CROP Infrastructure Corp. (CSE:CROP, OTC:CRXPF) (“CROP” or the “Company”) announces it has entered in to a joint venture agreement whereby the company has a 49% interest in a zero-cost lease of a 217,000 sq. foot property ideally situated for future Cannabis production and extraction. The Five acres of prime agricultural land has been secured in the Westmoreland Parish, some of the most fertile land in Jamaica. The company is in the process of identifying a suitable tenant licensee for the project. The company plans to license the brand, ‘Hempire Jamaica’ to the tenant and has acquired the domain www.HempireJamaica.com.
CROP Director & CEO Michael Yorke states: “CROP continues to build its global footprint by securing this strategic joint venture in Jamaica. Many countries are now introducing new licensing and legislative regimes for CBD and cannabis and are prime entry points for our growing organization. Jamaica is of particular interest as its licensing regime allows for a full suite of genetics which will give our tenant growers the advantage of being able to provide buyers with a broad variety of CBD and THC end products.”
Jamaica has over 2.8 million residents and approximately three million visitors each year. In a report from the Jamaica Observer, Edmund Bartlett, the current Jamaican minister of tourism, estimated the global marijuana tourism market at $494 billion. With health and wellness tourism identified by Bartlett as an area of focus under the ministry’s plan to expand to five million annual visitors, expect the country to continue to cultivate its cannabis connections.
A 420intel.com article quotes Audley Shaw, Jamaica’s minister of commerce, industry, agriculture, and fisheries talking about exporting cannabis and creating an industry that will develop the pharmaceutical potentialities of the weed. The minister is not discounting the possibility of exporting recreational marijuana, as more and more countries legalize the substance. In the United States, 30 states and the District of Columbia have legalized cannabis for recreational or medical purposes and Shaw believes it is a trend that will eventually sweep the nation.
Furthermore, the Company announces a non-brokered private placement of $1,250,000 at $0.30 per unit. Each unit consists of one common share and one common share purchase warrant at an exercise price of $0.50 per Warrant Share for a period of two years following the date of issuance.
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 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 CROP Jamaica. 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 by CROP Jamaica, 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 CROP Jamaica 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.
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