A Canadian hemp producer says it has acquired the water rights necessary to pursue its plan to grow hemp in northwestern Colorado and process the hemp into construction components for affordable homes on the same land.
Vancouver, British Columbia-based Global Hemp Group says it has acquired control of Western Sierra Resource Corp. of Steamboat Springs, Colorado, and its water rights.
Terms of the acquisition weren’t announced. Global Hemp Group said last month that it planned to issue 10 million purchase warrants to Western Sierra’s parent company, Prescient Strategies Group, and to loan Western Sierra $3,842,269 as part of the deal.
Global Hemp Group CEO Curt Huber told Hemp Industry Daily that he plans to acquire land and develop a parcel where hemp could be grown, processed into construction components, and then used to build affordable homes all in one place.
“We can’t conceivably build enough houses to solve the (affordable housing) problem, but we can certainly put a dent in it,” Huber said.
Global Hemp Group trades on the Canadian Stock Exchange as GHG.