VANCOUVER, British Columbia, Feb. 5, 2019 /CNW/ -- Crop Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today final inspection has been completed at its THC cultivation, production, commercial kitchen and extraction facility in Nevada. The final medical and recreational licenses are expected to be granted later this month.
Meanwhile, construction continues there on the 40-acre perimeter wall for outdoor and greenhouse production. The 40-acre outdoor project is expected to cost $500,000 and is forecast to yield 80,000 pounds of high quality, organically grown outdoor cannabis which will be mostly for sale to extractors and for the company's tenant extraction quotas. The project is now 50% paid for.
The company is now accepting off take and supply agreements requests for 2019 harvest.
CROP CEO, Michael Yorke, stated: "With our ultra low cost, organic outdoor focus in Nevada, our tenant farms will provide extractors with cost effective extraction materials giving both CROP and our tenants a significant competitive advantage in Nevada for the 2019 season and beyond."
Crop is publicly listed on the CSE and trades under the symbol "CROP". CROP is focused on cannabis branding and real estate assets. CROP'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, U.S. 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 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.
SOURCE Crop Infrastructure Corp.