Proactiveinvestors USA & Canada Crop Infrastructure Corp. https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Crop Infrastructure Corp. RSS feed en Sun, 26 May 2019 23:49:53 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - CROP Infrastructure's investment holding World Farms plans to go public on CSE ]]> https://ca.proactiveinvestors.com/companies/news/219906/crop-infrastructure-s-investment-holding-world-farms-plans-to-go-public-on-cse-219906.html CROP Infrastructure Corp (CES:CROP) (OTCMKTS:CRXPF) on Wednesday announced that its investment holding World Farms Corp plans to go public on the Canadian Securities Exchange. 

World Farms, a private company, has signed a letter of intent with Graphite Energy Corp (CSE:GRE) to go public via a reverse takeover, Vancouver-based CROP said in statement.

CROP currently owns 10 million shares in World Farms that it purchased in February for C$0.20 a share for a total of $2 million. CROP, which is focused on cannabis branding and real estate assets, divested its interest in Italian and Jamaican joint ventures in return for the World Farms stock.

READ: Crop Infrastructure establishes footprint in Oklahoma

World Farms also announced a $0.30 private placement in connection with its reverse take-over deal with Graphite Energy, a Vancouver-based mining company.

Vancouver-based World Farms builds portfolios of cannabis assets and has joint ventures in Italy, Croatia, South Africa, Uruguay and Jamaica.

CROP CEO Michael Yorke said his company will work closely with the sales team at World Farms “to assist them establishing customer relationships to ensure World’s successful launch into the CBD market and the public markets as a whole.”

READ: CROP Infrastructure closes largest transaction in its history with purchase of Nevada licenses and property

The World Farms news comes a day after CROP announced that it purchased a suite of recreational cannabis licenses and a 1,012-acre property in Nevada, giving it the largest licensed recreational cannabis farm in the US.

Shares to CROP increased 2.1% to US$0.21 on OTC markets and were sitting at C$0.29 in Canada.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Wed, 08 May 2019 10:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/219906/crop-infrastructure-s-investment-holding-world-farms-plans-to-go-public-on-cse-219906.html
<![CDATA[News - CROP Infrastructure closes largest transaction in its history with purchase of Nevada licenses and property ]]> https://ca.proactiveinvestors.com/companies/news/219726/crop-infrastructure-closes-largest-transaction-in-its-history-with-purchase-of-nevada-licenses-and-property-219726.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) has completed the largest transaction in the company’s history with the purchase of a suite of recreational cannabis licenses and a 1,012-acre property in Nevada.

The company’s subsidiary Elite Ventures Group, purchased the package for more than US$8 million, consisting of US$4 million amortized over 20 years for 843 acres of real estate. CROP paid a further US$4 million for 169 acres, including a down payment for a 20-year vendor financing for the remaining 843 acres.

CROP retains an option on all licenses once federally legal, enabling the company to recoup 100% of its investment.

READ: CROP Infrastructure's Oklahoma tenant gains medical and cannabis cultivation, processing licenses

At the company’s Esmerelda cannabis project in Nevada, CROP is currently constructing a wall around the 1,012-acre property that requires an additional US$250,000 in funding. Once complete, the outdoor cannabis cultivation area is expected to yield 80,000 pounds of around 20% per year of THC or 15,000 kilograms of distillate.

CBD/THC extraction facilities will be constructed on the property in preparation for crop processing this year.

“Closing this acquisition is the largest transaction CROP has ever completed to date,” said CROP CEO Michael Yorke. “CROP now has the largest licensed recreational cannabis farm in the United States and perhaps the world with over 1,000 acres of which 40 acres will be planted this year.”

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.

Shares of Vancouver-based CROP eased 1.5% at C$0.29 in Canada and were trading at US$0.21 on OTC markets.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Mon, 06 May 2019 10:37:00 -0400 https://ca.proactiveinvestors.com/companies/news/219726/crop-infrastructure-closes-largest-transaction-in-its-history-with-purchase-of-nevada-licenses-and-property-219726.html
<![CDATA[News - CROP Infrastructure bridges a gap with a focus on real estate assets and cannabis branding ]]> https://ca.proactiveinvestors.com/companies/news/219613/crop-infrastructure-bridges-a-gap-with-a-focus-on-real-estate-assets-and-cannabis-branding-219613.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) is focused on real estate assets and cannabis branding.

The company name spells it out in a clear way: CROP is an acronym for Cannabis Real Estate Opportunity Portfolio, offers turnkey services by building, leasing and managing international cannabis and hemp infrastructure.

A significant focus of CROP is constructing, owning and leasing greenhouse projects. The company provides financing for land expansion, brand positioning opportunities, specialized equipment and access to approved nutrients for licensed cannabis producers in legal growing regions.

In layman’s terms, CROP is structured in a similar way to a Real Estate Investment Trust (REIT), basically a company that owns, operates or finances income-producing real estate. CROP leases real estate and provides equipment/expertise in exchange for a management fee.

Safe to say, these are not your average greenhouses. A competitive edge is a competitive edge and the modern greenhouse canopies offer a high-quality production environment -- at the lowest potential cost to growers. CROP's portfolio of projects includes cultivation properties in California, two in Washington, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms, and a portfolio of common share equity in upcoming listings within the cannabis space.

But that's not all. CROP has also developed a portfolio of assets that includes Canna Drink, a cannabis infused functional beverage line, and 16 cannabis brands.

How is it doing?

CROP has had a busy 2019. 

In California, CROP continued to bolster its Humboldt County farm in California, and received 1,000 four-foot tall cannabis plants. Humbolt farm has a total of 10,000 square feet of indoor cultivation spread throughout five greenhouses, and an additional 20,000 square feet of outdoor grow acreage.

CROP has also been busy in Oklahoma with a number of projects. CROP's tenant in Oklahoma, Hempire, has been issued with medical cannabis cultivation and processing licenses. CROP also has a 20-acre property that has been cleared and prepped with high nutrient soil to prepare for tenant planting of medical cannabis in Oklahoma. The land is expected to yield 30,000 pounds of dried flower annually.

The company also announced that it has completed the construction of its 57,600 square foot nursery in Nye County, Nevada and it is ready to support the company’s CBD farm operations.

CROP's tenant brands, Hempire and Evolution, are now available in 40 retail locations.

The flower is available in eight different strains across seven sizes, with five concentrates across 20 separate strains giving retailers a combination of over 100 stock keeping units (SKU) to offer customers. The retail storefronts are populated primarily along the coastal cities of Washington. 

"Our tenant growing team and their sales team have made outstanding progress with product placement in 40 retail locations for both flower, oils and extracts,” said CROP’s CEO Michael Yorke in a statement. “We continue to build out our brands in California and Nevada and our objective is, ultimately, to be in as many states as possible."

Inflection points

The majority of US cannabis operations have little or no means to secure financing, and CROP fills a gap, in helping legal cannabis operations with capital requirements, in exchange for lease/management fees. 

And it's not just the US. The regulatory environment globally is undergoing major transition.

Growers/producers are challenged with struggling to fund land, equipment and cover expansion costs, with many ripe for strategic partnership opportunities. 

The company receives a 60% preferential payback via lease and management fees on greenhouse infrastructure/related equipment, until its deployed capital is
returned in full, when CROP typically looks for a 30% to 49% interest in the real estate and infrastructure, and will receive dividends indefinitely. 

Outlook

The early bird gets the worm, and CROP is an early participant in a global emerging marketplace, being well-positioned for full North American recreational legalization.

CROP Infrastructure has set a high bar in the cannabis industry and has a wide runway for potential future growth. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 02 May 2019 13:33:00 -0400 https://ca.proactiveinvestors.com/companies/news/219613/crop-infrastructure-bridges-a-gap-with-a-focus-on-real-estate-assets-and-cannabis-branding-219613.html
<![CDATA[News - CROP Infrastructure's Oklahoma tenant gains medical and cannabis cultivation, processing licenses ]]> https://ca.proactiveinvestors.com/companies/news/219584/crop-infrastructure-s-oklahoma-tenant-gains-medical-and-cannabis-cultivation-processing-licenses-219584.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) told investors that its tenant in Oklahoma, Hempire had been issued with medical cannabis cultivation and processing licenses.

This is for Hempire's one-acre location in Purcell where it is focusing on high-grade flower and extraction, and not Crop's 20-acre property that is currently being readied for tenant planting for the 2019 season.

READ: CROP shares rise as it prepares for tenant planting in Oklahoma

"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," said Crop CEO Michael Yorke.

Vancouver-based CROP continues to review several existing retail locations to acquire, as well identifying new locations that would be suitable for retail.

It reckons it could disrupt the Oklahoma market by making it possible for  tenants to produce lower cost high, yet higher-quality products.

CROP has agreed to fund up to US$500,000 for the initial start-up of capital for the multiple cultivation and retail locations.

Preparing land

It's a busy spell for the group In Oklahoma, Last week, Crop revealed it had cleared 20 acres and prepped high nutrient soil to prepare for tenant planting of medical cannabis in Oklahoma.

The land is expected to yield 30,000 pounds of dried flower annually at a cost of C$500,000.

It has also leased a 32,000 square foot drying building for the outdoor harvest. The property has an additional 32,000 square feet to erect a greenhouse.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Thu, 02 May 2019 09:08:00 -0400 https://ca.proactiveinvestors.com/companies/news/219584/crop-infrastructure-s-oklahoma-tenant-gains-medical-and-cannabis-cultivation-processing-licenses-219584.html
<![CDATA[News - CROP shares rise as it prepares for tenant planting in Oklahoma ]]> https://ca.proactiveinvestors.com/companies/news/219127/crop-shares-rise-as-it-prepares-for-tenant-planting-in-oklahoma-219127.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Thursday that it had cleared 20 acres and prepped high nutrient soil to prepare for tenant planting of medical cannabis in Oklahoma.

Shares of CROP edged up nearly 2% on Tuesday morning in Toronto to sit at C$0.31 and rose 1.7% in the US at US$0.23.

The land is expected to yield 30,000 pounds of dried flower annually at a cost of C$500,000.

READ: CROP Infrastructure’s Nevada Nursery ready for plants to support its CBD farm operations

The Vancouver-based company also leased a 32,000 square foot drying building for the outdoor harvest. The property has an additional 32,000 square feet to erect a greenhouse.

CROP also said that it was reviewing several existing retail locations to acquire in Oklahoma as part of its roll out plan in the state.

Calling the roll-out “well underway,” CEO Michael Yorke said, “the state's medical marijuana program permits doctors to be free to recommend medical marijuana for any condition they deem appropriate with recreational cannabis being a focus of the state.

“We couldn't be happier with the speed with which our team is tying up infrastructure and readying for the season ahead."

CROP's portfolio of projects includes cultivation properties in California, three 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.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Thu, 25 Apr 2019 11:01:00 -0400 https://ca.proactiveinvestors.com/companies/news/219127/crop-shares-rise-as-it-prepares-for-tenant-planting-in-oklahoma-219127.html
<![CDATA[News - Buds & Duds: Cannabis stocks nudge upwards; CROP Infrastructure shares rise on nursery completion in Nevada ]]> https://ca.proactiveinvestors.com/companies/news/219057/buds--duds-cannabis-stocks-nudge-upwards-crop-infrastructure-shares-rise-on-nursery-completion-in-nevada-219057.html Cannabis stocks perked up on Wednesday, after a tumultuous few weeks. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.5% to 300.79. The Horizons Marijuana Life Sciences Index ETF was up 0.8% at C$20.99 by Wednesday's close. 

Buds

CROP Infrastructure Corp (CSE:CROP) (OTC:CRXPF) shares jumped on Wednesday. 

Shares were up 1.7% at C$0.31 in Canadian trading Wednesday midday. 

The company announced Tuesday that it has completed the construction of its 57,600 square foot nursery in Nye County, Nevada and it is ready to support the company’s CBD farm operations.

"The Crop family of companies and subsidiaries continues to build strategic infrastructure in key states where we are present. These are one-time builds that will streamline harvests, reduce risks and costs as well as maximize yields for many years to come," said CEO Michael Yorke. 

READ: CROP Infrastructure’s Nevada Nursery ready for plants to support its CBD farm operations

Also on the move on Wednesday was Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF), which soared 7.7 at C$0.14 in Toronto, up 15.1% at US$0.11 in New York. 

The company did not release any new news, but recently announced a corporate update, outlining the initiation of new efficiency measures, trimming its workforce by 19 people. 

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada.

Other gainers on Wednesday included Cronos Group Inc (NASDAQ:CRON) (TSE:CRON), which was up 2.4% at  C$22.42 in Toronto and up 1.9% at US$16.59 in New York.

Duds

There were a number of laggards on Wednesday, in light of recent volatility. 

GrowGeneration Corp (OTCMKTS:GRWG) shares slipped on Wenesday, down 1.9% at US$2.87 on no news.  

