VANCOUVER, British Columbia, Sept. 14, 2018 (GLOBE NEWSWIRE) -- CROP Infrastructure Corp. (CSE:CROP) (CRXPF) (“CROP”) announced today its California tenant has received lab result from its first crop. The first sample of dried BOSS OG Cannabis flower was submitted to Humboldt Quality Assurance Laboratory for analysis on August 27, 2018.
The sample has received a Tetrahydrocannabolic Acid (‘THCA’) result of 21.4% and passed all tests for microbial impurities and it also had no detectable pesticides. THCA is not directly used, but its presence is commonly analyzed when cannabis or hemp-based products are screened for THC. Samples have now been submitted for State testing for the approval to sell.
The third greenhouse crop has now been harvested and is drying. The company is awaiting construction permits to buildout 12 propriety light supplemented greenhouses totaling 44,000 sq. ft.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “CROP’s tenant has strictly adhered to the CROP SAFE gold standard for organic cannabis cultivation practices. CROP SAFE utilizes only natural ingredients for its fertilizers and pest control. Once CROP completes its green house complex we can anticipate considerably increased production from this tenanted facility.”
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, Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of assets including Canna Drink a cannabis infused functional beverage, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands.
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Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction are forward-looking statements and are prospective in nature. 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 yield from The Humboldt Property; the technological effects of The Humboldt Property on production; 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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