CROP Provides Update on 25 Acre Hemp Farm in Italy
VANCOUVER, British Columbia, August 2, 2018
VANCOUVER, British Columbia, August 2, 2018 /PRNewswire/ --
CROP Infrastructure Corp. (CSE: CROP) (OTCMKTS: CRXPF) ("CROP" or the "Company") provides the following update on the company's joint venture; Xhemplar hemp farm in Italy. The 25-acre property was planted less than 50 days ago, has now produced approximately 600,000 healthy hemp plants. The plants are expected to be harvested in the next 20 days.
Furthermore, the joint venture has erected three drying facilities in the preparation for saleable dried hemp biomass. The company has also identified multiple locations for an extraction facility.
The joint venture's high CBD hemp will be sold as biomass or processed into CBD isolate for international markets. The joint venture's products will be branded under XHemplar and CROP brands Tiffany CBD and Hempire Italia.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized health care spending (worldwide market at $1.3-trillion) is expected to make Europe among the fastest growing and largest medical cannabis markets in the world. Arcview expects Italy to be the second largest cannabis market in Europe by 2027 with $1.2 billion in sales.
CROP Infrastructure Director & CEO Michael Yorke states: "The company is extremely encouraged by the fast pace of our partners at XHemplar having advanced into production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy and Jamaica. CROP also holds minority interests in West Hollywood and San Bernardino dispensary applications. Management will continue to aggressively pursue new international opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic jurisdictions."
XHemplar Chairman and CROP Infrastructure VP of M&A, EMEA Andrea Castiglione states: "We're looking forward to CROP building out the extraction facility and unlocking the true value of the hemp plant. In 2019 we will look to increase the scale of our operations and asset base in Italy with CROP Infrastructure."
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, Washington State, Nevada, Italy, Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.
Disclaimer for Forward-Looking Information
Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction are forward-looking statements and are prospective in nature. 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. 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 proceeds to be raised pursuant to the Offering, availability of exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 and the expected uses of the funds advanced under the Loan by CROP Italy. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company's ability to complete the Offering and the uses of the funds advanced under the Loan by CROP Italy, including the risk that the Offering may not be completed as expected or at all, that the proceeds of the Offering may be used other than as set out in this news release, that the funds advanced under the Loan by CROP Italy may be used other than as set out in this news release 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.
The CSE has not reviewed, approved or disapproved the content of this press release.
SOURCE CROP Infrastructure Corp.