Momentum Public Relations
Press Release: January 23, 2019
Crop Infrastructure Corp.’s 49-per-cent-owned subsidiary, Elite Ventures, has completed its genetics, tissue culturing and micropropagation laboratory at the company’s Nevada tetrahydrocannabinol (THC) farm.
The lab will provide 10 million plant starts for the company’s 2,115 acres of cannabidiol (CBD) farms. By propagating in the lab, the company will save about $3.0-million in seed and planting costs for the 2019 season. In addition, the lab will also develop proprietary genetics to maximize yields and provide the company a production and quality lead with some 100 photocannabinoids, beginning with cannabinol (CBN) and cannabigerol (CBG).
The newly completed building will get its final inspection next week with the Cannabis Licensing Board for approval for recreational cannabis cultivation, production and commercial kitchen. The building blocks needed for the perimeter security wall have been ordered and are expected to be on site shortly for its construction.
Crop has announced a non-brokered private placement offering to raise up to $2-million by the issuance of up to 6,666,667 units at a price of 30 cents per unit. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of 50 cents for a period of 24 months following the closing of the offering. Completion of the offering is subject to regulatory approval.
About Crop Infrastructure Corp.
Crop is focused on cannabis branding and real estate assets. The company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 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.