Vancouver, BC – The press wire – Aug 23, 2021 – GLOBAL HEMP GROUP INC. (“GES” or the “Company”) (VSNSX: GES.CN) (OTC: GBHPF) (FRANKFURT: GES) announces that in accordance with the objectives set for the HEMP AGRO-INDUSTRIAL ZONE (HAIZ) project, a third acquisition contract for 664 acres of contiguous land is now fully executed. This brings the current total assembly of land to over 874 strategic acres closed or under definitive contract by the HAIZ Project Development Company in the town of Hayden in northwest Colorado.
The company’s first acquisition was the annexed and zoned industrial / commercial site of over 44 acres (see the Company’s press release of May 10 for more details) as the headquarters of a centralized processing / manufacturing center in its Hemp Agro-Industrial Zone (HAIZ) closed on June 15, 2021. The company’s second acquisition was an annexed property of over 166 acres for affordable housing development, now under “hard” contract pending closure. This third contract encompassing 664 acres of the total 874 acres will in the short term expand the area available for the cultivation of GHG hemp and will provide for the progressive construction of affordable homes in the context of a planned unit development (PUD). subject to City of Hayden approval. This 664 acre property abuts the annexed 166 acre parcel of land. (see the Company’s May 17 press release for more details), making 830 acres available for affordable home development over the Company’s 20-year development horizon for the project.
In collaboration with Western Sierra Resource Corporation (OTC: WSRC), this “vertically integrated” project envisions the beneficial use of the existing large water resources to irrigate and cultivate industrial hemp; process and use hemp in the on-site manufacture of renewable green building products; and finally, to build affordable carbon neutral / carbon negative housing – all in one place as part of the company’s blueprint. The company’s vision for the Hemp Agro-Industrial Zone Complex on the newly acquired 44-acre first site is to establish a ‘showcase’ location for its suppliers / partners in the fields of agriculture, food processing. research and development, lightweight manufacturing, a range of related business products and green technologies and housing – all of which are designed to complement the Town of Hayden by generating more employment opportunities and increasing commercial income for the community.
The deposit in the amount of USD 200,000 will be deposited with the title company no later than August 31, 2021. Subject to the completion of acceptable due diligence by September 30, 2021, the deposit will become non-deposit. refundable, and the purchase will be scheduled for closing with final payments for the property due on or before April 1, 2022.
Planning and engineering companies have been engaged by the company who are currently finalizing plans for a large-scale warehouse, shelling facility, manufacturing plant, showroom with administrative offices and model houses. Greenhouses and associated laboratory facilities for research and development will also be part of the land use plan.
To finance this acquisition and the continued development of the Colorado Green Community, the Company announces that it is financing up to $ 1.0 million of brokerage-free guaranteed 7.0% convertible debentures with strong backing. and reliable continuation of private lenders. The debentures will have a maturity date of September 8, 2023 and will bear existing interest at the rate of 7.0% per annum, payable for the period beginning on Closing date and ending on the earlier of the maturity date or the date on which the Debenture is converted into Units (the “Units”). An initial closing of this secured convertible debenture financing is expected before August 31 with a second and final closing on or around September 15. Finder’s fees may be payable to eligible intermediaries or agents in accordance with CSE guidelines.
Each $ 1,000 of debenture principal is convertible, at the option of the holder, into units consisting of 20,000 common shares of the issuer (each one “common share”), issued at a price of $ 0.05 per common share. (the “conversion price”) and 20,000 detachable common share purchase warrants (each a “purchase warrant”), each warrant entitling its holder to acquire one additional common share at an exercise price. $ 0.05 at any time after the issue date and before close of business on the last business day before the maturity date.
The warrants will be listed on the Canadian Securities Exchange (the “CSE”) and will have identical terms and conditions to the warrants currently listed under the ticker symbol GHG.WT. In the event that the Issuer’s common shares trade on the CSE (or any other exchange on which the common shares may be traded at that time) at a volume weighted average price of $ 0.12 per common share or more during a period of ten (10) consecutive trading days, the Issuer may, at its sole discretion, accelerate the expiration date of the warrants by giving notice to their holders and, in such case, the warrants will expire on 30th day after the date on which this notice is given to the holder by the company.
On July 12, 2021, the Company announced that it had closed the last tranche of a secured convertible debenture with terms identical to those above. To date, the holders of the previous secured convertible debenture issue have already converted $ 1.2 million of the $ 1.5 million originally issued on the above terms, leaving the company virtually free of charge. debt of this show.
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About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GES / OTCQB: GBHPF / FRANKFURT: GES) is focused on executing a phased strategy to become a leader in developing and promoting the industrial hemp technology industry in the United States and beyond. The company is headquartered in Vancouver, British Columbia. The current phase of the strategy focuses on the development of “sustainable” and “green” value-added industrial hemp products using whole-plant hemp processing for multi-commercial applications, as will be presented. in the Colorado Hemp Agribusiness Zone (HAIZ) project.
To further support and innovate HAIZ, Global Hemp Group has established a Research and Development Division actively pursue the development of patentable intellectual property for implementation in its projects and beyond. The division is headed by Teacher. Víctor M. Castaño, Ph.D. from the National Autonomous University of Mexico (UNAM), a highly recognized leader in the fields of applied science and technology. The R&D team brings an incredible wealth of knowledge and experience across multiple disciplines and will initially focus on the development of environmentally friendly building materials, nanofertilizers and improved hemp extraction.
For more information contact Global Hemp Group
Curt Huber, President
Phone. : 778-726-2900
Caution regarding Forward-looking statements
Certain information contained in this press release may contain forward-looking statements which involve significant known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Global Hemp Group Inc., including, but not limited to, the impact of economic conditions, industry conditions, commodity price volatility, currency fluctuations, reliance on regulatory approvals, availability of future funding and exploration risk, legality of cannabis and hemp. Readers are cautioned that the assumptions used in the the preparation of this information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, forward-looking statements should not be relied on unduly. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting these forward-looking statements or otherwise.
The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.