CROP Applauds US Midterm Elections Results Bringing More States Into the Legal Cannabis Fold
November 8th, 2018
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today its support of the recent results of the US mid-term elections establishing cannabis legalization in three additional states; Utah, Missouri and Michigan.
The midterm elections took place on Tuesday November 6th, 2018, and cannabis legalization was a major factor for voters. The results showed strong support for further legalization with Michigan legalizing recreational cannabis, as well as Utah and Missouri voting to legalize medicinal cannabis.
CROP Infrastructure CEO, Michael Yorke, stated: “This decision puts the total recreationally legal states to 10, the medicinally legal states to 32, and increases the potential likelihood of cannabis becoming federally legal in the United States.
“With more and more states legalizing medical and recreational cannabis CROP is positioned to substantially expand operations and work with new local partners that require funding and operational expertise. Lack of traditional lending options from US banking institutions is still a major issue for cannabis companies and CROP intends to bridge that gap to allow for accelerated growth and expansion throughout the sector. We welcome new local potential partners in legalized states to contact CROP.”
Another factor that will increase positive momentum for federal legalization is the recent resignation of US Attorney General Jeff Sessions. Sessions was strongly anti-cannabis and was responsible for rescinding the Cole Memo last January. His resignation is being widely regarded as a strong, positive indicator that the US cannabis market is opening up and that government opinion towards the substance is shifting in favor of legalization.
This midterm election’s outcome is relevant to more than just the end game of dissolving the federal prohibition of cannabis. The momentum could also help the states that have already voted to legalize the drug but remain hamstrung by federal regulation. Recently, the Senate Appropriations Committee dissolved an amendment that would have allowed US banks to work with cannabis companies.
Morgan Fox, media relations director at the National Cannabis Industry Association, commented: “Momentum is gaining for change in Congress to allow states to determine their own marijuana policies, Two thirds of the country want marijuana to be legal, and politicians are ignoring that at their peril.”
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.
Disclaimer for Forward-Looking Information
Certain statements in this press release are 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 California Property; the technological effects of The California Property 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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