CROP Completes Retrofit and Tenant Starts Production at Washington State Facility ‘The Park’
VANCOUVER, British Columbia, July 17, 2018 — CROP Infrastructure Corp. (CSE:CROP) (OTC:CRXPF) (“CROP” or the “Company”) announced today that it has completed the retrofit and upgrades at its ‘The Park’ state-of-the-art facility in Washington State. Crop’s licensed tenant grower there has now advised that it expects to harvest an initial 350 pounds of high quality cannabis within six weeks and will be at full scale production in September 2018.
The Park cannabis greenhouse is 35,000 sqft and sits on approximately nine acres of land. The facility recently underwent a complete retro-fit for hydroponic automation and the addition of 500 Gavita HPS grow lights. The greenhouse facility has five flowering bays that are designed to yield, at full scale production, approximately 12,000 pounds of high quality cannabis annually (~1,000 pounds per month). The facility requires no additional capex for upgrades in order that the tenant may reach full commercial production.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “With all of CROP’s facilities’ tenants now expecting to harvest, the company’s real estate and brand portfolio should begin to provide all important regular cash flow while building equity in the IP of our brands. CROP will now be able to benefit from its real-estate backed, reoccurring revenue model while expanding into other favorable legal cannabis jurisdictions.”
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 and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands for licensing to tenants and also has US and Italian distribution rights for over 55 cannabis topical products from The Yield Growth Corp.
Disclaimer for Forward-Looking Information
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 Wheeler Park Property; the technological effects of Wheeler Park 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.