CROP Receives Water Permits and Nears Completion of Its Second Washington Greenhouse Project: “The Dozen”
VANCOUVER, British Columbia, July 19, 2018 (GLOBE NEWSWIRE) — CROP Infrastructure Corp. (CSE:CROP) (OTC:CRXPF) (“CROP” or the “Company”) announces that it has received the final water permits for its “The Dozen” cannabis greenhouse facility in Washington State.
Phase one of construction, consisting of site preparation and foundations for twelve (12) purpose-built indoor agricultural canopies encompassing a planned total area of ~44,000 square feet is nearing completion. The first six (6) greenhouse structures are under construction with completion anticipated shortly. Each phase of completion will be leased to licensed tenant growers along with brand licensing and Standard Operating Procedures (SOPs).
Completion of the first six greenhouses is expected to cost no more than $200,000 USD and is not expected to take more than 45 days. The first six greenhouses are designed to yield tenants 12,000 pounds per year with an additional 25% in by-product. The Dozen currently benefits from a regional electricity rate of $0.02/kWh USD and based on internal calculations provided by the Company’s expert consulting partner, should result in tenant cost of production of less than $150.00 USD per lb. ($0.33 per gram) should the tenants adhere to CROP’s suggested Standard Operating Procedures.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “CROP has now received the necessary water permits and can now complete construction on the company’s second Washington State facility, “The Dozen”. All five of our facilities are nearing completion or are expecting tenant harvests in Q3 and Q4 of 2018. CROP has made significant progress in a short time period developing its portfolio of purpose built real estate and branding IP.”
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
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 Dozen Property; the technological effects of The Dozen 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.