CROP’s California Harvest in and ‘first Revenue’ Close
October 11th, 2018
News, Top News
VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) — CROP Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (“CROP”) announced today its California tenant has now finished harvesting the entire 30,000 square feet of production area.
The crop tally stands at approximately 2,100 pounds consisting of ~300 lbs of dried flower, ~1,100 lbs which is currently drying, and an additional ~700 lbs of lower tier production for extracts, etc. In line with CROP’s standardized growing protocols, the greenhouses have now been repopulated and the plants are already in flower for a further Q4 harvest.
CROP Infrastructure CEO, Michael Yorke, stated: “CROP is now only steps away from first revenue as the tenant’s sales cycle has been initiated. Of particular significance too, we can also report that the tenant’s temporary cannabis licenses have now been converted to a permanent California state license. CROP looks forward to having its California operations rapidly becoming profitable.”
The cannabis will now be trimmed and packaged to the specifications of the various distributors the tenant is contracting with. The crop strains are 707 OG, Forbidden Fruit, Green Crack, Birthday Cake, and Girl Scout Cookie. In addition, the tenant has added a new sought-after strain, Insane OG.
The company is awaiting construction permits to build out 12 proprietary light supplemented greenhouses totaling 44,000 sq. feet.
CROP Infrastructure Corp. is publicly listed on the Canadian Securities Exchange and trades under the symbol “CROP” and in the US under the symbol “CRXPF”. CROP is primarily engaged in the business of investing, constructing, owning and leasing greenhouse projects as part of the provision of turnkey real estate solutions for lease-to-licensed cannabis producers and processors offering best-in-class operations. The Company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm, an 1,865 acre CBD farm, extraction in Nevada with international focuses in Jamaica and Italy and a joint venture on West Hollywood and San Bernardino dispensary applications.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands.
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