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.