VANCOUVER, British Columbia, July 10, 2019 (GLOBE NEWSWIRE) -- CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTC: CRXPF) (2FR.F) announced today that Hempire has increased its ownership of Flip Distro to 51% for $100,000 in capital expenditures and product marketing at the distribution company.
Increasing the ownership in Flip Distro, in concert with the recently announced acquisition of the Cathedral City dispensary, lounge and California-wide delivery provisional licences, will empower the company to use Flip for a secondary fulfillment centre for delivery logistics.
CROP’s Humboldt Holdings has an option to acquire 100% of Hempire’s interest in Flip at any time it becomes legal and compliant to do so.
Furthermore, the company is currently reviewing multiple locations in Cathedral City for the Emerald Heights flagship store, necessary to perfect and transfer the provisional licences. The company also announces that it has applied for a retail licence in Contra Costa.
CROP CEO, Michael Yorke, stated: “CROP will be able to connect the Emerald Heights Southern California retail provisional licence with Flip Distro’s Northern California distribution license to create a secondary drop point for delivery drivers. CROP and its partners are working hard to create as much value through the supply chain as possible for shareholders.”
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.
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 Nevada Project; the technological effects of Nevada 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.
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