VANCOUVER, British Columbia, Aug. 15, 2018 (GLOBE NEWSWIRE) -- CROP Infrastructure Corp. (CSE: CROP) (OTCMKTS: CRXPF) (“CROP” or the “Company”) announces it has received confirmation that its San Bernardino dispensary application has passed stage one of the application review process. As previously announced on July 5 th 2018, CROP has agreed to finance the purchase of real estate on the granting of a California dispensary license. The proposed dispensaries will operate under the brand, “ Emerald Heights” .
Furthermore, the Company is pleased to announce it has increased its ownership from 30% to 49% for its “ Emerald Triangle ” cannabis production facility tenanted by “ Hempire ” in Humboldt California. This 30,000 square foot production facility sits on approximately nine acres and consists of a 10,000 square foot medicinal cannabis greenhouse facility and an additional 20,000 square feet of recreational licensed canopy.
As previously announced on August 9 th 2018, harvesting at the Humboldt operation recently began at the first of five 2,000 square foot greenhouses and is expected to continue at a rate of one greenhouse per week. As each greenhouse is harvested new starter plants will populate the canopy space. Once the 10,000 square feet of plants have been taken down, the additional 20,000 square feet of canopy will then be harvested.
CROP Infrastructure Director & CEO Michael Yorke states: “This is an exciting time for CROP as our tenant begins its first harvest in California which makes this an ideal time to increase our ownership in the project from 30% to 49%. Our Humboldt facility is located in one of the most important cannabis jurisdictions in the US and potentially the world known as the Emerald Triangle. With the advancement of our dispensary application we are now moving towards assisting tenants in becoming fully vertically integrated in the State of California.”
The Company will purchase the additional 20% of Humboldt for total consideration of $1.0 Million CAD by issuing 5,000,000 shares at a deemed price of $0.20 per share; 100% of these shares will be escrowed for 12 months, with 25% becoming free trading every 3 months thereafter.
About Humboldt Holdings LLC
Located in Humboldt County, California the property is 8.46 acres and currently houses a 10,000 square foot greenhouse as well as a barn, garage and residence. On site are five 5,000-gallon water tanks, a well and pump house and a 30 x 60 ft. drying shed. The property is zoned for a 10,000 square foot medical and a 20,000 square foot recreational cannabis license.
https://cropcorp.com/property/california/
About CROP
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, Washington State, Nevada, Italy, Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and has US and Italian distribution rights to a line of over 55 topical cannabis products from The Yield Growth Corp.
Company Contact
Michael Yorke – CEO & Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
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. 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.
The CSE has not reviewed, approved or disapproved the content of this press release.
