The Canadian Global Hemp Group (GHG) announced that it has acquired the water infrastructure in Colorado through a private transaction with a third party. GHG said the all-stock deal with Prescient Strategies Group, LLC will give Steamboat Springs control of Western Sierra Resource Corporation’s water facilities, valued at more than $ 40 million.

GHG, Vancouver, British Columbia, said obtaining the water rights will facilitate plans to create the Colorado Hemp Agro-Industrial Zone in the northwestern part of the state under the company’s Innovative Hemp Technologies (IHT) subsidiary. IHT plans to develop affordable houses made from hemp-based building materials.

The acquisition “will complement the on-site development of the project for large-scale irrigation and the cultivation of industrial hemp as well as for the manufacture of building products and textiles based on hemp,” says a press release from GHG. GHG said it will also use the water assets as collateral for expanding its property holdings.

The Global Hemp Group is a penny stock company listed on the Canadian Securities Exchange, OTC in the United States, and the Frankfurt Stock Exchange.

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