CROP’s Tenant Hempire Acquires Interest in California Cannabis Distribution & Packaging Company with On Site Extraction
22 Marzo 2019 - 8:52AM
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR)
announced today that its Humboldt Holdings Tenant Hempire has
acquired a 25% interest in a licensed distribution company, with on
site non-volatile commercial cannabis manufacturing in California
in return for purchasing additional required extraction equipment
for the facility. As with all CROP tenant licencees the company’s
subsidiary, in this case Humboldt Holdings, will have the right to
acquire the licence interest should federal law change in favour of
cannabis-THC.
This will allow the Evolution and Hempire to
access turn-key equipment to process cannabis flower, cannabis trim
and biomass into high-value distillate oil containing
tetrahydrocannabinol (THC). The manufacturer will carry the
cost of processing cannabis flower, cannabis trim and biomass,
getting 40% of the resulting oil sales and CROP and its tenant 60%.
The facility is capable of not only processing Hempire’s material
but will also be utilized to bring in third party material for
processing to develop further SKUS to be sold under the CROP brand
portfolio.
CROP brands are expecting to have the 100,000
premium Moon Rock Cones to be ready for the market in short order,
with the 50 liters of THC oil being extracted to fill the company’s
vape cartridges under the Hempire, Evolution Cannabis and Tiff CBD
brands.
Furthermore, the facility will act as the
company’s packaging and distribution for all California operations
outside of its previously announced distribution agreement giving
the company brands exposure to hundreds of potential dispensaries
and streamlining its manufacturing and sales process.
CROP CEO, Michael Yorke, stated: “This further
vertically integrates CROP’s tenant Hempire in preparation for
continued sales in the California market, this will streamline the
manufacturing, packaging and distribution of the brands reducing
touch points and thus profitability and logistics of production for
the California farms.”
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.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: (604) 484-4206
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 California 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.
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