Crop’s Nevada CBD Farm Receives Hemp Licence Approval From State and Commences Planting on 240 Acres
VANCOUVER, British Columbia, July 13, 2018 – CROP Infrastructure Corp. (CSE:CROP) (OTC:CRXPF) (“CROP” or the “Company”) announces that its tenant grower “The Hempire Company, LLC” has been issued a formal Nevada hemp licence covering all 240 pivoted acres of CROP’s Nye County, Nevada farm. Planting has been completed on 120 acres and is now underway on an additional 120 acres, consisting of only approved organic and natural materials in agriculture production in order to be deemed an Organic operation.
The Nye County agricultural Hemp farm is located in central Nevada and was selected for its temperate climate which is ideal for greenhouse and outdoor growing. The property totals over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that also have automatic fertilizer injection systems installed.
The genetics selected, BaOx and Cherry BaOX have a THC content of <0.3% and a CBD content of >15%. It is estimated that the 240 acre pivots will yield 240,000 pounds of hemp flower. Cost of production is not expected to exceed $700,000 USD. The first harvest is expected in early Q4 this year.
Nevada hemp growers surveyed by Marijuana Business Daily report that the market is fetching:
- $200 or more per pound for flower, depending on CBD content and quality
- Approximately $10 per pound of food-grade seed, or $45 per gallon for seed oil
- Approximately $200 per ton of baled fiber
- Approximately $10,000 per Kg of CBD isolate
CROP Infrastructure Director and CEO, Michael Yorke stated: “Our licensed tenant Hempire has doubled the planned hemp growing acreage from 120 acres to 240 acres for the last crop of the 2018 season. This is great news for our fourth quarter projections; we are now expecting Q3 & Q4 tenant harvest in all 4 jurisdictions where the company is present: California, Nevada, Washington State and Italy.”
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. 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 Nye Property; the technological effects of The Nye 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.