CROP'S Tenant Hempire Receives Cultivation and Extraction License in Oklahoma
VANCOUVER, British Columbia, May 2, 2019 /CNW/ -- CROP Infrastructure Corp. (CSE: CROP) (CSE: CROP.CN) (OTC: CRXPF) (Frankfurt: 2FR) announced today that its first Oklahoma farm's tenant, Hempire Oklahoma has been issued Medical Cannabis Cultivation and processing licenses at its 1 acre location in Purcell, Oklahoma where the company will focus on high grade flower and extraction. This is a separate location to the company's 20-acre property that is currently being readied for tenant planting for the 2019 season.
CROP continues to review several existing retail locations to acquire, as well identifying new locations that would be suitable for retail that the company would prepare applications for potential licensed tenants. The company believes with its experience and organic CROP SAFE methodology that it could disrupt the Oklahoma market by providing tenants with the means to produce lower cost high, yet higher quality products.
CROP has agreed to fund up to $500,000 USD for the initial start-up of capital for the multiple cultivation and retail locations.
CROP CEO, Michael Yorke, stated:
Oklahoma is a key part of our overall strategy of siting operations on prime land in different, but suitable geographic locations within the US to introduce our tenants, brand portfolio and brand partners to new markets
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.
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 Oklahoma Project; the technological effects of Oklahoma 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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SOURCE Crop Infrastructure Corp.