TENANT PLANTS ADDITIONAL 20,000 SQUARE FEET OF RECREATIONAL CANNABIS IN CALIFORNIA AND ANNOUNCES FIRST HARVEST
Crop Infrastructure Corp. (CROP.C) has completed the required security upgrades on the Humboldt county property in California and its tenant operator has planted 20,000 square feet of recreational cannabis with Green Crack, Birthday Cake, and Green Scout Cookie strains.
The Humboldt County Property consists of an operational 10,000 square foot medicinal cannabis greenhouse facility and has now obtained and planted an additional 20,000 square feet of recreational licensed canopy.
The tenant had received final approval for the additional 20,000 square feet of recreationally licensed canopy space subject to security upgrades. The approval was given after CalCannabis, a division of the California Department of Food and Agriculture (CDFA), had inspected the Humboldt California Campus.
CROP further was informed by the tenant operator its first crop will be harvested by the end of August. The 10,000 square feet of canopy is divided into five separate greenhouses, expecting to yield approximately 150 lbs. per greenhouse.
According to a report from BDS Analytics, sales of cannabis in California are expected to hit $3.7 Billion in 2018 alone with that number expected to grow to $5.1 Billion in 2019 as more dispensaries come online.
CROP Director and CEO Michael Yorke stated, "Starting on July 1st, cannabis retailers in California will only be able to sell products that have been independently lab-tested; everything else will be destroyed. CROP's real estate and infrastructure only allows natural and organic materials on the property, and only accepts tenant operators who adhere to Organic cultivation practices. We are excited for our tenant's first harvest and for CROP's licensed brands to enter the California market."
This additional production capacity will greatly complement CROP's recently announced partnership on West Hollywood and San Bernardino dispensary applications.
About Humboldt Holdings LLC
Located in Humboldt County, California the property is 8.46 acres and currently houses a 10,000 square foot greenhouse as well as a barn, garage and residence. On site are five 5,000 gallon water tanks, a well and pump house and a 30 x 60 ft. drying shed. The property is zoned for a 10,000 square foot medical and a 20,000 square foot recreational cannabis license.
Crop Infrastructure Corp. is publicly listed on the Canadian Securities Exchange and trades under the symbol "CROP" and in the US under the symbol "CRXPF". CROP is primarily engaged in the business of investing, constructing, owning and leasing greenhouse projects as part of the provision of turnkey real estate solutions for lease-to-licensed cannabis producers and processors offering best-in-class operations. The Company's portfolio of projects includes cultivation properties in California and Washington State, Nevada, Italy and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.