Other decliners included Aleafia Health Inc (CVE:ALEF), which slipped 2.7% at US$1.22 and OrganiGram Holdings Inc (TSE:OGI) (OTCMKTS:OGRMF), which nudged down 1.1% at C$8.90 in Toronto. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Wed, 24 Apr 2019 11:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/219057/buds--duds-cannabis-stocks-nudge-upwards-crop-infrastructure-shares-rise-on-nursery-completion-in-nevada-219057.html
<![CDATA[News - CROP Infrastructure’s Nevada Nursery ready for plants to support its CBD farm operations ]]> https://ca.proactiveinvestors.com/companies/news/218974/crop-infrastructures-nevada-nursery-ready-for-plants-to-support-its-cbd-farm-operations-218974.html CROP Infrastructure Corp (CSE:CROP) (OTC:CRXPF) said Tuesday that it has completed the construction of its 57,600 square foot nursery in Nye County, Nevada and it is ready to support the company’s vast CBD farm operations.

The sprawling Nevada nursery is equipped with trays and LED lighting designed to boost the growth of plant starts for the 2019 CBD farms licenced on various properties in the state. This is a key project to maximize yield, said the company, adding that it will “reduce farming risk and costs for the 2019 planting season.”

DEEP DIVE: CROP Infrastructure looks to capitalize on the “green rush”

CROP said it continues to “gauge interest” and review potential off-take relationships for the 2019 season for its CBD products.

The global medical cannabis market value is expected to reach US$45.4 billion by 2024, with a compounded annual growth rate of 22.9% during 2019-2024, according to IMARC research.

Maximizing yields 

“The CROP family of companies and subsidiaries continues to build strategic infrastructure in key states where we are present,” said CROP Infrastructure CEO Michael Yorke in a statement. “These are one time builds that will streamline harvests, reduce risks and costs as well as maximize yields for many years to come.”

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.

“We are very proud of our team members for putting in the extra hours to ensure the season ahead is as successful and profitable as can be,” said Yorke, while adding that he was hoping to secure long-term relationships to benefit the farming, marketing and construction parts of the company’s business.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Tue, 23 Apr 2019 10:34:00 -0400 https://ca.proactiveinvestors.com/companies/news/218974/crop-infrastructures-nevada-nursery-ready-for-plants-to-support-its-cbd-farm-operations-218974.html
<![CDATA[News - CROP Infrastructure moves ahead with its 2019 cultivation with new delivery at California facility ]]> https://ca.proactiveinvestors.com/companies/news/218864/crop-infrastructure-moves-ahead-with-its-2019-cultivation-with-new-delivery-at-california-facility-218864.html CROP Infrastructure Corp (CSE:CROP) announced Thursday that it has received 1,000 four-foot tall cannabis plants at its Humboldt County farm in California.

The plants are expected to have higher yields than previous plants as they are much taller and fuller, the company said in a statement.

The Humbolt farm has a total of 10,000 square feet of indoor cultivation spread throughout five greenhouses, and an additional 20,000 square feet of outdoor grow acreage.

READ: Crop Infrastructure establishes footprint in Oklahoma

The cannabis licensed producer also announced that the farm has received approval from the Humboldt County Planning Department to expand its facility to include a 30,000 square foot automated light dep greenhouse facility and additional vault space.

The new facility is expected to yield 12,000 pound per year and cost around $500,000 in capital expenditures. It will allow the company to cultivate crop throughout the year and triple the output of existing California infrastructure.

"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,” said CROP’s CEO Michael Yorke.

“We will be particularly interested to see how these new, advanced plants perform."

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.

Shares of CROP were trading at C$0.31 in Canada at Wednesday’s close.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

 

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Thu, 18 Apr 2019 09:38:00 -0400 https://ca.proactiveinvestors.com/companies/news/218864/crop-infrastructure-moves-ahead-with-its-2019-cultivation-with-new-delivery-at-california-facility-218864.html
<![CDATA[News - Crop Infrastructure establishes footprint in Oklahoma ]]> https://ca.proactiveinvestors.com/companies/news/218783/crop-infrastructure-establishes-footprint-in-oklahoma-218783.html Crop Infrastructure (CSE:CROP) (OTCMKTS:CRXPF) is expanding its business into Oklahoma after finding multiple tenants to engage in a roll-out strategy and target the state’s burgeoning medical cannabis market.

Crop, which is based in Vancouver, will own 49% of the new Oklahoma company and the focus of the partnership in the state will be to set up 20 acres of cultivation for medical cannabis and up to three retail locations.

READ: CROP Infrastructure continues to expand its retail presence in valuable California market

Crop will put up as much as US$500,000 in initial start-up capital for the cultivation and retail locations. And once its tenants in Oklahoma are cultivating the plot, the 20 acres of cultivation set aside for medical cannabis is set to yield 30,000 lbs of dried flower per year, according to Crop’s estimates.

“This is the fourth state where the company and its brands now have a presence,” said Crop CEO Michael Yorke in a statement. “Medical cannabis is the sweet spot in this business, with, potentially, very high returns on investment, so we see this as another very significant step forward in Crop’s US-focused roll-out strategy.”

READ: CROP brands now available in 40 retail locations across US Northwest

After three to five years, yearly dispensary sales in Oklahoma are expected to generate up to $250 million from medical cannabis, according to the Marijuana Business 2018 Factbook.

Crop's portfolio of other projects includes cultivation properties in California and two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms, and equity in upcoming listings within the cannabis space.

Crop shares nudged up 3.3% to C$0.31 in Canadian trade.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Wed, 17 Apr 2019 09:34:00 -0400 https://ca.proactiveinvestors.com/companies/news/218783/crop-infrastructure-establishes-footprint-in-oklahoma-218783.html
<![CDATA[News - Buds & Duds: Cannabis stocks sag; CROP Infrastructure shares jump as it broadens California footprint ]]> https://ca.proactiveinvestors.com/companies/news/218441/buds--duds-cannabis-stocks-sag-crop-infrastructure-shares-jump-as-it-broadens-california-footprint-218441.html Cannabis stocks lagged Thursday on the back of a relatively lacklustre week across broad markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.3% to 298.94. The Horizons Marijuana Life Sciences Index ETF was down 1.5% at C$21.05. 

Buds

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) shares jumped on Thursday after the cannabis company announced it is expanding its California retail presence in an effort to capitalize on exponential cannabis sales in the state.

Shares were up 3.3% at $0.31 in Toronto.

READ: CROP Infrastructure continues to expand its retail presence in valuable California market

The company’s Esmerelda Heights retail brand has started two additional retail applications in Chula Vista and Contra Costa. The Vancouver-based company also announced that it has shipped 330,000 pre-rolled cone sleeves with custom Hempire and Evolution filters.

Shares of Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) also were up on promising news that it was releasing its second pet product, the Loki Naturals CBD (cannabidiol) tincture, with its brand partner, Loki the Wolfdog.

"We are proud to be releasing another quality product through the Loki brand as we continue to carve out the California cannabis market. This is a growing sophisticated industry and we are paving the way as we continue to roll-out and deliver premium products to our consumers," said Leigh Hughes, CEO of Next Green Wave.

Shares were up 2% at C$0.57 in Toronto and flat at US$0.43 in New York. 

Duds

The list of laggards was long on Thusrday, as most cannabis stocks trended down. 

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) shares dropped after it announced it is expanding the size of a marijuana production facility currently under construction in Medicine Hat, Alberta by 33%. 

Shares were down 2.2% at C$11.88. 

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) shares tumbled on Thursday, down 4.1% at C$23.14. Cronos stock has been volatile lately, after being downgraded by a number of analysts several weeks ago. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 11 Apr 2019 11:06:00 -0400 https://ca.proactiveinvestors.com/companies/news/218441/buds--duds-cannabis-stocks-sag-crop-infrastructure-shares-jump-as-it-broadens-california-footprint-218441.html
<![CDATA[News - CROP Infrastructure continues to expand its retail presence in valuable California market ]]> https://ca.proactiveinvestors.com/companies/news/218432/crop-infrastructure-continues-to-expand-its-retail-presence-in-valuable-california-market-218432.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) is expanding its California retail presence in an effort to capitalize on exponential cannabis sales in the state.

The cannabis branding company’s Esmerelda Heights retail brand has started two additional retail applications in Chula Vista and Contra Costa.

The Vancouver-based company also announced that it has shipped 330,000 pre-rolled cone sleeves with custom Hempire and Evolution filters.

READ: CROP brands now available in 40 retail locations across US Northwest

California’s market for pre-rolled cones is $5 wholesale and an MSRP of $10, while infused cones are priced at $12 wholesale and $18 MSRP, according to data provided by CROP.

"The sales growth trend is unabated across the board,” said Michael Yorke, CEO of CROP. “Clearly, the California market is potentially vast and, once the regulatory climate has the federal government on side, we expect sales predictions by market research firms to be sharply revised upwards and the prospect of cannabis business ending up being bigger than beer becoming much closer to a reality."

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.

Shares of CROP were up 3% to C$0.30 in Canada and were trading at US$0.22 in the US by Wednesday’s close.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Thu, 11 Apr 2019 09:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/218432/crop-infrastructure-continues-to-expand-its-retail-presence-in-valuable-california-market-218432.html
<![CDATA[News - Buds & Duds: Cannabis stocks take on Wednesday with gusto; CROP Infrastructure jumps on product placement news ]]> https://ca.proactiveinvestors.com/companies/news/217895/buds--duds-cannabis-stocks-take-on-wednesday-with-gusto-crop-infrastructure-jumps-on-product-placement-news-217895.html Cannabis stocks recovered from Tuesday's tumble and took on Wednesday with fervour, with broad gains sweeping across the US and Canada.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, rose 1% to 307.61. The Horizons Marijuana Life Sciences Index ETF was up 1% at C$21.93.

Buds

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) shares jumped Wednesday after it announced that its tenant brands, Hempire and Evolution, are now available in 40 retail locations.

Shares were up 4.8% at C$0.33 in Toronto and up 4.6% at US$0.25 in New York on Wednesday midday. 

"Our tenant growing team and their sales team have made outstanding progress with product placement in 40 retail locations for both flower, oils and extracts” said CROP’s CEO Michael Yorke in a statement. “We continue to build out our brands in California and Nevada and our objective is, ultimately, to be in as many states as possible."

READ: CROP brands now available in 40 retail locations across US Northwest

Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:EPW) shares continued to soar after it released news Tuesday that it has closed more than $2.9 million in debenture and equity financings to be used to complete strategic acquisitions and for working capital.

As part of the offerings, AgraFlora Organics International, a cannabis firm with a large-scale 2.2 million sq/ft greenhouse in British Columbia, has invested $1 million into Empower.

The medical cannabis clinic operator's shares were up 14.3% at C$0.20 in Toronto and up 22.5% at US$0.15 in New York. 

READ: Empower Clinics secures $2.9M to advance business; AgraFlora Organics invests $1M

Other gainers on Wednesday included Planet 13 Holdings Inc (CSE:PLTH), which was up 10% at C$2.52. 

On Wednesday, the company reported US$5.49 million in revenue from its Las Vegas Cannabis Entertainment Complex in March 2019, which is the world's largest cannabis dispensary. The company said in March, almost 100,000 people entered the dispensary. 

Duds

Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) shares dropped Wednesday after the company announced filed a preliminary shelf prospectus to raise up to US$750 million over 25 months through shares, debt and other offerings.

According to a company statement, funds would be used for global expansion and partnering strategy. 

"Although we have no immediate intention of drawing capital against this shelf prospectus, we have introduced this option as a prudent and long-term strategic measure to provide us with flexibility in access to growth capital, if or when required, to continue executing on our global expansion and partnering strategy," said Executive Chairman Michael Singer in a statement. 

MariMed Inc (OTCMKTS:MRMD) shares fell after the company filed for a 15-day extension with the US Securities and Exchange Commission to file its annual report for 2018. 

“Though we are disappointed by the short delay, we fully expect a clean audit," said Jon Levine, MariMed’s Chief Financial Officer in a statement. 

Shares were down 4.4% at US$3.06. 

 

Contact Katie Lewis at katie@proactiveinvestors.com

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Wed, 03 Apr 2019 10:47:00 -0400 https://ca.proactiveinvestors.com/companies/news/217895/buds--duds-cannabis-stocks-take-on-wednesday-with-gusto-crop-infrastructure-jumps-on-product-placement-news-217895.html
<![CDATA[News - CROP brands now available in 40 retail locations across US Northwest ]]> https://ca.proactiveinvestors.com/companies/news/217881/crop-brands-now-available-in-40-retail-locations-across-us-northwest-217881.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Wednesday that its tenant brands, Hempire and Evolution, are now available in 40 retail locations.

The flower is available in eight different strains across seven sizes, with five concentrates across 20 separate strains giving retailers a combination of over 100 stock keeping units (SKU) to offer customers.

The retail storefronts are populated primarily along the coastal cities of Washington, a state that is set to grow to nearly $47 billion in annual sales over the next decade, according to RBC Capital Markets data provided by the company in a statement.

