VANCOUVER, British Columbia , Aug. 08, 2019 (GLOBE NEWSWIRE) -- CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTC: CRXPF) (2FR.F) announced today that its tenanted California farm received and executed its first order from its 2018 harvest totaling $41,625 in whole flower. CROP’s tenanted Washington facility sold $83,749 in newly harvested flower, both in the first week of August.
The revenue from the Washington sales was used to pay the ongoing operating expenses at the Washington farm with the $41,625 in California being realized by CROP’s 49% owned Humboldt Holdings.
CROP CEO, Michael Yorke, stated: “Our Washington and California farms are continuing 2019 harvests, continuing towards covering ongoing expenses and finally, we are seeing cash flow from our California farm’s 2018 harvests.”
CROP is a 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.
Michael Yorke – CEO and Director
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 and Washington Projects; the technological effects of California and Washington Projects; 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.
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