Big news Boyz! Crop to Enter Oklahoma Medical Cannabis Market
VANCOUVER, British Columbia, April 17, 2019 /CNW/ -- Crop Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that it has identified multiple Tenants for a roll out strategy to enter Oklahoma to target the Medical Cannabis market focusing on Cultivation, Extraction and Retail infrastructure. CROP will own 49% of the newly incorporated company.
The focus of the Oklahoma partnership will be to set up 20 acres of cultivation for medical cannabis and establish up to three retail locations. The 20 acres of medical Cannabis, once tenants are cultivating, is estimated to yield 30,000 lbs of dried flower per year. CROP has agreed to fund up to $500,000 USD for the initial start-up capital for the cultivation and retail locations.
In November 2018, an effort to place recreational cannabis on Oklahoma's ballot fell short by 20,000 signatures. The Secretary of State's office determined supporters of the initiative gathered only about 103,000 signatures for State Question 797. The required 123,000 signatures was not met to qualify for a public vote.
After three to five years, according to the Marijuana Business Factbook 2018, annual dispensary sales in Oklahoma are expected to generate up to $250 million from medical cannabis.
The global medical cannabis market value is expected to reach a value of US$ 45.4 Billion by 2024, exhibiting a CAGR of 22.9% during 2019-2024, according to IMARC research. The firm's estimate for last year was that it would to reach US$ 13.4 Billion.
CROP CEO, Michael Yorke, stated: "This is the 4th state where the company and its brands now have a presence. Medical cannabis is the sweet spot in this business with, potentially, very high returns on investment, so we see this as another very significant step forward in CROP's US-focused roll-out strategy."