READ: CROP’s Tenant Hempire takes stake in California Cannabis distribution company

"Our tenant growing team and their sales team have made outstanding progress with product placement in 40 retail locations for both flower, oils and extracts” said CROP’s CEO Michael Yorke in a statement. “We continue to build out our brands in California and Nevada and our objective is, ultimately, to be in as many states as possible."

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.

Shares of CROP closed at C$0.31 on Tuesday in Toronto and US$0.24 in the US.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas 

 

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Wed, 03 Apr 2019 09:40:00 -0400 https://ca.proactiveinvestors.com/companies/news/217881/crop-brands-now-available-in-40-retail-locations-across-us-northwest-217881.html
<![CDATA[News - CROP’s Tenant Hempire takes stake in California Cannabis distribution company ]]> https://ca.proactiveinvestors.com/companies/news/217055/crops-tenant-hempire-takes-stake-in-california-cannabis-distribution-company-217055.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Friday that its tenant Hempire has taken a 25% stake in a licensed California cannabis distribution and manufacturing company to gain access to its extraction capabilities.

Hempire’s stake comes in exchange for the CROP tenant buying additional extraction equipment for the undisclosed company.

As is the case with all CROP tenant licencees, Humboldt Holdings, the company invested in by CROP, will keep the right to acquire the stake in the undisclosed company should US federal laws change to support the use of cannabis and tetrahydrocannabinol (THC), the psychoactive component of cannabis.

The new partnership will allow Hempire, a key cannabis brand for CROP, to access equipment to process cannabis flower, cannabis trim and biomass into distillate oil containing THC. The manufacturer will, in turn, carry the cost of processing the cannabis and receive 40% of the oil sales while CROP and its tenant get the remaining 60%.

READ: CROP Infrastructure enters California cannabis market with Humboldt deal

As well as processing Hempire’s material, the facility will also be used to work through cannabis from other companies to be sold under CROP brands.

As much as 50 liters of THC oil is being extracted to fill CROP’s vape cartridges under the Hempire, Evolution Cannabis and Tiff CBD brands.

The new facility will also handle Hempire’s packaging and distribution for all California operations, thus offering the chance for sales at hundreds of dispensaries.

“This further vertically integrates CROP’s tenant Hempire in preparation for continued sales in the California market, this will streamline the manufacturing, packaging and distribution of the brands … and thus profitability and logistics of production for the California farms,” said CROP CEO Michael Yorke in a statement.

Last year, CROP made inroads into California by entering into what's called a membership purchase agreement with Humboldt Holdings LLC, where (CROP) agreed to advance up to US$2mln to Humboldt for land and equipment purchased and the development of a 30,000 sq ft greenhouse project in return for a 30% interest in Humboldt.

Humboldt, in turn, leased its property/infrastructure and licensed its branding to  tenants, including The Hempire Company LLC of California.

CROP’s projects include cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm and a portfolio of equity in listings within the cannabis space.

CROP shares slipped C$0.01 to hit C$0.33 in Canadian trade on Friday afternoon.

Contact Ellen at ellen@proactiveinvestors.com

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Fri, 22 Mar 2019 10:20:00 -0400 https://ca.proactiveinvestors.com/companies/news/217055/crops-tenant-hempire-takes-stake-in-california-cannabis-distribution-company-217055.html
<![CDATA[News - Buds & Duds: Crop Infrastructure rises on Nevada project updates; Surna trips on 4Q slip ]]> https://ca.proactiveinvestors.com/companies/news/216871/buds--duds-crop-infrastructure-rises-on-nevada-project-updates-surna-trips-on-4q-slip-216871.html The cannabis sector had a rough day Wednesday as US markets struggle overall. 

The North American Marijuana Index, which tracks top cannabis stocks, fell 0.8% to 300.73. 

Buds

Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced updates Wednesday to its projects in Nevada. The first set of building blocks were delivered and trenching is underway for construction of a 40-acre perimeter wall in Esmeralda County for the 2019 cannabis growing season. The ground development for 50,000 square feet of propagation greenhouses in Nye County is also underway and is expected to completed in the next to weeks.

The Vancouver-based company's shares rose 1.6% to C$0.32 on the CSE and slipped 0.3% to US$0.24 on OTC markets.

True Leaf Medicine International Ltd (CSE:MJ) (OTCMKTS:TRLFF) expanded its retail distribution to 3,500 stores worldwide with addition of Pet Planet as a North American retail partner, the company announced Wednesday. The cannabis-for-pets company will have chews and supplement oils for dogs in Pet Planet’s 75 stores beginning in April.

Investors sent the stock up 7.4% to C$0.58 on the CSE and 8% to US$0.43 on OTC markets.

READ: Next Green Wave rises as testing of cannabis facility in California enters final stages

Next Green Wave (CSE:NGW) (OTCMKTS:NXGWF) said Wednesday that it was in the final stages of testing at its 35,000-square-foot facility in Coalinga, California. Testing of the electrical installation, which the Vancouver-based company expects to be carried out within a week, is the final step before production at the facility can begin.

The share price advanced 5% to C$0.62 on the CSE and 3% to US$0.47 on OTC markets.

Duds

Surna Inc (OTCQB:SRNA) posted fourth-quarter results late Tuesday. The Boulder, Colorado-based company brought in $2.2 million in revenue, down 5% from the previous year. The air sanitation systems manufacturer narrowed its losses slightly, but had significantly less cash on hand, down to $253,000 from $1.4 million at the end of September. CEO Tony McDonald said the company is refocusing with a “top-to-bottom reset.”

The stock slipped 9.2% to US$0.06.

 

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Wed, 20 Mar 2019 11:58:00 -0400 https://ca.proactiveinvestors.com/companies/news/216871/buds--duds-crop-infrastructure-rises-on-nevada-project-updates-surna-trips-on-4q-slip-216871.html
<![CDATA[News - CROP Infrastructure nears finishing ground development for Nye County hemp greenhouses in Nevada ]]> https://ca.proactiveinvestors.com/companies/news/216862/crop-infrastructure-nears-finishing-ground-development-for-nye-county-hemp-greenhouses-in-nevada-216862.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) told investors Wednesday that ground development work for greenhouses at its Nye County hemp CBD farm in central Nevada is set to be completed within two weeks.

Last year, the Vancouver company completed its acquisition of a 49% interest in the Nevada farm, which totals over 1,000 acres.

As part of its latest advances at Nye, CROP has placed a deposit on 2 million hemp seeds, which are compliant with the US farm bill, and their delivery is expected next month.

READ: CROP Infrastructure closes Nye County farm purchase; harvest expected within 45 days

The team there has also begun tissue culturing or the process of cloning the “mother plant” to create 4.5 million hemp starter strains. Nutrients and fertile soils have been layered over the project’s 1,350 acres of planned cultivation for 2019 and the company has also won additional licensing to operate a hemp nursery.

On top of this, CROP’s team has been working with chemists and engineers to scale up its commercial-scale extraction to handle the large amount of hemp and cannabis which is expected to be produced in the 2019 growing season.

“These updates represent major progress towards achieving our goal of what will be a very substantial Nevada operation, producing very large quantities of high-value product,” said CROP CEO Michael Yorke in a statement.

READ: CROP Infrastructure receives 2019 production, extraction licenses for Nevada hemp operations

In other news, construction of a 40-acre perimeter wall to prepare for this year’s cannabis growing season at CROP’s 1,000 acre Esmeralda County agricultural cannabis project, which is also in Nevada, has also kicked off.

Last year, CROP struck a joint venture deal with tenant The Hempire to buy a 100% interest in a 1,000 acre Esmeralda County agricultural cannabis project tenanted with a suite of cannabis licenses.

Esmerelda County is one of the only jurisdictions in Nevada which is suitable for greenhouse or outdoor growing.

CROP’s projects include cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms, Canna Drink, a cannabis infused beverage line, and a growing portfolio of equity in listings within the cannabis space.

CROP shares jumped 1.59% to C$0.32 in Canadian trade on Wednesday morning.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Wed, 20 Mar 2019 10:11:00 -0400 https://ca.proactiveinvestors.com/companies/news/216862/crop-infrastructure-nears-finishing-ground-development-for-nye-county-hemp-greenhouses-in-nevada-216862.html
<![CDATA[News - Crop Infrastructure’s Washington State tenant establishes bulk cannabis customer relationship ]]> https://ca.proactiveinvestors.com/companies/news/216308/crop-infrastructures-washington-state-tenant-establishes-bulk-cannabis-customer-relationship-216308.html Crop Infrastructure Corp (CSE:CROP) announced Tuesday that its Washington State tenant has established a bulk cannabis customer relationship.

The company said in a statement that Wheeler Park’s first 150 pounds of flower has been delivered at $400 per pound.

Crop added that Wheeler Park recently completed conversion to a 100% hydroponic facility and that a perpetual harvest system is now being used with cannabis strains that have a 55- to 60-day flower cycle. The facility is designed for an average 1,000 pounds per month.

READ: Crop’s Elite Ventures to partner with MYM Nutraceuticals on 120 acres of hemp in Nevada

Bulk sales complement Wheeler Park’s ongoing sales strategy to establish itself as a premiere cannabis flower and extraction brand, according to Vancouver-based Crop.

Strains included in the bulk sale are Bubba Kush, Dutch Hawaiian, Ghost Train, Green Crack, Star Killer and WA Cookies, which originated in the previous soil medium. A premium flower line will be sold under the Evolution Cannabis brand.

"While testing results of our premium product continue to be outstanding, our tenant brand sales team is doing a fantastic job of using bulk sales to cover facility overhead and turn over older, less desirable products,” Crop CEO Michael Yorke said. “Perpetual harvest means the product is always fresh and maximizes throughput.”

Power costs

Yorke added that the facility has the lowest-cost power in North America, at $0.02 per kilowatt hour.

Shares of Crop fetched US$0.25 in Tuesday’s OTC Markets trading. They slipped C$0.01 to C$0.32 in Canada.

Earlier this month, Crop said its Elite Ventures Group LLC subsidiary will partner with MYM Nutraceuticals on 120 acres of cannabidiol-rich hemp in Nevada.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
 

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Tue, 12 Mar 2019 10:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/216308/crop-infrastructures-washington-state-tenant-establishes-bulk-cannabis-customer-relationship-216308.html
<![CDATA[News - CROP Infrastructure's Elite Ventures to partner with MYM Nutraceuticals on 120 acres of hemp in Nevada ]]> https://ca.proactiveinvestors.com/companies/news/216026/crop-infrastructure-s-elite-ventures-to-partner-with-mym-nutraceuticals-on-120-acres-of-hemp-in-nevada-216026.html CROP Infrastructure Corp (CNSX:CROP) (OTCMKTS:CRXPF) revealed that its subsidiary Elite Ventures Group LLC will partner with Vancouver-based MYM Nutraceuticals  (CSE:MYM) on 120 acres of CBD-rich hemp in Nevada.

Based on Elite’s previous success in cultivating 120 acres of similarly situated land in August last year, the estimated production of hemp from the parcel is 120,000 pounds per harvest, representing potential revenue of more than $26 million, of which MYM is entitled to 50% less processing and sales fees.

READ: CROP Infrastructure sells Italian and Jamaican assets for C$2M

"This is very significant partnership arrangement with Vancouver-based MYM Nutraceuticals which has operations in three countries and will bring additional exposure to our organic hemp products," said CROP chief executive Michael Yorke.

Under the deal, MYM will fund Elite with US$500,000 in exchange for the rights to 50% of the CBD rich hemp.

Elite will provide all the necessary capital and consumable supplies, plant, grow and harvest the hemp. If requested, it will also arrange for the processing and sale of the biomass at no less favourable terms than those found in the Elite supply agreements.

CROP’s portfolio includes cultivation properties in California, two in Washington state, a thousand-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms, and a growing portfolio of stakes in upcoming listings within the cannabis space.

Its assets also include Canna Drink, a cannabis-infused functional beverage line and 16 Cannabis brands.

Asset sale

Last month, Crop said it was selling its Italian and Jamaican assets for C$2 million.

The Vancouver cannabis company entered into a purchase and sales agreement with World Farms Corp to divest its interests in CROP Jamaica and XHemplar SRL in Italy for C$2 million worth of equity in World Farms Corp (WFC).

The investment equates to 10 million shares in World Farms and represents a 19% stake in the company for CROP.

In the statement, CEO Yorke said the company will now focus on its US operations.

Shares on Thursday eased 2.9% to $0.33 in Toronto.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Thu, 07 Mar 2019 09:45:00 -0500 https://ca.proactiveinvestors.com/companies/news/216026/crop-infrastructure-s-elite-ventures-to-partner-with-mym-nutraceuticals-on-120-acres-of-hemp-in-nevada-216026.html
<![CDATA[News - CROP Infrastructure sells Italian and Jamaican assets for C$2M ]]> https://ca.proactiveinvestors.com/companies/news/215429/crop-infrastructure-sells-italian-and-jamaican-assets-for-c2m-215429.html CROP Infrastructure Corp (OTCMKTS:CRXPF) (CNSX:CROP) said Wednesday it is selling its Italian and Jamaican assets for C$2 million.

