Global Hemp Group Inc. acquired the remaining 50% interest in Covered Bridge Acres Ltd. from Marijuana Company of America, Inc. for $0.4 million.
September 29, 2020
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Global Hemp Group Inc. (CNSX:GHG) executed an agreement to acquire the remaining 50% interest in Covered Bridge Acres Ltd. from Marijuana Company of America, Inc. (OTCPK:MCOA) for $0.4 million on September 28, 2020. As part of consideration, Global Hemp Group will make a payment of $0.215 million to Marijuana Company of America with $0.14 million payable no later than September 30, 2020 and the remaining $0.08 million payable no later than November 15, 2020. Global Hemp Group will grant to Marijuana Company of America common stock of 12.39 million shares from its treasury. The Global Hemp also announces that it received short term loans in the amount of $0.04 million. As of October 6, 2020, Global Hemp Group Inc has issued the Marijuana Company of America Inc. 12.4 million common shares of Global Hemp Group at a price of $0.02 per share. The Global Hemp and Marijuana agree that the settlement results in Global Hemp owning 100% of the existing Joint Venture and control of the Scio Oregon Operation and the 109-acre farm. The amount payable on September 30, 2020, will be paid from funds in hand. These non-interest-bearing loans are due and payable on or before November 15, 2020.
Global Hemp Group Inc. (CNSX:GHG) completed the acquisition of remaining 50% interest in Covered Bridge Acres Ltd. from Marijuana Company of America, Inc. (OTCPK:MCOA) on September 28, 2020.
Marijuana Company of America, Inc. is an owner and operator of licensed cannabis cultivation, processing, and dispensary facilities. The Company is a developer, producer, and distributor of branded cannabis and cannabidiol (CBD) products in the United States. Through its wholly owned subsidiary cDistro, Inc., it offers CBD brands along with smoke and vape shop-related products to wholesalers, c-stores, specialty retailers, and consumers in North America. Through its wholly owned subsidiary HSmart, Inc., it develops and sells CBD products under the brand name hempSMART. Its hempSMART wellness products offerings include hempSMART Brain, hempSMART Pain, hempSMART Pain Cream, hempSMART Drops, hempSMART Pet Drops, hempSMART Face, and hempSMART Drink Mix. hempSMART Brain is a personal care consumer product encapsulated with enriched non-psychoactive industrial hemp derived CBD. hempSMART Pain Cream each container is formulated with 300mg of non-psychoactive CBD.