VANCOUVER, British Columbia, June 05, 2019 (GLOBE NEWSWIRE) -- CROP INFRASTRUCTURE CORP. (CSE:CROP) (CRXPF) (2FR.F) announced today that its Park Project tenant is now at the ‘self-sustaining’ point as it launches its Tiff CBD cartridge line.
This is the first of CROP’s tenanted assets to become self-sustainable just 12 months since it’s acquisition. Since January 1, 2019 receivables of $642,000 USD in lease, rental and brand fees have been accrued and are owing by the tenant.
The first batch of Tiff CBD has been produced and the tenant has received both cartridges and boxes for its Tiff CBD line, initially to be sold as a full spectrum product in Washington, with a no THC product to be introduced in all States where the company is present.
CROP CEO, Michael Yorke, said, “We are excited by the launch of the full spectrum Tiff CBD line in Washington as well as a multi-state no THC Tiff CBD product. With the Park facility now self-sustainable and on the right trajectory, our bandwidth and capital can be focused on opportunities both where the company is present and as new States come online.”
The Washington Park facility underwent a full retrofit late last year and brought on a new head grower to guide the team to enter the premium product categories. The yield is growing from the flower being harvested every day with a visible improvement in yield and quality with each cycle.
The project has also entered numerous additional extract categories led by the project's on-site Ph.D. He can be followed at Instagram.com/doc_t3. Additionally, the sales and marketing team has designed and are ordering new glass jars and premium packaging in preparation for the newly produced products with the project’s entry into the premium product category versus bulk sales and economic brand categories.
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. Further as well as Canna Drink, a cannabis infused functional beverage line. Crop has a 16 Cannabis brands as well as US distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands.
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 Project; the technological effects of Washington 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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