CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) announces its 1,865 acre Nevada hemp-CBD farm has commenced harvest on the 240 acres planted in July and August of this year.
All equipment sourced for the 2018 harvest has now arrived at the property with commercial drying equipment en route. Upon completion of harvest and drying the company will begin delivering dried product to its processing partner, an ISO compliant processor, with bi-weekly shipments of CBD Isolate expected back to the company. The Isolate will be sold under white label as well as the company’s brands Hempire and Tiffany CBD.
According to cannabis industry analysts the Brightfield Group, it is estimated the hemp-CBD market alone could hit $22-billion by 2022.
The company is now accepting offers from interested hemp-CBD flower off-takers for its 2019 harvest as all 2018 production will be used for the production of CBD isolate.
The two existing strains planted during the 2018 season with up to 19% CBD will be planted for 2019 along with three additional genetics with similar CBD concentrations. The farm will be planted and maintained to organic standards to ensure the hemp-CBD is to the specification of interested buyers.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “We are excited to be working with an ISO compliant processor to produce isolate while we work towards building our own in-house extraction capabilities. Having a full year of tenant production next year on the total acreage along with the strong uptrend in the CBD market should position the company, its tenants and its brands for a very exciting 2019.”
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, a 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.
Michael Yorke – CEO & Director
Phone: (604) 484-4206
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 Nevada Property; the technological effects of The Nevada 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.