Crop Tenant Plants Additional 20,000 Square Feet of Recreational Cannabis in California and Announces First Harvest
VANCOUVER, British Columbia, July 09, 2018 — CROP Infrastructure Corp. (CSE:CROP) (OTCMKTS:CRXPF) (“CROP” or the “Company”) announces it has completed the required security upgrades on the ‘Humboldt County Property’ in California and its tenant operator has planted 20,000 square feet of recreational cannabis with Green Crack, Birthday Cake, and Green Scout Cookie strains.
The Humboldt County Property consists of an operational 10,000 square foot medicinal cannabis greenhouse facility and has now obtained and planted an additional 20,000 square feet of recreational licensed canopy.
The tenant had received final approval for the additional 20,000 square feet of recreationally licensed canopy space subject to security upgrades. The approval was given after CalCannabis, a division of the California Department of Food and Agriculture (CDFA), had inspected the Humboldt California Campus.
CROP further was informed by the tenant operator its first crop will be harvested by the end of August. The 10,000 square feet of canopy is divided into five separate greenhouses, expecting to yield approximately 150 lbs. per greenhouse.
According to a report from BDS Analytics, sales of cannabis in California are expected to hit $3.7 Billion in 2018 alone with that number expected to grow to $5.1 Billion in 2019 as more dispensaries come online.
CROP Director and CEO Michael Yorke stated, “Starting on July 1st, cannabis retailers in California will only be able to sell products that have been independently lab-tested; everything else will be destroyed. CROP’s real estate and infrastructure only allows natural and organic materials on the property, and only accepts tenant operators who adhere to Organic cultivation practices. We are excited for our tenant’s first harvest and for CROP’s licensed brands to enter the California market.”
This additional production capacity will greatly complement CROP’s recently announced partnership on West Hollywood and San Bernardino dispensary applications.
About Humboldt Holdings LLC
Located in Humboldt County, California the property is 8.46 acres and currently houses a 10,000 square foot greenhouse as well as a barn, garage and residence. On site are five 5,000 gallon water tanks, a well and pump house and a 30 x 60 ft. drying shed. The property is zoned for a 10,000 square foot medical and a 20,000 square foot recreational cannabis license.
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. 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 proceeds to be raised pursuant to the Offering, availability of exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 and the expected uses of the funds advanced under the Loan by Humboldt Holdings. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company’s ability to complete the Offering and the uses of the funds advanced under the Loan to Humboldt Holdings, including the risk that the Offering may not be completed as expected or at all, that the proceeds of the Offering may be used other than as set out in this news release, that the funds advanced under the Loan by The Park may be used other than as set out in this news release 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.