12:12:44 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Crop Infrastructure Corp
Symbol CROP
Shares Issued 156,778,727
Close 2019-04-17 C$ 0.31
Market Cap C$ 48,601,405
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Crop California farm receives 1,000 pot plants

2019-04-18 09:05 ET - News Release

Mr. Michael Yorke reports

CROP CALIFORNIA RECEIVES 1,000 FOUR FOOT CANNABIS PLANTS TO BEGIN AND ACCELERATE THE 2019 CALIFORNIA CULTIVATION SEASON

Crop Infrastructure Corp.'s 49-per-cent-owned Humboldt county farm has received an order of 1,000 four-foot-tall cannabis plants, accelerating the company and its farm into the 2019 cultivation season.

These large starter plants are expected to have increased yields as they are much taller and fuller than the previous year's plants. Currently, the farm has five 2,000-square-foot greenhouses totalling 10,000 square feet and 20,000 square feet of outdoor cultivation space.

Additionally, the farm has received approval from the Humboldt County Planning Department for the 2019 expansion, including a 30,000-square-foot automated light dep greenhouse facility and additional vault space. The new facility is expected to cost $499,000 in capex (capital expenditure) at the farm and is expected to yield 12,000 pounds per year, taking the company to year-round cultivation and tripling the output of the existing California infrastructure.

Crop's Emerald Heights retail brand has had its licensing fees submitted for phase 2 of Chula Vista's cannabis retail application process, combined with the company's partial acquisition of a distributer and extraction facility. If licensed, the retail location will bring the company to being fully vertically integrated.

A report from cannabis industry research firm BDS Analytics predicts that the California cannabis market will increase to $5.1-billion in 2019 as more dispensaries come on-line. Analysts at Cowen & Co. believe the nation's legal cannabis industry could reach $50-billion by 2026, with California accounting for approximately $25-billion of that market, according to CFN Media Group.

Crop chief executive officer Michael Yorke stated: "The company's manufacturing partners are finishing up the farm's final products of the 2018 season and now we are preparing to scale up our operations with a new state-of-the-art facility. We will be particularly interested to see how these new, advanced plants perform."

About Crop Infrastructure Corp.

Crop is focused on cannabis branding and real estate assets. Crop's portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp cannabidiol farms and a growing portfolio of common share equity in upcoming listings within the cannabis space.

Crop has developed a portfolio of assets including Canna Drink, a cannabis-infused functional beverage line and 16 cannabis brands.

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