Under the terms of the deal, the Vancouver cannabis company has entered into a purchase and sales agreement with World Farms Corp to divest its interests in CROP Jamaica and XHemplar S.R.L. in Italy for C$2 million worth of equity in World Farms Corp (WFC).

The investment equates to 10 million shares in World Farms and represents a 19% stake in the company for CROP.

READ: CROP Infrastructure and Hempire make big inroads into California with Antler Retail

In a statement, CROP CEO Michael Yorke said the company will now focus on its US operations.

“CROP has divested itself of these two international operations so that management can remain entirely focused on the expanding US operations while retaining a passive but strategic investment in an internationally focused player offering CROP shareholders additional exposure to WFC’s global growth,” Yorke said.

“The passing of the US Farm bill in December 2018 has been a total game changer in terms of the vast opportunities opening up right now in the US. We firmly believe in striking while the iron’s hot right now on our US doorstep while maintaining exposure to infantile global opportunities,” Yorke added.

READ: CROP Infrastructure receives 2019 production, extraction licenses for Nevada hemp operations

CROP will stay on as an advisor with World Farms to offer advice on research and development in plant science.

The XHemplar S.R.L joint venture covers 87,210 square feet. CROP and XHemplar have been working with Italian agencies to import new CBD (cannabidiol) genetics for the operation.

CROP Jamaica, meanwhile, has a five-acre property for the cultivation and extraction of cannabis.

In a statement, Arthur Griffiths, World Farms CEO, said he was bullish on the acquisition.

“World will bring additional value by leveraging our 1 million square feet of greenhouse canopy in South Africa for the eventual importation of cannabis & hemp products into Italy and Jamaica,” he said.

In other news, CROP has retained Mackie Research Capital Corporation as a capital markets advisor to help meet its financial demands. An advisory fee of C$60,000 and 1 million warrants at C$0.50 for a period of 24 months has been agreed upon.

Based in Vancouver, CROP’s portfolio of projects includes cultivation properties in California as well as Washington state, a 1,000 acre Nevada cannabis farm and extraction work in Nevada.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Wed, 27 Feb 2019 09:17:00 -0500 https://ca.proactiveinvestors.com/companies/news/215429/crop-infrastructure-sells-italian-and-jamaican-assets-for-c2m-215429.html
<![CDATA[News - CROP Infrastructure and Hempire make big inroads into California with Antler Retail ]]> https://ca.proactiveinvestors.com/companies/news/215073/crop-infrastructure-and-hempire-make-big-inroads-into-california-with-antler-retail-215073.html CROP Infrastructure Corp (OTCMKTS:CRXPF) (CNSX:CROP) announced Thursday that it has signed an agreement with Antler Retail Inc by which Hempire and CROP will provide Antler with finished packaged goods under the Antler brand.

Antler has received a permit for a cannabis retail location with state-wide delivery rights in California. Antler’s retail location will be in Desert Hot Springs, but it plans to take advantage of the state-wide nature of its delivery rights. The license gives Antler the freedom to target a much larger market place without the overhead costs of brick-and-mortar operations.

READ: CROP Infrastructure receives 2019 production, extraction licenses for Nevada hemp operations

CROP said it was converting the payment for the initial order into shares in Antler Retail at C$0.20 per unit by issuing 1.5 million units. Each unit will consist of one share and a warrant priced at C$0.75 exercisable for a period of 12 months.

"We believe it is a prudent move for our company to convert our finished products into shares of Antler retail,” said CROP CEO Michael Yorke. “We see this as an opportunity to not only assist Antler in entering additional states, but also as a big step forward in further establishing CROP's retail presence in a key market, while making what we believe will be a very sound investment."

As Antler makes inroads into other US states, the supply agreement will be amended to bring the Antler home brand to each new state Antler enters, said the company.

CROP’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

CROP subsidiary Elite Ventures has also completed a 1,600 square foot genetics, tissue-culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Thu, 21 Feb 2019 10:49:00 -0500 https://ca.proactiveinvestors.com/companies/news/215073/crop-infrastructure-and-hempire-make-big-inroads-into-california-with-antler-retail-215073.html
<![CDATA[News - CROP Infrastructure receives 2019 production, extraction licenses for Nevada hemp operations ]]> https://ca.proactiveinvestors.com/companies/news/214652/crop-infrastructure-receives-2019-production-extraction-licenses-for-nevada-hemp-operations-214652.html CROP Infrastructure Corp (OTCMKTS:CRXPF) (CNSX:CROP) announced Thursday that its 49%-owned subsidiary Elite Ventures reported that Hempire, the company's Nevada tenant, has been issued production and extraction licenses.

Hempire received hemp handler, hemp nursery and hemp grower licenses covering 1,350 irrigated acres on its 2,115 acres of owned or leased Cannabidiol (CBD) focused lands.

A hemp handler is registered with the licensing department to receive industrial hemp for processing into commodities, products or agricultural hemp seed.

DEEP DIVE: CROP Infrastructure looks to capitalize on the “green rush”

CROP said the company applied for its hemp grower licence, nursery and hemp handler licence in anticipation of its lab extracting and producing CBD isolate with a throughput capacity of one ton per day of raw biomass.

The company increased the acreage covered by its hemp licences from 240 acres of cultivation in 2018 to 1,350 acres of irrigated cultivation for 2019.

"With the increased size and operating range of our tenant's licenses, CROP's Nevada CBD operations are emerging into a truly world class operation,” said CROP CEO Michael Yorke in a statement. “Our land holdings, micropropagation team, strategies, drying and extraction capabilities and supply agreements will enable us to operate from seeds to isolate to sales in 2019."

CROP’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

CROP subsidiary Elite Ventures has completed a 1,600 square foot genetics, tissue-culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm. The lab will aim to provide 10 million plant starts for the company's 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Thu, 14 Feb 2019 09:04:00 -0500 https://ca.proactiveinvestors.com/companies/news/214652/crop-infrastructure-receives-2019-production-extraction-licenses-for-nevada-hemp-operations-214652.html
<![CDATA[News - Crop says cannabis business application for San Bernardino, California, reaches final stage ]]> https://ca.proactiveinvestors.com/companies/news/214481/crop-says-cannabis-business-application-for-san-bernardino-california-reaches-final-stage-214481.html Crop Infrastructure Corp (OTCMKTS:CRXPF) (CNSX:CROP) announced Tuesday that it has received confirmation that its San Bernardino, California, retail cannabis business application has reached the final phase.

The Vancouver-based company said in a statement that its executives will attend a special meeting of the mayor and city council to make a three-minute presentation followed by a question-and-answer session.

READ: Crop Infrastructure announces up to C$4M convertible debenture offering by the cannabis company

As announced on July 5, Crop agreed to finance the purchase of real estate upon the granting of a California dispensary license. Its proposed dispensaries will operate under the brand Emerald Heights.

“Crop has high expectations for Emerald Heights at this location,” CEO Michael Yorke said. “The team has done its market and location research very well and is now in the final phase of the application process in San Bernardino.”

Shares of the company traded at C$0.32 in Tuesday’s Canadian trading. They fetched US$0.25 on the OTC Markets.

Crop’s projects include operations in California, Washington State and Nevada.

Last week, the company announced its plan to raise as much as C$4 million in a senior secured convertible debenture offering.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Tue, 12 Feb 2019 11:29:00 -0500 https://ca.proactiveinvestors.com/companies/news/214481/crop-says-cannabis-business-application-for-san-bernardino-california-reaches-final-stage-214481.html
<![CDATA[News - Crop Infrastructure announces up to C$4M convertible debenture offering by the cannabis company ]]> https://ca.proactiveinvestors.com/companies/news/214277/crop-infrastructure-announces-up-to-c4m-convertible-debenture-offering-by-the-cannabis-company-214277.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced its plan to raise as much as C$4 million in a senior secured convertible debenture offering.

The cannabis branding and real estate asset company said Thursday in a statement that each unit will be made up of C$1,000 in principal amount of senior secured convertible debenture and one share purchase warrant per C$0.30 of principal amount.

READ: Crop says Washington State tenant’s cannabis crops pass tests for impurities

Each warrant, according to the company, entitles the holder to acquire one common share at an exercise price of $0.50 per warrant share for a period of three years from the date of the offering’s closing.

At any time, the company said, holders may convert all or part of the principal amount for the debentures into common shares at a conversion price of C$0.30 per conversion share.

Shares of Crop climbed C$0.01 to C$0.32 in Thursday’s Canadian trading. They traded at US$0.25 on the OTC Markets.

The company's portfolio of projects includes cultivation properties in California, two in Washington State and a 1,000-acre Nevada cannabis farm.

Earlier this week, the company said its Washington State tenant’s first cannabis crops had passed all tests for microbial impurities and showed no detectable pesticides.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 08 Feb 2019 08:20:00 -0500 https://ca.proactiveinvestors.com/companies/news/214277/crop-infrastructure-announces-up-to-c4m-convertible-debenture-offering-by-the-cannabis-company-214277.html
<![CDATA[News - Crop says Washington State tenant’s cannabis crops pass tests for impurities ]]> https://ca.proactiveinvestors.com/companies/news/214195/crop-says-washington-state-tenants-cannabis-crops-pass-tests-for-impurities-214195.html Crop Infrastructure Corp (CNSX:CROP) (OTCMKTS:CRXPF) said Thursday that its Washington State tenant’s first cannabis crops passed all tests for microbial impurities and showed no detectable pesticides.

The cannabis company said in a statement that nine strains are now cleared for sale in Washington State.

READ: Crop Infrastructure closes oversubscribed $3 million private placement

“This is an excellent result and certainly bodes well for the future,” CEO Michael Yorke said in a statement. “Crop's tenant production teams continue to show what meticulous controls, defined production protocols and a focus on organic operations can mean in terms of resulting products."

The samples showed a range of results for tetrahydrocannabolic acid, whose presence is analyzed when cannabis or hemp-based products are screened for tetrahydrocannabinol (THC), the psychoactive component of cannabis.

The tenant, according to Crop, is working with bulk extraction buyers as well as retailers under the Hempire and Evolution brands in Washington State.

Shares of Crop traded at C$0.32 in Wednesday’s Canadian trading. They fetched US$0.25 on the OTC Markets.

Earlier this week, Crop said it had closed an oversubscribed C$3 million private placement.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 07 Feb 2019 08:58:00 -0500 https://ca.proactiveinvestors.com/companies/news/214195/crop-says-washington-state-tenants-cannabis-crops-pass-tests-for-impurities-214195.html
<![CDATA[News - CROP Infrastructure closes oversubscribed $3 million private placement ]]> https://ca.proactiveinvestors.com/companies/news/214039/crop-infrastructure-closes-oversubscribed-3-million-private-placement-214039.html CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) said Tuesday that it has closed an oversubscribed C$3 million private placement. 

The cannabis company said it closed its non-brokered private placement raising $3,086,244 by issuing up to 10,287,480 units at a price of $0.30 per unit.

Each unit consists of one share and one warrant. Each warrant entitles the holder to purchase an additional share at an exercise price of $0.50 for a period of 24 months after the close of the offering.

"With the closing of this private placement CROP is now capitalized to complete the construction of its 40-acre outdoor Nevada farm, build an additional 30,000 square feet of greenhouse space in California and begin identifying entry opportunities into additional states," said CEO Michael Yorke in a statement. 

READ: Crop Infrastructure's final inspection on Nevada farm is done and licenses are expected soon

CROP’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

The company also said that in connection with the closing, the company paid C$38,333.98 in commissions and issued 128,780 brokers warrants exercisable at C$0.50 for a period of two years.

Further to this, CROP said it has converted $1,193,000 in outstanding debts at the same price as the private placement by the issuance of 3,976,667 units.

Shares of CROP were at C$0.34 on Tuesday. 

 

 

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Tue, 05 Feb 2019 18:52:00 -0500 https://ca.proactiveinvestors.com/companies/news/214039/crop-infrastructure-closes-oversubscribed-3-million-private-placement-214039.html
<![CDATA[News - Crop Infrastructure's final inspection on Nevada farm is done and licenses are expected soon ]]> https://ca.proactiveinvestors.com/companies/news/214023/crop-infrastructure-s-final-inspection-on-nevada-farm-is-done-and-licenses-are-expected-soon-214023.html Crop Infrastructure (CSE:CROP) (OTC:CRXPF) announced Tuesday that it is set to receive its final medical and recreational licenses later this month now that a final inspection has been completed at its tetrahydrocannabinol (THC) cultivation, extraction and production facility in Nevada.

In other news, construction at the 40-acre Nevada operation is still continuing on the site’s perimeter wall. The farm will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link combination razor wire fence with a guard tower and closed-circuit television. 

READ: Crop says Elite Ventures subsidiary completes grading of 40 acres for THC farm in Nevada

The Nevada project, which is 50% paid for, is set to cost C$500,000 and is forecast to yield 80,000 pounds of cannabis.

