VANCOUVER, British Columbia, Aug. 09, 2018 (GLOBE 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 cannabis from 10,000 square feet of greenhouses.
The operation began in the first of five 2,000 square foot greenhouses and in the remaining four greenhouses harvesting will be at the rate of one per week. As each greenhouse’s cannabis is harvested, new starter plants will populate the free 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 tenant 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.
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.
Disclaimer for Forward-Looking Information
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.
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