Mr. Michael Yorke reports
CROP SELLNG ITALIAN AND JAMAICAN ASSETS FOR $2,000,000
Crop Infrastructure Corp. has entered into a purchase and sales agreement with World Farms Corp. (WFC) to divest its interests in Crop Jamaica and XHemplar SRL in Italy for $2-million worth of equity in World Farms.
Crop will be retained as advisers in relation to research and development in plant science.
The investment comprises 10 million common shares in World Farms and represents a 19-per-cent ownership interest in WFC for Crop.
The XHemplar joint venture facility covers 87,120 square feet. Crop and XHemplar have been working with Italian agencies to import new and unique, high-cannabidiol genetics that are expected to command premium prices.
Crop Jamaica has a five-acre property for the cultivation and extraction of cannabis. The principal local partner is Greg Douglas. During April, 2017, to November, 2017, Mr. Douglas was seconded to Jamaica's Cannabis Licensing Authority (CLA) as its chief executive officer. While there, he issued the first commercial licences.
Michael Yorke, Crop Infrastructure's chief executive officer, commented: "Crop has divested itself of these two international operations so that management can remain entirely focused on the expanding U.S. operations, while retaining a passive, but strategic, investment in an internationally focused player offering Crop shareholders additional exposure to WFC's global growth. The company has invested approximately $100,000 between the two projects. This represents a 2,000-per-cent return on investment for Crop and its stakeholders.
"The passing of the U.S. Farm Bill in December, 2018, has been a total game changer in terms of the vast opportunities opening up right now in the U.S. We firmly believe in striking while the iron's hot right now on our U.S. doorstep, while maintaining exposure to infantile global opportunities."
Arthur Griffiths, World Farms' chief executive officer, commented: "We're excited to continue where Crop has left off, with assets now in South Africa, Italy and Jamaica. World will bring additional value by leveraging our one million square feet of greenhouse canopy in South Africa for the eventual importation of cannabis and hemp products into Italy and Jamaica. Our objective is to supply the world with organic hemp and cannabis."
Additionally, Crop has retained Mackie Research Capital Corp. as a capital markets adviser for its continuing financial demands. An advisory fee of $60,000 and one million warrants at 50 cents each that are exercisable for a period of 24 months have been agreed upon.
About Crop Infrastructure Corp.
Crop Infrastructure is focused on cannabis branding and real estate assets. Crop Infrastructure's portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 1,865 acres of cannabidiol farms, extraction in Nevada, and joint ventures on West Hollywood and San Bernardino dispensary apps with international focuses in Jamaica and Italy.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.