VANCOUVER, British Columbia, June 27, 2019 (GLOBE NEWSWIRE) -- CROP INFRASTRUCTURE CORP. (CSE:CROP) (CRXPF) (2FR.F) announced today that its investment holding, World Farms Corp., has signed a definitive agreement with Graphite Energy Corp to go public via a reverse takeover (‘RTO’) on the Canadian Securities Exchange.
CROP currently owns 10,000,000 shares in World Farms Corp. which also announced a $0.30 private placement in connection with the RTO.
On February 27th CROP divested its interest in Italian and Jamaican joint ventures in return for $2.0 Million in common shares of World Farms Corp. at a deemed price of $0.20 per share for a total of 10,000,000 shares.
CROP CEO, Michael Yorke, stated: “The RTO is proceeding as planned and is now subject to final approval by the CSE. By divesting our Italian and Jamaican assets to World Farms, it has allowed CROP to focus and expand its operations in the USA, as well as gain a major investment.”
“It is significant for World Farms that it is already cultivating 100,000 cannabis plants with another 500,000 planned to be growing in Croatia over the coming weeks.”
CROP is publicly listed on the CSE and trades under the symbol “CROP”, in the US on the OTC under the symbol “CRXPF”, and on the Frankfurt exchange under the symbol “2FR”. CROP has developed a portfolio of asset investments including: two in Washington State, medical and recreational in California, a 1,012-acre Nevada cannabis farm, 2,115 acre hemp CBD farm and a growing portfolio of common share equity in upcoming listings within the cannabis space, as well as Canna Drink, a cannabis infused functional beverage line. Crop has US distribution rights to over 55 cannabis topical products and a portfolio of 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 World Farms Project; the technological effects of World Farms 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.