CROP’s Nevada CBD Farm Completes Planting of 240 Acres and Begins Site Preparation for Extraction Facility
CROP Infrastructure Corp. (CSE:CROP, OTC:CRXPF) announces that its tenant grower has completed planting of the additional 120 acres and is beginning site preparation and planning for the development of a CBD Isolate extraction facility. The Nye County agricultural hemp farm is located in central Nevada and was selected for its temperate climate, which is ideal for greenhouse and outdoor growing. The property totals over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that also have automatic fertilizer injection systems installed. The desired location for the extraction facility is being cleared and leveled with permit application for construction being prepared. The Company is currently reviewing several quotes for industrial drying solutions and extraction equipment and will release further details once plans have been finalized. Additionally, permitting for the construction of cannabis greenhouses will be planned once the company is able to acquire a Cannabis Cultivation License on the 50 acres set aside.
The genetics selected (BaOx and Cherry BaOX) have a THC content <0.3% and a CBD content >15%. It is estimated that the 240 acre pivots will yield 240,000 pounds of hemp flower. Cost of production is not expected to exceed $700,000 USD. The first harvest is expected in early Q4 this year.
Nevada hemp growers surveyed by Marijuana Business Daily report that the market is fetching:
- $200 or more per pound for flower, depending on CBD content and quality
- Approximately $10 per pound of food-grade seed, or $45 per gallon for seed oil
- Approximately $200 per ton of baled fiber
- Approximately $10,000 per Kg of CBD isolate
CROP Infrastructure Director and CEO, Michael Yorke stated: “CROP’s property is now the largest hemp farm in Nevada and its tenant is the largest grower; the next phase of development will be a state of the art extraction facility to make CBD isolate, which is a highly sought after product.”
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 and Washington State, Nevada, Italy and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.
Disclaimer for Forward-Looking Information
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 Nye Property; the technological effects of The Nye 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.