CROP’s Nevada CBD Farm Completes Planting of 240 Acres and Begins Site Preparation for Extraction Facility
July 24, 2018
VANCOUVER, British Columbia, July 24, 2018 — CROP Infrastructure Corp. (CSE:CROP) (OTC:CRXPF) (“CROP” or the “Company”) announces that its tenant grower has completed planting of the additional 120 acres and is beginning site preparation and planning for the development of a CBD Isolate extraction facility. The Nye County agricultural hemp farm is located 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 desired location for the extraction facility is being cleared and leveled with permit application for construction being prepared.
The Company is currently reviewing several quotes for industrial drying solutions and extraction equipment and will release further details once plans have been finalized. Additionally, permitting for the construction of cannabis greenhouses will be planned once the company is able to acquire a Cannabis Cultivation License on the 50 acres set aside.
The genetics selected (BaOx and Cherry BaOX) have a THC content <0.3% and a CBD content >15%. It is estimated that the 240 acre pivots will yield 240,000 pounds of hemp flower. Cost of production is not expected to exceed $700,000 USD. The first harvest is expected in early Q4 this year.
Nevada hemp growers surveyed by Marijuana Business Daily report that the market is fetching:
$200 or more per pound for flower, depending on CBD content and quality
Approximately $10 per pound of food-grade seed, or $45 per gallon for seed oil
Approximately $200 per ton of baled fiber
Approximately $10,000 per Kg of CBD isolate
CROP Infrastructure Director and CEO, Michael Yorke stated: “CROP’s property is now the largest hemp farm in Nevada and its tenant is the largest grower; the next phase of development will be a state of the art extraction facility to make CBD isolate, which is a highly sought after product.”
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 and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.
