Global Hemp Group Forms Exclusive Strategic Partnership to Create a Sustainable Economic Zone in Northwest Colorado

Rhea-AI Summary

Global Hemp Group Inc. (CSE:GHG)(OTC:GBHPF) has announced a 50/50 strategic partnership with Western Sierra Resource Corporation to establish a Sustainable Economic Zone in northwest Colorado. This initiative aims to leverage WSRC's $40 million water infrastructure for vertical integration in hemp cultivation and processing. The project will create a Hemp Agro-Industrial Zone (HAIZ) focusing on affordable housing and value-added hemp products. An initial funding commitment of $25,000 is set within the next 30 days, with definitive agreements expected in 60 days.

Positive

• Formation of a 50/50 strategic partnership with WSRC to enhance operational capabilities.
• Leverage of an existing $40 million water infrastructure to support hemp cultivation.
• Establishment of a Hemp Agro-Industrial Zone (HAIZ) for value-added product development.
• Initial funding commitment of $25,000 to kickstart the project.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 16, 2020 / GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (CSE:GHG)(OTC:GBHPF)(FRANKFURT:GHG) is pleased to announce that the Company has entered into agreement to form an Exclusive Strategic Partnership to create a Sustainable Economic Zone in northwest Colorado with Western Sierra Resource Corporation ("WSRC") (OTC: WSRC). The Economic Zone will be vertically integrated and will generate multiple revenue streams for this 50/50 Partnership.

The Partnership will benefit from WSRC's extensive existing water infrastructure, that has been diligently developed over the last 15 years and currently valued at over US$40mil. The availability of these water resources is a key resource in developing this project and creating multiple revenue streams from its three operational segments - hemp cultivation, processing and sustainable construction.

The Partnership will also seek to grow through a series of acquisitions and accumulate long term real estate assets and look to further enhance their value through the expansion of water infrastructure. Significant job creation will be an addition benefit to the region. The project will maximize the beneficial use of the water through all aspects of the Sustainable Economic Zone.

Components of this zone will include; industrial hemp cultivation, primary processing, creation of hemp value-added products produced in a centralized area adjacent to the farming areas known as a Hemp Agro-Industrial Zone (HAIZ), and utilization of these value-added products in sustainable construction, with a special emphasis on affordable and environmentally friendly housing.

The hemp cultivation will focus on the production of hurd and fiber, which will be processed into value-added products in the HAIZ. Initially the HAIZ will focus on building materials that will then be used in the construction of affordable housing in Colorado. A by-product of the processing step is hemp fiber, which can be processed into additional value-added products or sold directly to the marketplace as an additional source of revenue.

Through partnerships, joint ventures, and acquisitions, the Strategic Partnership will collaborate to build an industrial complex to fully and judiciously utilize 100% of the hemp plant with a strategic portfolio of forward-thinking companies that also believe in the disruptive potential of industrial hemp. This collaboration will form the basis of the HAIZ.

Curt Huber, President of Global Hemp stated, "Since Global Hemp's inception, the Company's vision has always been about sustainability and collaboration, with a focus on the development of the industrial aspects of the hemp. The multiple applications of the hemp plant, notably in the building industry, will become the most significant over time. This project combines all of the Company's values into one project. We are looking forward to working with the Western Sierra team in the development of this project."

Final definitive agreements and budgets for the project will be concluded over the next 60 days. The Company's initial funding commitment over the next 30 days is US$25,000.

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About Global Hemp Group Inc.

Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FRANKFURT: GHG), is focused on a multi-phased strategy to build a strong presence in the industrial hemp industry the United States. The Company is headquartered in Vancouver, British Columbia, with hemp cultivation operations in the state of Oregon. The first phase of this strategy is to develop hemp cultivation with the objective of extracting cannabinoids (CBG & CBD) and creating a near term revenue stream that will allow the Company to expand and develop successive phases of the strategy. The second phase of the plan will focus on the development of value-added industrial hemp products utilizing the processing of the whole hemp plant, as envisioned in the Company's Hemp Agro-Industrial Zone (HAIZ) strategy.

For Further Information Contact Global Hemp Group
Tel: 424-354-2998
info@globalhempgroup.com
https://globalhempgroup.com

Cautionary Note Regarding Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk, the legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Global Hemp Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/606400/Global-Hemp-Group-Forms-Exclusive-Strategic-Partnership-to-Create-a-Sustainable-Economic-Zone-in-Northwest-Colorado

FAQ

What is the purpose of the partnership between Global Hemp Group and Western Sierra Resource Corporation?

The partnership aims to create a Sustainable Economic Zone in Colorado focusing on hemp cultivation, processing, and sustainable construction.

What is the significance of the $40 million water infrastructure in the project?

The water infrastructure is essential for developing the Sustainable Economic Zone, facilitating hemp cultivation and processing operations.

How much is Global Hemp Group committing initially to the project?

Global Hemp Group is committing $25,000 in initial funding for the project.

What are the expected outcomes of the Sustainable Economic Zone?

The project is expected to generate multiple revenue streams and create jobs in the region through hemp cultivation and processing.

When will the final agreements for the project be concluded?

Final definitive agreements and budgets for the project are expected to be concluded within the next 60 days.