CROP HITS IMPORTANT MILESTONE WITH TENANT HARVESTING IN CALIFORNIA
August 09 2018 - 8:35AM
InvestorsHub NewsWire
Vancouver, British Columbia -- August 09, 2018 -- Investors
Hub NewsWire -- CROP Infrastructure Corp. (CSE: CROP) (OTCMKTS: CRXPF) (“CROP” or the
“Company”) announced today that its tenant at the Humboldt
County California property has started harvesting 10,000 square
feet of greenhouses.
The operation began in the first of five 2,000 square feet
greenhouses and the remaining four greenhouses will be harvested at
the rate of one per week. As each greenhouse is harvested new
starter plants will populate the canopy space. Once the crops have
all been taken down an additional 20,000 sq. ft of canopy crop will
be harvested at which time the plants should be mature.
CROP Infrastructure Director & CEO Michael Yorke states: “This
is an exciting time at CROP as our California property’s tenact
reaches its first harvest. First production is always a very
important milestone as the results will be analyzed closely and
will give an indication of what is not only achievable long term on
this property, but also similar ones.”
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.
https://cropcorp.com/property/california/
About CROP
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, Jamaica and a joint venture on West Hollywood and San
Bernardino dispensary applications. CROP has developed a
portfolio of 15 Cannabis brands and has US and Italian distribution
rights to a line of over 55 topical cannabis products from The
Yield Growth Corp.
Certain statements in this press release 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 purchase, development and leasing of projects,
commencement of construction of additional greenhouses, estimated
Tenant production of product, the pursuit of new opportunities and
the expansion of CROP’s portfolio. Such statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
the Company’s ability to execute on its business plan, raise
additional funds as and when required, legal and political risks
regarding the cannabis industry, including the changes of
municipal, state, provincial and federal laws thereof, the risk
that Humboldt may require further capital to execute on its
expansion plans 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. 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.
The CSE has not reviewed, approved or disapproved the
content of this press release.
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