CROP Infrastructure Corp. (CSE:CROP, OTC:CRXPF) announced today it is beginning Phase 1 development covering 1,729,000 square feet (40 acres) of outdoor cannabis and 60,000 square feet of greenhouse at its 1,000-acre cannabis farm in Nevada.
It will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link razor wire fence with a guard tower and CCTV. The cost is expected to be $600,000 with final pricing being determined on the greenhouse.
Phase 2 will be to triple the size and output of the farm with the addition of 5,227,200 square feet (120 acres) including an additional 120,000 square feet of greenhouse. Phase 1’s outdoor output is estimated to be roughly 80,000 pounds per year.
The project sits on 1,000 acres of unincorporated land 3.5 hours north of Las Vegas on Highway 95 where outdoor and greenhouse growing is permitted.
The company is now accepting 2019 off take orders and supply agreement requests from processors, distributors and retail outlets.
Michael Yorke, CEO of CROP, states, “CROP will now bring our style of low-cost Cannabis cultivation to Nevada tenants, giving residents and visitors of Nevada a superior product at a lower price and giving processors access to better priced feedstock.”
CROP is publicly listed on the CSE and trades under the symbol “CROP” and in the U.S. under the symbol “CRXPF”. CROP is focused on cannabis branding and real estate assets. The Company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm, 2,115 acres of CBD farms, extraction in Nevada and joint ventures on West Hollywood and San Bernardino dispensary apps with international focuses in Jamaica and Italy.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, U.S. and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands. CROP’s infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
Disclaimer for Forward-Looking Information
Certain statements in this press release are 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 returns from the Nevada Project; the technological effects of Nevada Project; 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.
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