several green economy technologies and attract industry and government support. 

Second property acquisition in Colorado

Global Hemp entered a second property takeover deal in Colorado on May 17, 2021. The company will utilize the proposed 175-acre property deal to build HAIZ in Northwest Colorado. 

The annexed and entitled land will act as a catalyst for Global Hemp’s PUD (Planned Unit Development) of affordable and green homes and cultivation of industrial hemp. 

Global Hemp paid a non-refundable EMD (Earnest Money Deposit) of $250,000. It expects to complete due diligence on or before June 11, 2021, and complete the purchase on or before December 11, 2021, by making final payments.

Global Hemp already contracted Engineering and Land Planning firms and coordinating with the building department, city planners, and consultants to create a land-use plan to facilitate the development of the properties. 

Global Hemp mobilizes funding of up to $750,000 for this project through a non-brokered and unsecured loan. The company need not pay any interest in the first four months after closing the property deal. Global Hemp will need to pay a 10% simple interest after the first four months.