VANCOUVER, British Columbia, November 27, 2018 /PRNewswire/ --
Crop Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that its tenant at the greenhouse complex known as 'The Park', situated in Wheeler Park, Washington State, has submitted several strains of finished cannabis flower to quarantine as harvest continues.
Once the certificates of analysis are received the finished cannabis will be sold to licensed cannabis retailers. The company is currently accumulating inventories of the following strains:
9 LB HAMMER BANANA KUSH DARTH VADER DUTCH HAWAIIN GHOST TRAIN GORILLA GLUE JUGGERNAUT PITBULL SOUR DIESEL STAR KILLER THC BOMB WA WOO TIFFANY CBD
The Park's 35,000 square foot cannabis greenhouse recently underwent a complete retrofit for hydroponic automation and the addition of 500 Gavita HPS grow lights. It has five flowering bays and is sited on nine acres with full scale production estimated at approximately 12,000 pounds of high-quality cannabis annually (about 1,000 pounds per month). The operating costs are about $50,000 (U.S.) per month.
CROP CEO, Michael Yorke, stated: "CROP has finished cannabis at two of its tenant farms and which have entered the sales cycle in Washington, which is a major step forward. I cannot over stress the importance of the purity of tenant products. By only using organic inputs on our farms, CROP is utterly dedicated to providing the cleanest and most natural cannabis for the end user, who, I am sure, will appreciate the quality and taste the difference of the products."
Furthermore, the company is pleased to announce it has settled $883,500 in debt by the issuance of shares of the company at $0.30 per unit. Each unit has one common share and one commons share purchase warrant exercisable at $0.50 for a period of 18 months following the issuance date.
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, 1,865 acres of CBD farms, extraction in Nevada and joint ventures on West Hollywood and San Bernardino dispensary apps 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.
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 returns from the Cannadrink Beverage; the technological effects of Cannadrink Beverage; 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.
Michael Yorke - CEO and Director
Phone: (604) 484-4206
SOURCE Crop Infrastructure Corp.