The company is now accepting off-take orders and supply agreement requests for the 2019 cannabis harvest.

READ: Crop Infrastructure completes work on advanced Nevada genetics lab

“With our ultra-low cost and organic outdoor focus in Nevada, our tenant farms will provide extractors with cost-effective extraction materials giving both Crop and our tenants a significant competitive advantage in Nevada for the 2019 season and beyond,” Michael Yorke, Crop’s CEO, said in a statement.

Based in Vancouver, Crop’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

Crop shares slipped 2.9% to C$0.34 in Tuesday’s morning trading session.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Tue, 05 Feb 2019 10:51:00 -0500 https://ca.proactiveinvestors.com/companies/news/214023/crop-infrastructure-s-final-inspection-on-nevada-farm-is-done-and-licenses-are-expected-soon-214023.html
<![CDATA[News - The lucky winner of the POT stock symbol is ... ]]> https://ca.proactiveinvestors.com/companies/news/213755/the-lucky-winner-of-the-pot-stock-symbol-is--213755.html The stock symbol POT is no longer up for grabs -- but the mystery about which company has nabbed the coveted identifier continues.

The POT ticker was allocated to a publicly listed company in a random lottery held Wednesday, but Canada's largest stock exchange operator is not revealing the winner.

According to the TMX Group, roughly 40 eligible ballots were submitted to participating exchanges, including the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange and the Aequitas NEO Exchange.

READ: Crop Infrastructure makes two key hires to advance its genetics program

TMX Group said a currently listed company was selected but wouldn’t reveal the name of the company.

“The company will be notified by their exchange, it is up to the company to make an announcement,” said Catherine Kee, a spokeswoman for TMX, which operates the Toronto Stock Exchange and the TSX Venture Exchange.

POT ticker was floating around

The Canadian stock ticker symbol POT was previously the symbol for the Potash Corp. of Saskatchewan, which merged with privately held Agrium last year. 

Although the ticker can be used as early as Friday, the winning issuer will have up to 90 days following the lottery to change its symbol to POT, according to Kee. 

The winner isn't allowed to transfer the rights to the symbol to anyone else.

Other cannabis companies have catchy stock tickers as well, including Weekend Unlimited Inc (CSE:YOLO), 1933 Industries Inc (CSE:TGIF) and Crop Infrastructure (CSE:CROP). 

 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis

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Thu, 31 Jan 2019 13:26:00 -0500 https://ca.proactiveinvestors.com/companies/news/213755/the-lucky-winner-of-the-pot-stock-symbol-is--213755.html
<![CDATA[News - Crop Infrastructure makes two key hires to advance its genetics program ]]> https://ca.proactiveinvestors.com/companies/news/213638/crop-infrastructure-makes-two-key-hires-to-advance-its-genetics-program-213638.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Wednesday that it has made two strategic hires to head up its genetics lab and ready the company for its 2019 CBD production season.

The new division will be developing high-grade CBG and CBN genetics for the company's farms. There are more than 80 chemicals in the class of compounds known as cannabinoids found in the marijuana plant. CBG and CBN belong to the spectrum of cannabinoids and are believed to have pain-relieving and inflammation-reducing properties.

Patrick McLoughlin has been appointed as director of the newly created division of Micropropagation and Genetics at Crop. Zachary Lindskoog has bee named as production manager.

BIG PICTURE: CROP Infrastructure looks to capitalize on the “green rush”

McLoughlin graduated with a B.Sc. in plant breeding and genetics from Cornell University in 2016 and obtained his M.Sc. in horticulture from Mississippi State University in 2018.

He has previously worked on projects breeding resistance to downy mildew in impatiens walleriana, popularly known as Busy Lizzie, as well as studied plant-pathogen interactions between New Guinea impatiens and charcoal rot, or macrophomina phaseolina. His main academic pursuits in recent years have been incorporating tissue culture to grow plants and pathogens in-vitro for production, as well as for further study.

McLoughlin also worked as an intern at a breeding company specializing in hops, which is in the same family as cannabis and his knowledge in this developed industry will help bolster Crop’s genetics program.

Lindskoog studied at the College of Agriculture and Life Science at Cornell University. He has a B.Sc. in plant breeding and genetics with cum laude honors. He was the lab production manager for a local tissue culture operation during his undergraduate studies. He has six years of experience with in-vitro protocol development with numerous crops.

In addition to the comprehensive micropropagation laboratory experience, Lindskoog also brings years of in the field breeding experience to the division, which includes controlled pollinations, organoleptic trait scoring, molecular markers, inbred lines, and other modern breeding techniques.

READ: Crop Infrastructure set to make 100,000 infused cannabis cones at its California farm

"These are key hires at Crop’s 49%-owned CBD farm where advanced propagation techniques will bring costs down significantly for the 500,000-pound per year supply agreement and the estimated 3,000,000 pounds of 2019 production, as well as benefit our expansion plans overall," said Crop CEO Michael Yorke.

Last week, Crop Infrastructure said its 49%-owned subsidiary Elite Ventures had completed a 1,600 square foot genetics, tissue-culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm. The lab will aim to provide 10 million plant starts for the company's 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 30 Jan 2019 10:46:00 -0500 https://ca.proactiveinvestors.com/companies/news/213638/crop-infrastructure-makes-two-key-hires-to-advance-its-genetics-program-213638.html
<![CDATA[News - Crop Infrastructure set to make 100,000 infused cannabis cones at its California farm ]]> https://ca.proactiveinvestors.com/companies/news/213277/crop-infrastructure-set-to-make-100000-infused-cannabis-cones-at-its-california-farm-213277.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) has made further advances in its brand portfolio, it told investors Thursday.

The Vancouver-based company says it will make 100,000 premium Moon Rock Cones at its Humboldt county farm in California as it expands its footprint in the state.

READ: Crop Infrastructure completes work on advanced Nevada genetics lab

The finished cannabis product will be for distillate for use in cartridges and pre-rolls cones that will then be dipped in kief (cannabis crystals) to make the infused cones, the company said.

After some initial market research, the company has established the best-selling SKUS (stock keeping units) are cones and pens, said Crop.

The company's toll process partner will convert equivalent material to produce around 50 liters of oil to fill 75,000 half gram cartridges and 50,000 quarter gram disposable pens.

Crop will also roll and tube approximately 200,000 Hempire and evolution branded 1-gram infused cones.

"Having wide distribution of a premium organic Infused Cone with over 100,000 branded units and 125,000 pen cartridges set to be consumed in California, this is a major step forward for our brand portfolio and tenant farm," said Crop's CEO Michael Yorke in a statement Thursday.

Around 350 licensed stores

The company's distributor has a network of around 350 licensed cannabis stores across California.

Humboldt will harvest soon a further 10,000 sq. ft. of canopy crop.

Additionally, the company has retained local engineers to plan and permit the 2019 expansion, including a proposed 30,000 sq. ft. automated greenhouse facility, extra vault space and security upgrades.

The company has made a cannabis retail application in Chula Vista, California, for its Emerald Height's brand and is working with its local partners to apply in additional municipalities.

It's been a busy week for the company. Yesterday, it said its 49%-owned subsidiary Elite Ventures had completed a 1,600 sq. ft. genetics, tissue culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm.

The lab will aim to provide 10 million plant starts for the company's 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

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Thu, 24 Jan 2019 09:55:00 -0500 https://ca.proactiveinvestors.com/companies/news/213277/crop-infrastructure-set-to-make-100000-infused-cannabis-cones-at-its-california-farm-213277.html
<![CDATA[News - Crop Infrastructure completes work on advanced Nevada genetics lab ]]> https://ca.proactiveinvestors.com/companies/news/213181/crop-infrastructure-completes-work-on-advanced-nevada-genetics-lab-213181.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Wednesday that it has completed a 1,600 square feet genetics, tissue culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm.

The work is being carried out by its 49%-owned subsidiary Elite Ventures.

Crop Infrastructure stock opened 0.6% higher at $0.24 on Tuesday in the OTC Markets.

READ: Crop says Italian cannabidiol greenhouse owned with XHemplar SRL upgraded for 2019 growing season

The laboratory will aim to provide 10 million plant starts for the company's 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

The following strains have been chosen for the project: Blueberry, 9 lb Hammer, Gelato, Tiffany CBD, Insane OG, Blue dream, Durban Poison and Purple Kush.

READ: Crop says Elite Ventures subsidiary completes grading of 40 acres for THC farm in Nevada

Crop is also working with lease financiers to build a 60,000-square-foot greenhouse facility on the property to produce higher quality flower.

The farm will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link combination razor wire fence with a guard tower and closed-circuit television.

The building blocks needed for the perimeter security wall have been ordered and are expected to be delivered to the site “shortly” for construction, said the company.

The company also said the newly-completed building will get its “final inspection next week” from the Cannabis Licensing Board. If everything goes as planned, the board will give its approval for recreational cannabis cultivation, production and commercial kitchen.

The Vancouver-based cannabis company also announced a non-brokered private placement offering to raise up to C$2.0 million, by issuing up to 6,666,667 units at a price of $0.30 per unit.

Each unit will consist of one share and one warrant. Each warrant entitles the holder to purchase an additional share at an exercise price of $0.50 for a period of 24 months after the close of the offering. Completion of the offering is subject to regulatory approval.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 23 Jan 2019 09:34:00 -0500 https://ca.proactiveinvestors.com/companies/news/213181/crop-infrastructure-completes-work-on-advanced-nevada-genetics-lab-213181.html
<![CDATA[News - Crop Infrastructure boosted as it reveals it's nearly done with Nevada genetics lab ]]> https://ca.proactiveinvestors.com/companies/news/212084/crop-infrastructure-boosted-as-it-reveals-it-s-nearly-done-with-nevada-genetics-lab-212084.html Crop Infrastructure Corp (CSE:CROP) told investors that it has nearly finished a 1,600 sq ft genetics, tissue culturing and micropropagation lab at its Nevada Farms, sending shares higher.

The work is being carried out by its 49%-owned subsidiary Elite Ventures.

READ: Crop says Elite Ventures subsidiary completes grading of 40 acres for THC farm in Nevada

The laboratory will aim to provide 10 million plant starts for the company's 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

"The development of this genetics and micropropagation lab is further demonstration of our team's dedication to keeping our genetics portfolio and brands at the fore front of this industry," said CROP CEO, Michael Yorke.

"Teams worked steadily through the later part of the year and Holiday season on the construction and development of this lab which will save the company and our stakeholders a significant amount in 2019 and beyond."

Cannabis industry analysts The Brightfield Group, estimate the hemp-CBD market alone could reach an eye-watering $22 billion by 2022.

Last week, Crop said that the Elite subsidiary had graded and cleared 40 acres at its Nevada tetrahydrocannabinol farm and will begin construction of the security wall next week.

The Vancouver-based cannabis company said the project will be completed in time for the 2019 outdoor planting, which is forecast to yield in excess of 80,000 pounds.

The following strains have been chosen for the project: Blueberry, 9 lb Hammer, Gelato, Tiffany CBD, Insane OG, Blue dream, Durban Poison and Purple Kush.

Crop is also working with lease financiers to build a 60,000-square-foot greenhouse facility on the property to produce higher quality flower.

The farm will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link combination razor wire fence with a guard tower and closed-circuit television.

The cost is expected to be $600,000, with final pricing on the greenhouse to be determined.

Crop Infrastructure shares in Toronto added 5.56% to stand at $0.38.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Mon, 07 Jan 2019 11:32:00 -0500 https://ca.proactiveinvestors.com/companies/news/212084/crop-infrastructure-boosted-as-it-reveals-it-s-nearly-done-with-nevada-genetics-lab-212084.html
<![CDATA[News - Crop says Elite Ventures subsidiary completes grading of 40 acres for THC farm in Nevada ]]> https://ca.proactiveinvestors.com/companies/news/211918/crop-says-elite-ventures-subsidiary-completes-grading-of-40-acres-for-thc-farm-in-nevada-211918.html Crop Infrastructure Corp (CSE:CROP) said Thursday that its 49%-owned Elite Ventures subsidiary has graded and cleared 40 acres at its Nevada tetrahydrocannabinol farm and will begin construction of the security wall next week.

The Vancouver-based cannabis company said in a press release that the project will be completed in time for the 2019 outdoor planting, which is forecast to yield in excess of 80,000 pounds.

READ: Crop says Italian cannabidiol greenhouse owned with XHemplar SRL upgraded for 2019 growing season

The following strains have been chosen for the project: Blueberry, 9 lb Hammer, Gelato, Tiffany CBD, Insane OG, Blue dream, Durban Poison and Purple Kush.

Crop is also working with lease financiers to build a 60,000-square-foot greenhouse facility on the property to produce higher quality flower.

The farm will be protected by an eight-foot-high block wall topped with razor wire and an interior chain link combination razor wire fence with a guard tower and closed-circuit television. The cost is expected to be C$600,000, with final pricing on the greenhouse to be determined.

