CROP Hemp-CBD Farm Enters Toll Processing Deal to Produce CBD Isolate as it Readies for Harvest
October 10th, 2018
VANCOUVER, British Columbia, Oct. 10, 2018 (GLOBE NEWSWIRE) — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that its tenant has signed a toll processing deal whereby it will provide its dried hemp-CBD biomass to a processor who will then provide 50% of the finished product as ISO certified CBD isolate to CROP’s tenanted farm. The CBD isolate will be sold under the company’s brands Hempire, Tiff CBD, infused in to the company’s CannaDrink and sold under white label.
CROP’s tenant, at its Nye County hemp-CBD farm in Nevada, has already begun equipment readiness preparations as the harvest is imminent.
CROP will also be working with the toll processor to enter into further agreements to develop its own ISO extraction facility for its production capacity which is now expanded to over 1,800 acres for 2019. The processor has consulted with numerous Canadian ACMPR and US licensed cannabis cultivators and processors to develop GMP and ISO conforming extraction facilities.
According to cannabis industry analysts, The Brightfield Group, it is estimated the hemp CBD market alone could hit $22-billion by 2022.
CROP CEO, Michael Yorke, stated: “Being in a position to have CBD isolate from the 2018 harvest will enable the company to begin infusing products like the CannaDrink beverage line and begin developing relationships with bulk buyers in preparation for 2019. Even with a toll cost, upgrading CBD biomass to isolate should significantly increase the value of our tenant harvest. This new strategic-alliance opens up additional mutually beneficial opportunities, specifically those in developing our own extraction facilities, both in the US and Europe, which will be necessary to maximize the potential of our portfolio’s ongoing hemp-CBD and Cannabis-THC production.”
CROP has a portfolio of cannabis projects including cultivation properties in California, two in Washington State, two in Nevada consisting of 2,800 acres, 3 dispensary applications, with international focuses in Jamaica and 2 farms in Italy. CROP has developed a portfolio of assets including CannaDrink and a portfolio of 16 Cannabis brands. with US and Italian distribution rights to over 55 topical products.
Michael Yorke – CEO & Director
Phone: (1) 604-484-4206
Disclaimer for Forward-Looking Information
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CROP’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward- looking statements. Forward-looking statements may include, without limitation, statements relating to the Company’s expected timing for implementation of the Program, the Early Exercise Period, the use of proceeds as a result of the Program and other statements of fact. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the expected yield from The project; the technological effects on production; the intention to expand its portfolio; and execute on its business plan. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the regulatory and legal framework regarding the cannabis industry in general among all levels of government and zoning; risks associated with applicable securities laws and stock exchange rules relating to the cannabis industry; risks associated with maintaining its interests in its various assets; the ability of the Company to finance operations and execute its business plan and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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