VANCOUVER, British Columbia,
April 18, 2019 /CNW/ -- Crop
Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that
its 49% owned Humboldt County farm
has received an order of 1,000 4 ft. tall cannabis plants
accelerating the company and its farm in to the 2019 cultivation
season.
These large starter plants are expected to have increased yields
as they are much taller and fuller than the previous years
plants. Currently, the farm has five 2,000
sq.ft. greenhouses totaling 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 sq. ft. automated light dep greenhouse facility and
additional vault space. The new facility is expected to cost
$499,000 in capex 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 two of Chula Vista's cannabis retail application
process, combined with the company's partial acquisition of a
distributer and extraction facility, if licenced 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 online. Analysts
at Cowen & Co. believe the nation's legal cannabis industry
could reach $50 billion by 2026, with
California accounting for about
$25 billion of that market, according
to CFN Media Group.
CROP CEO, Michael
Yorke, stated: "The company's manufacturing partners
are finishing up the farms 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
Crop is publicly listed company trading under symbol CROP.CSE.
The company 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, 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.
Disclaimer for Forward-Looking Information
Certain statements in this press release are 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. 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. 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 expected returns from the Oklahoma
Project; the technological effects of California Project; the
intention to expand its portfolio; and execute on its business
plan. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding the regulatory and
legal framework regarding the cannabis industry in general among
all levels of government and zoning; risks associated with
applicable securities laws and stock exchange rules relating to the
cannabis industry; risks associated with maintaining its interests
in its various assets; the ability of the Company to finance
operations and execute its business plan 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.
The CSE has not reviewed, approved or disapproved the content
of this press release.
Company Contact
Michael
Yorke – CEO and Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: +1(604) 484-4206
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content:http://www.prnewswire.com/news-releases/crop-california-receives-1-000-four-foot-cannabis-plants-to-begin-and-accelerate-the-2019-california-cultivation-season-300834447.html
SOURCE Crop Infrastructure Corp.