Momentum Public Relations
Press Release: September 7, 2018
CROP Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (“CROP“ or the “Company“) announced today that it has completed the member interest purchase agreement with Elite Ventures LLC, of Nevada, to acquire a 49% member interest in the Nye County agricultural property. The company has agreed to pay $1,350,000 USD in cash and has currently loaned $1,697,148 USD for the property and equipment expenses, with no more than $200,000 in additional expenses expected for this first harvest.
The Nye County agricultural property is in central Nevada and was selected for its temperate climate which is ideal for greenhouse and outdoor growing. The property totals over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that also have automatic fertilizer injection systems installed.
The previously announced 240 acres of CBD Hemp has been planted and is currently 2.5-3 feet tall and growing under pivot with the resulting harvest expected within 45 days. A recent plant count suggests 3,000 healthy plants per acre or 720,000 plants under pivot. All harvesting equipment has been secured for the resulting hemp biomass. The cost of production was not expected to exceed $700,000, with $350,000 incurred to date, and no more then $200,000 in additional costs expected to prepare our tenant for this harvest.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “We are pleased to have completed this acquisition and see our operations coming in under budget for this first harvest. This further demonstrates that our tenant and brand licensee was the correct choice for our Nevada farm. The next phase of development will be a state-of-the-art extraction facility to make high-value CBD isolate.”
About CROP
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 and Washington State, Nevada, Italy, Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 16 Cannabis brands and has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.