VANCOUVER, British Columbia, April 18, 2019 /PRNewswire/ -- Crop Infrastructure Corp. (CROP.CN) (CRXPF) (Frankfurt: 2FR) announced today that its 49% owned Humboldt County farm has received an order of 1,000 4 ft. tall cannabis plants accelerating the company and its farm in to the 2019 cultivation season.
These large starter plants are expected to have increased yields as they are much taller and fuller than the previous years plants. Currently, the farm has five 2,000 sq.ft. greenhouses totaling 10,000 square feet and 20,000 square feet of outdoor cultivation space.
Additionally, the farm has received approval from the Humboldt County Planning Department for the 2019 expansion, including a 30,000 sq. ft. automated light dep greenhouse facility and additional vault space. The new facility is expected to cost $499,000 in capex at the farm and is expected to yield 12,000 pounds per year, taking the company to year-round cultivation and tripling the output of the existing California infrastructure.
CROP's Emerald Heights retail brand has had its licensing fees submitted for phase two of Chula Vista's cannabis retail application process, combined with the company's partial acquisition of a distributer and extraction facility, if licenced the retail location will bring the company to being fully vertically integrated.
A report from cannabis industry research firm BDS Analytics predicts that the California cannabis market will increase to $5.1 Billion in 2019 as more dispensaries come online. Analysts at Cowen & Co. believe the nation's legal cannabis industry could reach $50 billion by 2026, with California accounting for about $25 billion of that market, according to CFN Media Group.
CROP CEO, Michael Yorke, stated: "The company's manufacturing partners are finishing up the farms final products of the 2018 season and now we are preparing to scale up our operations with a new state of the art facility. We will be particularly interested to see how these new, advanced plants perform."
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.
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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 California 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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