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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Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction 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. 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 Humboldt Property; the technological effects of The Humboldt 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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