The company is now accepting 2019 off-take orders and supply-agreement requests from processors, distributors and retail outlets.

"The project is advancing on schedule and on budget with great thanks to the construction teams who continued working right up until December 24 and are now back on site to ensure success of the farm in 2019,” CEO Michael Yorke said in a statement.

Shares of Crop fetched C$0.34 in Thursday’s Canadian trading. They climbed US$0.03 to US$0.25 on the OTC Markets.

Last month, the company said that its Italian cannabidiol greenhouse had been upgraded and was ready for the 2019 growing season.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 03 Jan 2019 09:12:00 -0500 https://ca.proactiveinvestors.com/companies/news/211918/crop-says-elite-ventures-subsidiary-completes-grading-of-40-acres-for-thc-farm-in-nevada-211918.html
<![CDATA[News - Crop says Italian cannabidiol greenhouse owned with XHemplar SRL upgraded for 2019 growing season ]]> https://ca.proactiveinvestors.com/companies/news/211168/crop-says-italian-cannabidiol-greenhouse-owned-with-xhemplar-srl-upgraded-for-2019-growing-season-211168.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF ) said Thursday that its Italian cannabidiol greenhouse has been upgraded and is ready for the 2019 growing season.

The Vancouver-based cannabis company said in a press release that it and partner XHemplar are working with Italian agencies to import cannabidiol genetics for the 87,120-square-foot facility that the companies own.

Crop added that discussions are underway with an Italian pharmaceutical company regarding the 2019 harvests.

READ: Cannabis companies heartened as New York weighs legalization and US farm bill nears passage

"Italy is our bridgehead into Europe,” Crop CEO Michael Yorke said in a statement. ”Our Italian partners are making significant progress on multiple fronts to ensure that the European operations are running at full capacity to take full advantage of the rapidly growing demand there.”

The new facility has a perimeter security fence and is finishing a close-circuit TV security system.

The hemp cannabidiol market could reach C$22 million by 2022, according to Crop, citing figures from analysts at the Chicago-based Brightfield Group.

Shares of Crop climbed C$0.02 to C$0.42 in Thursday’s Canadian trading. They gained US$0.02 to US$0.31 on the OTC Markets.

Earlier this month, Crop said it had begun development of a greenhouse and outdoor farm in Nevada.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 13 Dec 2018 09:38:00 -0500 https://ca.proactiveinvestors.com/companies/news/211168/crop-says-italian-cannabidiol-greenhouse-owned-with-xhemplar-srl-upgraded-for-2019-growing-season-211168.html
<![CDATA[News - Cannabis companies heartened as New York weighs legalization and US farm bill nears passage ]]> https://ca.proactiveinvestors.com/companies/news/211090/cannabis-companies-heartened-as-new-york-weighs-legalization-and-us-farm-bill-nears-passage-211090.html Political winds are blowing in favor of cannabis companies.

New York Governor Andrew Cuomo plans to urge state lawmakers during his budget address to legalize recreational marijuana. A spokesman for the governor told NBC News that “we’re drafting legislation” when asked about decriminalization.

READ: Crop says farm bill legalizing industrial hemp is within 'hair’s breadth' of becoming law after US Senate passage

Marijuana companies are also getting help on the federal level. US senators voted 87-13 on Tuesday to approve an $867 billion farm bill that includes a provision legalizing industrial hemp. A House of Representatives vote is expected this week.

Hemp is a source of cannabidiol, which is used as an alternative treatment of epilepsy, Alzheimer’s and other neurological disorders. Beverages made with cannabidiol are promoted as pain relievers while lacking psychoactive properties.

Currently, 40 states oversee hemp cultivation “pilot programs” for industrial and commercial purposes.

The legalization of hemp … will blow off the political barn doors that have been restricting our industry,” Crop Infrastructure Corp (CNSX:CROP) (OTCMKTS:CRXPF) CEO Michael Yorke said in a statement Wednesday.

The Vancouver-based company provides financing for land expansion and greenhouses as well as help with branding. Its shares climbed C$0.41, or 9.3%, to C$0.41 in Canadian trading and 9.5%, or US$0.03, to US$0.31 on the OTC Markets.

Cannabidiol outlook

York expects cannabidiol to grow into a C$22 billion industry by 2022.

The expected push in New York follows a Nov. 6 Election Day bonanza in which Michigan became the 10th state to allow recreational use of marijuana while measures to allow medical use of cannabis were passed in Missouri and Utah. A provision allowing recreational pot in North Dakota failed.

Canada beat Michigan to the punch several weeks earlier, legalizing recreational marijuana use by adults on Oct. 17.

Medical cannabis financier Redfund Capital Corp (CSE:LOAN) (OTCMKTS: PNNRF) said a couple of days after the US votes that the legalization of marijuana in three additional states was a milestone for the industry and its clients.

“The midterm elections are a positive sign to all of us that the United States will mainstream medical cannabis in the very near future,” CEO Meris Kott said in a statement. “We look forward to expanding into markets supporting these initiatives."

Silicon Valley client

Vancouver-based Redfund’s clients include Biolog Inc, a Silicon Valley company that is advancing a technology to add cannabis to food and beverages, and RxMM Health Care, a company in Irvine, California, whose products including a treatment for Alzheimer’s.

Redfund gained 1.8%, or C$0.01, to C$0.29 in Wednesday’s Canadian trading.

Meanwhile, Smiths Falls, Ontario-based Canopy Growth Corp (TSX:WEED) (NYSE:CGC) is the “best way” to play the Canadian cannabis market, said Jim Cramer, the CNBC stock picker. he prefers the company to Toronto-based Cronos Group Inc (NYSE:CGC) (NASDAQ:CRON), which recently attracted a US$1.8 billion investment from the tobacco giant Altria Group (NYSE:MO).

Canopy Growth fell 2.7%, or US$0.91, to US$32.23 in Wednesday’s New York Stock Exchange trading. Cronos was down 4.3%, or US$0.56, to US$12.26.


--Ellen Kelleher and Katie Lewis contributed to this report--

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Wed, 12 Dec 2018 15:03:00 -0500 https://ca.proactiveinvestors.com/companies/news/211090/cannabis-companies-heartened-as-new-york-weighs-legalization-and-us-farm-bill-nears-passage-211090.html
<![CDATA[News - Crop says farm bill legalizing industrial hemp is within 'hair’s breadth' of becoming law after US Senate passage ]]> https://ca.proactiveinvestors.com/companies/news/211069/crop-says-farm-bill-legalizing-industrial-hemp-is-within--hairs-breadth--of-becoming-law-after-us-senate-passage-211069.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) hailed on Wednesday the US farm bill’s passage in the Senate, saying the legislation legalizing industrial hemp as a crop  is within “a hair’s breadth” of becoming law.

Senators voted 87-13 to approve the US$867 billion legislation, which distinguishes industrial hemp from more potent strains of marijuana. The farm bill now heads to the House of Representatives, where it is expected to pass. A breakthrough occurred after stricter requirements for food stamp recipients were eliminated.

READ: Crop Infrastructure cannabis subsidiary Elite Ventures leases 250 more acres in Nevada

“The legalization of hemp … will blow off the political barn doors that have been restricting our industry,” CEO Michael Yorke said in a statement.

Anticipating passage of the farm bill, Crop announced earlier in December that its 49%-owned subsidiary, Elite Ventures, had leased an additional 250 acres in Nevada. The move brings the company's 2019 holdings in the state to 2,115 acres, with 1,350 acres already under pivot irrigation for hemp cannabidiol production.

“We are planning to stay well ahead of the curve on hemp and its products as all indications are that this sector alone will prove far more vigorous than was initially forecast,” Yorke said.

The Farm Bill will effectively take hemp off the federal controlled substances list, which will allow farmers to pursue federal hemp cultivation permits. States may also decide to regulate the industry within their own borders as they wish.

Currently, 40 states oversee hemp cultivation “pilot programs” for industrial and commercial purposes. With the new law in place, oversight of hemp-derived CBD will now become clearer. 

Shares of Crop traded at C$0.38 in Tuesday’s Canadian trading. They climbed US$0.01 to US$0.29 on the OTC Markets.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

 

 

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Wed, 12 Dec 2018 09:24:00 -0500 https://ca.proactiveinvestors.com/companies/news/211069/crop-says-farm-bill-legalizing-industrial-hemp-is-within--hairs-breadth--of-becoming-law-after-us-senate-passage-211069.html
<![CDATA[News - Crop Infrastructure begins development of Nevada cannabis greenhouse and outdoor farm ]]> https://ca.proactiveinvestors.com/companies/news/210697/crop-infrastructure-begins-development-of-nevada-cannabis-greenhouse-and-outdoor-farm-210697.html Crop Infrastructure Corp (CSE:CROP) (OTC:CRXPF) said Thursday that it has begun development of a greenhouse and outdoor farm in Nevada.

The Vancouver-based company said in a press release that the first phase includes 1.7 million square feet (40 acres) outdoors and 60,000 square feet of greenhouse.

READ: Crop Infrastructure cannabis subsidiary Elite Ventures leases 250 more acres in Nevada

The cost is expected to be C$600,000, with final pricing being determined for the greenhouse. Phase 1's outdoor output is estimated to be roughly 80,000 pounds per year.

"Crop will now bring our style of low-cost cannabis cultivation to Nevada tenants, giving residents and visitors of Nevada a superior product at a lower price,” CEO Michael Yorke said in a statement.

The company added that the second phase of the project will triple the size and output of the farm with the addition of 5.2 million square feet (120 acres) and an additional 120,000 square feet of greenhouse. The project sits on 1,000 acres 3 1/2 hours north of Las Vegas.

The company is accepting 2019 orders and supply agreement requests from processors, distributors and retail outlets.

Shares of Crop traded at C$0.28 in Wednesday’s Canadian trading.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 06 Dec 2018 09:03:00 -0500 https://ca.proactiveinvestors.com/companies/news/210697/crop-infrastructure-begins-development-of-nevada-cannabis-greenhouse-and-outdoor-farm-210697.html
<![CDATA[News - Crop Infrastructure cannabis subsidiary Elite Ventures leases 250 mores acres in Nevada ]]> https://ca.proactiveinvestors.com/companies/news/210513/crop-infrastructure-cannabis-subsidiary-elite-ventures-leases-250-mores-acres-in-nevada-210513.html Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) said Tuesday that its Elite Ventures subsidiary has leased 250 more acres in Nevada.

The move will increase Elite’s holdings in the state to 2,115 acres, with 1,350 acres already under pivot irrigation, Crop said in a press release.

READ: Crop Infrastructure says cannabis farm in Washington State enters sales phase

The additional leased land comes as a provision legalizing industrial hemp and distinguishing it from the much more potent strains of marijuana is included in the US farm bill.

"As you can see from our summary of the significant points of this bill, the positive impact on the industry in the US will be enormous,"  Crop CEO Michael Yorke said in a statement. "The positive impact on the industry in the US will be enormous. It will show the world that our industry is here to stay. "It will show the world that our industry is here to stay." 

In October, Crop announced a three-year, cannabidiol (CBD) biomass supply agreement in the United States valued at US$18 million to US$28 million, depending on CBD content.

The hemp CBD market could increase to US$22 billion by 2022, according to Crop, citing an estimate from The Brightfield Group, a cannabis market intelligence group in Chicago.

Shares of Crop slipped C$0.01 to C$0.31 in Tuesday’s Canadian trading. They were down US$0.01 to US$0.22 on the OTC Markets.



Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Tue, 04 Dec 2018 11:56:00 -0500 https://ca.proactiveinvestors.com/companies/news/210513/crop-infrastructure-cannabis-subsidiary-elite-ventures-leases-250-mores-acres-in-nevada-210513.html
<![CDATA[News - Crop Infrastructure reaches California processing and retail distribution deal ]]> https://ca.proactiveinvestors.com/companies/news/210232/crop-infrastructure-reaches-california-processing-and-retail-distribution-deal-210232.html Crop Infrastructure Corp (CNSX:CROP) (OTCMKTS:CRXPF) said Thursday it has signed a processing agreement with a manufacturer that will produce cannabis oils, crumbles and distillates for sale in California.

Vancouver-based Crop said in a press release that the manufacturer will work with finished cannabis that is being trimmed or drying from Crop’s Humboldt County farm in California. The farm reports 10,000 square feet of flowering for late-stage harvest. The company added that it is working on obtaining permits for its 2019 expansion, including a proposed 30,000-square-foot automated greenhouse.

READ: Crop Infrastructure says cannabis farm in Washington State enters sales phase

Separately, Crop said that under a distribution agreement, the cannabis will be sold using its Hempire brand for estimated gross revenue of about $1,600 per pound of flower. The company has allocated 750 pounds of inventory to be sold under the brand.

“Processing and distribution are key agreements in getting our product onto hundreds of potential retail shelves,” CEO Michael Yorke said in a statement. “Crop's core goal is maximizing its return on investment from tenant 2018 production, while preparing and building relationships for an exciting 2019."

