Global Hemp Group Inc. (OTCMKTS:GBHPF) surged 54% after the company announced closing a deal to purchase a strategic industrial/commercial property in Colorado. Already, the company has paid a down payment of $150,000 on the commercial property, and the remaining amount expected to be paid in three equal installments in the next one and half years for a purchase price of 1.4 million USD.
The company will construct its Hemp Agro-industrial Zone (HAIZ) facility on the 44-acre multiuse property. The manufacturing facility will initially focus on hemp-based construction materials used at Global Hemp Group’s Planned Unit Development in north-western Colorado. The HAIZ facility is an excellent opportunity for the company to implement its vision of a sustainable community using hemp-based construction material.
Further to its May 17 announcement, it has completed necessary due diligence regarding securing major occupied and entitled housing development property. With these developments, GBHPF is a stock to watch in the coming months.
With the advancement on the above two properties, the Company is now working with Land Planning and Engineering firms to develop the Company’s vision for the project. Initial meetings have taken place with the City Planning Department to discuss the project and establish specific design parameters for approval.
Market Reaction:
On Friday, GBHPF stock soared 53.50% to $0.0565 with more than 67.17 million shares, compared to its average volume of 1.27 million shares. The stock has moved within a range of $0.0411 – 0.0945 after opening the trade at $0.0445. Over the past 52-week, the stock has been trading within a range of $0.0068 – 0.1000.
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