Crop Announces Acquisition of a 30% Interest in California Cannabis Greenhouse Facility
May 9th, 2018
News, Top News
May 9th 2018, VANCOUVER, BRITISH COLUMBIA – CROP Infrastructure Corp. (CSE: CROP) (OTCMKTS: CIICF) (“CROP” or the “Company”) announces that it has entered into a Membership Purchase Agreement dated May 7th 2018 (the “Agreement”) with HUMBOLDT HOLDINGS LLC (“Humboldt”), a limited liability company incorporated under the laws of State of California, whereby the Company has agreed to advance up to US$2,000,000 to Humboldt for land and equipment purchased and the development of a 30,000 square foot greenhouse project intended for lease and brand licensing by Humboldt to licensed cannabis tenant growers (each, “Tenant”) in return for a 30% interest in Humboldt.
The property currently consists of a 10,000 square foot existing cannabis greenhouse and has an existing building permit for the development of an additional 20,000 square feet of canopy. Humboldt intends to lease the property/infrastructure and license its branding to the Tenants. Humboldt also intends to commence construction of additional proprietary greenhouses consisting of 20,000 square feet of canopy. Once completed, the estimated Tenant production is expected to be approximately 2,000 pounds of flower per month. The closing of the transactions contemplated under the Agreement constitute a “Significant Transaction” in accordance with the policies of the Canadian Securities Exchange. To date, the Company has advanced US$1,278,950 and has earned a 30% interest in Humboldt.
The Hempire Company LLC of California is the holder of a 10,000 sqft medical marijuana cultivation license and a 20,000 sqft RRR license and is currently negotiating a tenancy agreement with Humboldt to lease the property and infrastructure and has already commenced cultivation in good faith.
CROP director N. Alex Horsley states, “This acquisition represents our entry into California, the largest cannabis market in the world. Work is now underway on Humboldt’s facility to expand the greenhouse facility to 30,000 square feet of canopy with our new state-of-the-art greenhouse design. CROP continues to aggressively pursue new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions.”
Pursuant to the terms of the Agreement, the Company has agreed to advance up to US$2,000,000 pursuant to an interest free loan which is repayable through 60% of the net after tax profits of Humboldt. As further incentive for advancement of the loan, the Company was issued a 30% membership interest in Humboldt which is governed by the terms of an operating agreement.
About Humboldt Holdings LLC
Located in Humboldt County California, the property is 8.46 acres and currently houses a 10,000 sqft greenhouse as well as a barn, garage and residence. On site are 5 x 5000 gallon water tanks, a well and pump house and a 30×60 drying shed. The property is zoned for a 10,000 sqft medical and a 20,000 sqft RRR license.
About CROP Infrastructure Corp.
CROP Infrastructure is engaged in the business of investing, constructing, owning, optimizing and branding light supplemented greenhouse projects for lease to cannabis producers and processors offering best-in-class operations. The Company’s main focus is currently California and Washington.
- Alex Horsley – Director
E-mail: [email protected]
Phone: (604) 484-4206
Disclaimer for Forward-Looking Information
Certain statements in this press release are forward-looking statements and are prospective in nature. 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. 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 purchase, development and leasing of projects, commencement of construction of additional greenhouses, estimated Tenant production of product, the pursuit of new opportunities and the expansion of CROP’s portfolio. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company’s ability to execute on its business plan, raise additional funds as and when required, legal and political risks regarding the cannabis industry, including the changes of municipal, state, provincial and federal laws thereof, the risk that Humboldt may require further capital to execute on its expansion plans 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.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.