Global Hemp Group (GHG) of Canada said it acquired water infrastructure in Colorado through a private, third party transaction. GHG said the all-stock deal, with Prescient Strategies Group, LLC, Steamboat Springs, gives it control over water assets of Western Sierra Resource Corporation valued at more than $40 Million.
GHG, Vancouver, British Columbia, said obtaining the water rights will facilitate plans for creation of the Colorado Hemp Agro-Industrial Zone in the northwest part of the state under the company’s Innovative Hemp Technologies (IHT) subsidiary. IHT plans a development featuring affordable homes from hemp-based construction materials.
The acquisition “will complement the project’s onsite development of large-scale irrigation and cultivation of industrial hemp and the manufacture of hemp-based construction products and textiles,” GHG said in a press release. GHG said it will also use the water assets as collateral for expanding its real estate holdings.
Global Hemp Group is a penny stock company which is listed on the Canadian Securities Exchange, OTC in the U.S. and the Frankfurt Bourse.