Mr. Michael Yorke reports
CROP INVESTMENT HOLDING WORLD FARMS ANNOUNCES LOI TO GO PUBLIC ON THE CSE
Crop Infrastructure Corp. investment holding World Farms Corp. has signed a letter of intent with Graphite Energy Corp. to go public through a reverse takeover on the Canadian Securities Exchange. Crop currently owns 10 million shares in World Farms, which has also arranged a 30-cent private placement in connection with the reverse takeover.
On Feb. 27, 2019, Crop divested its interest in Italian and Jamaican joint ventures in return for $2-million in common shares of World Farms at a deemed price of 20 cents per share for a total of 10 million shares.
About World Farms Corp.
World Farms is a private company that is building a portfolio of low-cost, scalable international cannabis assets in countries where the sale of either CBD (cannabidiol) or cannabis is legal. World Farms' current portfolio includes joint ventures in Italy, Croatia, South Africa, Uruguay and Jamaica. Planting of 172 acres of high-CBD hemp is under way in Italy and Croatia for harvesting and processing to produce high-quality CBD isolate for sale to the European market. The company has also retrofitted an 87,000-square-foot greenhouse with light-deprivation curtains and LED (light-emitting diode) lights for micropropagation of plant starters for the region.
Crop chief executive officer Michael Yorke
stated: "Crop is pleased with the expedience with which the team at World Farms Corp. has approached a go-public transaction. Divesting our Italian and Jamaican assets to the team at World Farms has allowed Crop to focus and expand its operations in the USA. Crop's sales teams [will] work closely with the team at World to assist them [in] establishing customer relationships to ensure World's successful launch in to the CBD market and the public markets as a whole."
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 CBD farms as well as a growing portfolio of common share equity in coming 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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