CROP Update on 40 Acre Nevada THC Farm
VANCOUVER, British Columbia, Jan. 03, 2019 (GLOBE NEWSWIRE) — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today its 49% owned subsidiary Elite Ventures has graded and cleared the 40 acres with construction to begin on the security wall next week.
The project will be completed in time for the 2019 outdoor planting which is forecast to yield in excess of 80,000 pounds. The following strains have been chosen for the project: Blueberry, 9 lb Hammer, Gelato, Tiffany CBD, Insane OG, Blue dream, Durban Poison and Purple Kush.
CROP is also working with lease financiers to build a 60,000 square foot greenhouse facility on the property for the purpose of producing higher quality flower.
The farm will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link combination razor wire fence with a guard tower and CCTV (closed-circuit television). The cost is expected to be $600,000, with final pricing on the greenhouse still to be determined.
The company is now accepting 2019 off take orders and supply agreement requests from processors, distributors and retail outlets.
CROP CEO, Michael Yorke, stated: “The project is advancing on schedule and on budget with great thanks to the construction teams who continued working right up until December 24th and are now back on site to ensure success of the farm in 2019.”
CROP is publicly listed on the CSE and trades under the symbol “CROP” and in the US under the symbol “CRXPF”. CROP is focused on cannabis branding and real estate assets. The Company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm, 2,115 acres of CBD farms, extraction in Nevada and joint ventures on a San Bernardino dispensary app with international focuses in Jamaica and Italy.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands. CROP’s infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
Michael Yorke – CEO and Director
Phone: (604) 484-4206
Disclaimer for Forward-Looking Information
Certain statements in this press release are forward-looking statements and 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 returns from the Nevada Project; the technological effects of Nevada Project; 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.
The CSE has not reviewed, approved or disapproved the content of this press release.