Earlier this week, Crop said its tenant at the Wheeler Park, Washington, greenhouse complex known as the “The Park” has submitted several strains of finished cannabis flower to quarantine in preparation for sale.

Shares of Crop climbed C$0.04 to C$0.34 in Wednesday’s Canadian trading. They advanced US$0.03 to US$0.25 on the OTC market.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 29 Nov 2018 08:58:00 -0500 https://ca.proactiveinvestors.com/companies/news/210232/crop-infrastructure-reaches-california-processing-and-retail-distribution-deal-210232.html
<![CDATA[News - Crop Infrastructure says cannabis farm in Washington State enters sales phase ]]> https://ca.proactiveinvestors.com/companies/news/210041/crop-infrastructure-says-cannabis-farm-in-washington-state-enters-sales-phase-210041.html Crop Infrastructure Corp (CNSX:CROP) (OTCMKTS:CRXPF) said Tuesday its tenant at the greenhouse complex in Wheeler Park, Washington, known as the “The Park” has submitted several strains of finished cannabis flower to quarantine in preparation for sale.

The Vancouver-based company said in a press release that once certificates of analysis are received, the finished cannabis will be sold to licensed retailers.

READ: Crop Infrastructure thanks 3 US states for legalizing marijuana

The company is currently accumulating inventories of strains including Darth Vader, Gorilla Glue, 9 LB Hammer, Pitbull, THC Bomb and Wa Woo.

The Park's 35,000-square-foot cannabis greenhouse recently underwent a complete retrofit for hydroponic automation and the addition of 500 Gavita high-pressure-sodium grow lights.

Full-scale production is estimated at about 12,000 pounds of high-quality cannabis annually, according to Crop.

"Crop is utterly dedicated to providing the cleanest and most natural cannabis for the end user," CEO Michael Yorke said in a statement.

Separately, Crop said it settled C$883,500 in debt by issuing shares in the company at C$0.30 per unit. Each unit has a common share and a common share purchase warrant that can be exercised at C$0.50 within 18 months of issuance.

Shares of Crop climbed C$0.01 to C$0.32 in Monday’s Canadian trading and slipped US$0.01 to US$0.24 on the OTC market.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Tue, 27 Nov 2018 08:16:00 -0500 https://ca.proactiveinvestors.com/companies/news/210041/crop-infrastructure-says-cannabis-farm-in-washington-state-enters-sales-phase-210041.html
<![CDATA[News - Crop Infrastructure thanks 3 US states for legalizing marijuana ]]> https://ca.proactiveinvestors.com/companies/news/208866/crop-infrastructure-thanks-3-us-states-for-legalizing-marijuana-208866.html Cannabis supplier Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) thanked Utah, Michigan and Missouri on Thursday for voting to legalize marijuana in the midterm US elections.

Michigan became the 10th state to approve recreational use of marijuana while Missouri and Utah voted in favor allowing its medical use. North Dakota rejected allowing recreational pot, and marijuana remains illegal at the federal level.

"With more and more states legalizing medical and recreational cannabis, Crop is positioned to substantially expand operations and work with new local partners that require funding and operational expertise,” CEO Michael Yorke said in a statement.

READ: Crop Infrastructure tenant in Nevada completes harvest of cannabidiol hemp

Yorke added that Tuesday’s ballot initiatives increase the likelihood of cannabis becoming legal in the United States. Challenges on the federal level remain, however.

Last June, a vote by the Senate Appropriations Committee blocked legislation that would have allowed U.S. banks to work with cannabis companies.

“Momentum is gaining for change in Congress to allow states to determine their own marijuana policies,” Morgan Fox, media relations director at the National Cannabis Industry Association, said in a statement. “Two-thirds of the country want marijuana to be legal, and politicians are ignoring that at their peril.”

Shares of Crop slipped $0.01 to $0.38 in Thursday’s trading on the Canadian Securities Exchange.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 08 Nov 2018 12:17:00 -0500 https://ca.proactiveinvestors.com/companies/news/208866/crop-infrastructure-thanks-3-us-states-for-legalizing-marijuana-208866.html
<![CDATA[News - Crop Infrastructure looking to control supply chain in California ]]> https://ca.proactiveinvestors.com/companies/news/208756/crop-infrastructure-looking-to-control-supply-chain-in-california-208756.html Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) said Wednesday it is working to have complete control of its California supply chain.

The Vancouver-based company said in a press release processing continues at its farm in Humboldt County, California, and new automation equipment has arrived to increase efficiencies and continually increase return on investment.

Crop added that its Emerald Heights retail brand just completed the stage three interview process with the city of San Bernardino – a major hurdle before the final licensing review to open its first Californiaretail brand location.

READ: Crop Infrastructure tenant in Nevada completes harvest of cannabidiol hemp

The company is also going through the process of opening two Emerald Heights locations in Italy and one in Nevada.

“The significance of fully vertically integrating cannot be understated, and we are working towards that end as rapidly as is practicable,” Crop CEO Michael Yorke said in a statement.

Crop said a tenant is accepting and reviewing bids from distributors to handle production under the Hempire, Evolution and White Rhino brands. The tenant has applied for its own distribution license to represent its own production and the production of other producers.

Tenants are preparing an extraction license application for the Humboldt farm to maximize ROI and broaden the range of SKUs (stock keeping units) available to retail locations.

Plans submitted to boost output

Crop added that it has submitted plans to the Humboldt County, California, building and planning department to increase production of the California facility at a cost of $1 million. Of that amount, $250,000 has already been spent, according to the company.

The boost in output is projected by the company to result in an additional 12,000 pounds of high-quality cannabis and 3,000 pounds of secondary material per year.

The company's portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, participation in West Hollywood and San Bernardino dispensaries and an international focus in Jamaica as well as Italy.

“With extraction and retail verticals now in process, the opportunity to maximize ROI on a significant scale presents the opportunity to control Crop's tenant destiny and maximize future profits," Yorke said.

Crop’s shares edged up $0.01 to $0.39 in Canadian Securities Exchange trading on Wednesday.

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Wed, 07 Nov 2018 10:33:00 -0500 https://ca.proactiveinvestors.com/companies/news/208756/crop-infrastructure-looking-to-control-supply-chain-in-california-208756.html
<![CDATA[News - Crop Infrastructure tenant in Nevada completes harvest of cannabidiol hemp ]]> https://ca.proactiveinvestors.com/companies/news/208639/crop-infrastructure-tenant-in-nevada-completes-harvest-of-cannabidiol-hemp-208639.html Cannabis company and greenhouse lessor Crop Infrastructure Corp (CSE:CROP, CSE:CROP.CN, OTCMKTS:CRXPF) said Tuesday that a tenant in Nevada has completed the harvest of 240 acres of cannabidiol hemp.

Samples have been submitted for independent testing to determine cannabidiol concentrations.

READ: Crop Infrastructure announces dispensary application moves forward; Hempire's harvest 'looks phenomenal'

The Vancouver-based company added that it has completed site testing at the hemp-cannabidiol project and that soil is ready for 2019 planting.

Once the cannabis certificate of analysis (CoA) has been received, the CBD will be shipped to the company's partner toll processor to produce CBD isolate.

Crop Infrastructure is developing a cannabis-infused line of soft drinks with nutritional content.

Last week, Crop revealed it had hired a firm to build its Nevada facility.

An extraction tech group will build a one-ton-per-day extraction facility at its Nevada CBD farm, the group said.

On October 23 this year, Crop inked its first major supply deal for its Hempire tenant in Nevada with a  commercial extraction technology company.

Namely, a three-year, 500,000-pound-per-year (1.5 million pounds in total) deal with deliveries starting August next year.

Shares of Crop Infrastructure slipped $0.03 to $0.36 at Monday’s close on the Canadian Securities Exchange.

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Tue, 06 Nov 2018 09:11:00 -0500 https://ca.proactiveinvestors.com/companies/news/208639/crop-infrastructure-tenant-in-nevada-completes-harvest-of-cannabidiol-hemp-208639.html
<![CDATA[News - Crop Infrastructure shares blooming again as it hires group for Nevada farm build-out ]]> https://ca.proactiveinvestors.com/companies/news/208344/crop-infrastructure-shares-blooming-again-as-it-hires-group-for-nevada-farm-build-out-208344.html It's a busy week for Crop Infrastructure Corp  (CSE:CROP, OTCMKTS:CRXPF) and shares were up again Thursday as the cannabis sector investor revealed it had hired a firm to build its Nevada facility.

An extraction tech group will build a one-ton-per-day extraction facility at its Nevada CBD farm, the group said.

Major supply deal 

On October 23 this year, Crop inked its first major supply deal for its Hempire tenant in Nevada with a  commercial extraction technology company. Namely, a three-year, 500,000-pound-per-year (1.5 million pounds in total) deal with deliveries starting August next year.

That same company will be developing, and providing, extraction equipment for the CROP Nevada extraction facility,  Crop said today.

The initial $3.2 million, equivalent to around 89,000 pounds of product, will be allocated towards paying for 60% of the facility.

The balance of around $2 million, due in cash over the next eight months will be financed by revenue from the company's operations.

The CBD flower off-take is to be delivered in shipments of 50,000 dry pounds on a bi-monthly basis with payment to be made plus the cost of delivery of $36.00 per pound to $57.00 per pound.

Harvesting 240 acres

CROP is currently harvesting its 240 acres planted this year, which will be processed for isolate and is also readying its 1,865-acre CBD farm for 2019 planting.

"The synergies and relationship between CROP and our off-take partner continue to evolve," said CROP CEO Michael Yorke.

"We look forward to continuing to develop this new partnership into new opportunities and other territories. We believe this is an effective and creative way of financing and developing our growth in a non-dilutive arrangement."

Cannabis industry analysts The Brightfield Group, estimate the hemp-CBD market alone could reach $22 billion by 2022.

Yesterday, Crop Infrastructure shares surged 25% as said it had signed former Coca-Cola branding executive Arashdeep Singh to head up its CannaDrink beverage business.

Singh has nearly 10 years' experience with drinks behemoth The Coca-Cola Company (NYSE:KO).

His last position was a senior brand manager for a $750 million portfolio of Coca Cola products.

Crop Infrastructure shares are up over 22% on Thursday at $0.41 each.

Reporting by Giles Gwinnett

giles@proactiveinvestors.com

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Thu, 01 Nov 2018 10:45:00 -0400 https://ca.proactiveinvestors.com/companies/news/208344/crop-infrastructure-shares-blooming-again-as-it-hires-group-for-nevada-farm-build-out-208344.html
<![CDATA[News - Crop Infrastructure shares fizz much higher as it lands former Coca-Cola branding executive to head up CannaDrink line ]]> https://ca.proactiveinvestors.com/companies/news/208266/crop-infrastructure-shares-fizz-much-higher-as-it-lands-former-coca-cola-branding-executive-to-head-up-cannadrink-line-208266.html Crop Infrastructure Corp  (CSE:CROP, OTCMKTS:CRXPF) shares fizzed much higher in Toronto as its CannaDrink beverage line was  boosted.

The cannabis focused firm said it had signed former Coca-Cola branding executive Arashdeep Singh to head up the business.

Singh has nearly 10 years' experience with The Coca-Cola Company (NYSE:KO).

His last position was a senior brand manager for a $750 million portfolio of Coca Cola products.

"Someone of Arash's calibre joining us is a big boost for our management team," said chief executive at CROP, Michael Yorke.

"As a growing organization our executive branch often wears many hats so having a specialist like Arash to head up this important pillar of Crop's growth is exciting for myself and the entire Crop family."

Yorke added: "For years, the benefits of cannabidiol have languished under a false stigma.

"With a welcome expansion of legalization, CannaDrink is committed to bring these products to the new age consumers. I am truly excited to be a part of this evolutionary journey."

Among the many highlights on Mr Singh's CV are that he helped launch Coca-Cola Zero in the markets of Bhutan & Sri Lanka to develop the 'Diets & Lights' category.

He also recruited new consumers by inducing more trials for the brand using experiential sampling and standardised the drinks giant's e-commerce presence with new layouts from a commissioned research to drive click-through rates.

Crop's portfolio of projects includes cultivation properties in California, two in Washington State and a 1,000-acre Nevada cannabis farm.

It also has 1,865 acres of CBD farms, extraction in Nevada, and joint ventures on West Hollywood and San Bernardino dispensary apps with international focuses in Jamaica and Italy.

Earlier this month, the group inked its first major supply deal.

That is for the group's Hempire tenant in Nevada, and is a three-year, 500,000-pound-per-year (1.5 million pounds in total) supply agreement with deliveries starting August next year.

On Wednesday, shares in Crop Infrastructure shot up 25% to $0.325.

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Wed, 31 Oct 2018 12:25:00 -0400 https://ca.proactiveinvestors.com/companies/news/208266/crop-infrastructure-shares-fizz-much-higher-as-it-lands-former-coca-cola-branding-executive-to-head-up-cannadrink-line-208266.html
<![CDATA[News - CROP Infrastructure's tenant at Wheeler Park has begun harvesting ]]> https://ca.proactiveinvestors.com/companies/news/207852/crop-infrastructure-s-tenant-at-wheeler-park-has-begun-harvesting-207852.html CROP Infrastructure Corp’s (CNSX:CROP) tenant has begun harvesting at the greenhouse complex known as ‘The Park’, situated in Wheeler Park, Washington State.

The Park’s 35,000 square foot cannabis greenhouse recently underwent a complete retrofit for hydroponic automation and the addition of 500 Gavita high pressure sodium (HPS) grow lights.

READ CROP Infrastructure unveils second interest in Washington State cannabis facilities​

The park can produce an estimated 12,000 pounds (or thereabouts) of high-quality cannabis annually. The operating costs are about US$50,000 a month, CROP said.

"CROP now has tenant harvests underway in two states, Washington and Nevada,” declared CROP’s chief executive officer, Michael Yorke.

“Inventories are accumulating in California, and tenants are accepting bids from potential distributors and buyers to be sold under CROP Brands. Production levels are on target as are costs and we look forward to a strong finish to the year," he added.

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Thu, 25 Oct 2018 08:11:00 -0400 https://ca.proactiveinvestors.com/companies/news/207852/crop-infrastructure-s-tenant-at-wheeler-park-has-begun-harvesting-207852.html
<![CDATA[News - Crop Infrastructure inks first major supply contract with three-year CBD flower deal ]]> https://ca.proactiveinvestors.com/companies/news/207696/crop-infrastructure-inks-first-major-supply-contract-with-three-year-cbd-flower-deal-207696.html Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) has inked its first major supply deal.

It is for the group's Hempire tenant in Nevada  and is a three-year, 500,000-pound-per-year (1.5 million pounds in total) supply agreement with deliveries starting August next year.

Crop owns 49% of its Nevada CBD (cannabidiol) farm.

"This is our first major supply contract and we have been extremely encouraged by the number of interested off-takers that have contacted us about our 2019 CBD crop as all of our 2018 harvest will be used to produce CBD isolate," said CROP Infrastructure chief executive Michael Yorke.

"With CROP's footprint now consisting of 1,865 acres with 1,340 acres of water rights under pivot, as announced on September 24 th, we estimated 2019 tenant production at the Nevada CBD farm will be approximately 2,680,000 pounds, making this one supply agreement less than one-fifth of the total 2019 estimated production the Nevada CBD farms."

The CBD flower will be delivered in shipments of 50,000 dry pounds on a bi-monthly basis with payment to be made of US$36 per pound to US$57 per pound plus the cost of delivery.

If market conditions change adversely in favor of, or against the company, the contract stipulates that prices will not fluctuate more than 25% over, or below, the range of between $36 and $57 per pound

Cannabis industry analysts The Brightfield Group, estimate the hemp-CBD market alone could reach $22 billion by 2022.

Crop also noted that the two existing strains planted during the 2018 season with up to 19 % CBD will be planted for 2019 along with three additional strains with similar CBD concentrations.

Reporting by Giles Gwinnett

giles@proactiveinvestors.com

 

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Tue, 23 Oct 2018 09:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/207696/crop-infrastructure-inks-first-major-supply-contract-with-three-year-cbd-flower-deal-207696.html
<![CDATA[News - CROP Infrastructure begins this year's harvest at CBD farm in Nevada as it eyes exciting 2019 ]]> https://ca.proactiveinvestors.com/companies/news/207403/crop-infrastructure-begins-this-year-s-harvest-at-cbd-farm-in-nevada-as-it-eyes-exciting-2019-207403.html Crop Infrastructure Corp. (CSE:CROP, CSE:CROP.CN, OTCMKTS:CRXPF)  told investors it had begun its fall pot harvest at its CBD farm in Nevada, USA.

All equipment required for this year's harvest has now arrived at the 1,865-acre Nevada hemp-cannabidiol farm for the 240 acres planted this summer. When the crop is harvested and dried, the company will begin delivering dried product to its processing partner, an ISO compliant processor.

READ: CROP Infrastructure eyeing first revenue as California tenant completes harvest

Expected then are bi-weekly shipments of CBD isolate back to the company. The isolate will be sold under a white label as well as the company's brands Hempire and Tiffany CBD.

"We are excited to be working with an ISO compliant processor to produce isolate while we work towards building our own in-house extraction capabilities," said CROP Infrastructure director and CEO, Michael Yorke.

"Having a full year of tenant production next year on the total acreage along with the strong uptrend in the CBD market should position the company, its tenants and its brands for a very exciting 2019."

Crop said it was now accepting offers from interested hemp-CBD flower off-takers for next year's harvest as all this year's production will be used for CBD isolate.

The two existing strains planted during the 2018 season with up to 19% CBD will be planted for 2019 along with three additional genetics with similar CBD concentrations, it added.

The farm will be planted and maintained to organic standards to ensure the hemp-CBD is to the specification of interested buyers.

Crop has had a busy year. Its portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada Cannabis farm and a 1,865 acre CBD farm.

It has an international focus in Jamaica and Italy and a joint venture on West Hollywood and San Bernardino dispensary applications.

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Thu, 18 Oct 2018 10:14:00 -0400 https://ca.proactiveinvestors.com/companies/news/207403/crop-infrastructure-begins-this-year-s-harvest-at-cbd-farm-in-nevada-as-it-eyes-exciting-2019-207403.html
<![CDATA[News - CROP Infrastructure eyeing first revenue as California tenant completes harvest ]]> https://ca.proactiveinvestors.com/companies/news/206914/crop-infrastructure-eyeing-first-revenue-as-california-tenant-completes-harvest-206914.html CROP Infrastructure Corp. (CSE:CROP, CSE:CROP.CN, OTCMKTS:CRXPF) says it's just steps away from first revenue as its California tenant "Hempire" in Humboldt has now finished harvesting all of its 30,000 square feet (sq ft) production area.

The greenhouses have now been re-populated and the plants are already in flower for a further Q4 harvest, the pot-focused company said.

The crop tally stands at around 2,100 pounds, which consists of around 300 pounds of dried flower, around 1,100 pounds, which is currently drying, and a further 700 pounds of lower tier production for extracts.

Steps away

"CROP is now only steps away from first revenue as the tenant's sales cycle has been initiated. Of particular significance too, we can also report that the tenant's temporary cannabis licenses have now been converted to a permanent California state license," said CEO Michael Yorke.

"CROP looks forward to having its California operations rapidly becoming profitable."

The cannabis will now be trimmed and packaged for various distributors the tenant is contracting with, the company added.

Crop strains are 707 OG, Forbidden Fruit, Green Crack, Birthday Cake, and Girl Scout Cookie. In addition, the tenant has added a new sought-after strain called Insane OG.

CROP also noted that it was waiting for permits to build out 12 proprietary light supplemented greenhouses totaling 44,000 square feet.

Last week, CROP updated on activity in Italy, saying it had expanded its footprint in the country and has now leased an 87,120 sq ft greenhouse via its joint venture with XHemplar.

Italian joint venture

In June this year, Crop unveiled the new Italian joint venture. It owns 30% of the venture under the name of Xhemplar and is developing a 522,000 sq ft project in the north-eastern region of Italy.

CROP provided an initial investment of €500,000.

XHemplar is a joint venture between CROP Infrastructure, Alto Holdings Ltd, Quantum Flux and the AnCaPa SRL of the prominent Castiglione family.

The resulting cannabis will be processed and sold into international CBD (cannabidiol) markets under the white label, the venture's house name XHEMPLAR and CROP brands TIFFANY CBD and HEMPIRE ITALIA.

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Thu, 11 Oct 2018 09:55:00 -0400 https://ca.proactiveinvestors.com/companies/news/206914/crop-infrastructure-eyeing-first-revenue-as-california-tenant-completes-harvest-206914.html
<![CDATA[News - CROP Infrastructure’s hemp farm strikes toll processing deal to produce CBD isolate as it readies for harvest ]]> https://ca.proactiveinvestors.com/companies/news/206828/crop-infrastructures-hemp-farm-strikes-toll-processing-deal-to-produce-cbd-isolate-as-it-readies-for-harvest-206828.html Marijuana industry investor Crop Infrastructure Corp (CSE:CROP; OTCMKTS:CRXPF) signed a toll processing deal Wednesday to provide its dried hemp-CBD biomass to a processor who will then provide 50% of the finished product as ISO certified CBD isolate, which is pure cannabidiol to CROP’s tenanted farm.

The CBD isolate will be sold under the company’s brands Hempire, Tiff CBD, and infused in its new line of cannabis-infused drinks called 'CannaDrink'.

CROP will also be working with the toll processor to develop its own ISO extraction facility for its production which has expanded to over 1,800 acres.

Crop said its tenant, at its Nye county hemp CBD farm in Nevada, was getting ready for the imminent harvest.

"Being in a position to have CBD isolate from the 2018 harvest will enable the company to begin infusing products like the CannaDrink beverage line and begin developing relationships with bulk buyers in preparation for 2019,” said Crop Infrastructure CEO Michael Yorke.

BIG PICTURE: CROP Infrastructure looks to capitalize on the “green rush” 

“Even with a toll cost, upgrading CBD biomass to isolate should significantly increase the value of our tenant harvest. This new strategic alliance opens up additional mutually beneficial opportunities, specifically those in developing our own extraction facilities, both in the US and Europe, which will be necessary to maximize the potential of our portfolio's ongoing hemp CBD and cannabis THC production," added Yorke.

Due to its non-psychoactive healing properties, cannabidiol (CBD) has become a very popular option for patients seeking a natural alternative to treat conditions such as chronic pain, anxiety, and epilepsy.

According to cannabis industry analysts, the Brightfield Group, the hemp CBD market alone could hit US$22 billion by 2022.

CROP has six farms in three countries, 16 brands, four farms harvesting or near harvest, two under construction, two dispensary apps, and 55 topicals licenced. The infrastructure company's projects include cultivation properties in California, Washington State, Nevada, Italy, Jamaica, and a joint venture on West Hollywood and San Bernardino dispensary applications.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 10 Oct 2018 15:12:00 -0400 https://ca.proactiveinvestors.com/companies/news/206828/crop-infrastructures-hemp-farm-strikes-toll-processing-deal-to-produce-cbd-isolate-as-it-readies-for-harvest-206828.html
<![CDATA[News - CROP Infrastructure says Naturally Splendid Enterprises' HempOmega ingredient to be used in its pot-infused drinks line ]]> https://ca.proactiveinvestors.com/companies/news/206303/crop-infrastructure-says-naturally-splendid-enterprises-hempomega-ingredient-to-be-used-in-its-pot-infused-drinks-line-206303.html CROP Infrastructure Corp (CNSX:CROP) revealed that it has expanded its earlier deal with biotech and consumer groups firm Naturally Splendid Enterprises (NSE) to use its HempOmega powder in its new line of cannabis-infused drinks called 'CannaDrink'.

As revealed last month, Crop is developing a new cannabis-infused line of soft drinks, which will offer a new kind of nutritional content.

CannaDrink will be available in all jurisdictions that currently do not allow for cannabinoid infused beverages, such as CBD and/or THC.

"We are pleased to be working with CROP to create quality, white-labelled hemp products for the Hempire brand as well as providing our proprietary HempOmega ingredient for CROP's innovative CannaDrink functional soft drink line," said Naturally Splendid CEO Douglas Mason.

"We believe in the nutritional spectrum and health benefits of both hemp and CBD so adding a consumer goods vertical was a logical progression as consumer data shows strong trends in plant-based foods and nutritional products," added Michael Yorke, the chief executive and director of CROP Infrastructure.

A tremendous opportunity

"We see it as a tremendous opportunity for CROP Infrastructure's branding & IP portfolio."

The cannabis-infused beverages market is big news at the moment in Canada and in the  US and has attracted the attention of world-class beverage companies as legalization spreads.

HempOmega is NSE's 100% owned, proprietary technology that microencapsulates hemp seed oil into superior bioavailable formats.

HempOmega is a high-quality, sustainable omega 3 fatty acid alternative ingredient to fish oil.

Unique format

Due to its unique powder format, HempOmega solves the formulation challenge manufacturers face when trying to add oil to existing products and has proven to increase the bioavailability of omega fatty acids.

In August this year, Crop signed a letter of intent with biotech and consumer groups firm Naturally Splendid for the manufacture and supply of hemp products.

The company said Naturally Splendid would create a variety of retail products, initially based on hemp seed, protein and oil and will be expanded to include CBD (cannabidiol) fortified products as regulations evolve.

These will then be marketed and distributed through CROP’s growing distribution network.

Shares in Crop eased around 2.1% to stand at $0.49 on Wednesday.

-- updated share price --

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Wed, 03 Oct 2018 08:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/206303/crop-infrastructure-says-naturally-splendid-enterprises-hempomega-ingredient-to-be-used-in-its-pot-infused-drinks-line-206303.html