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Crop Infrastructure excited about new property deal in Nevada

It has inked a loan agreement with Elite Ventures to purchase the site in Nye county in Nevada.

The property spans 315 acres in Nevada

Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) has further strengthened its position in the US legal cannabis space as it revealed it was set to buy 315 acres  in Nevada.

It has inked a loan agreement with Elite Ventures to purchase the site in Nye county with the intention of forming a joint venture immediately with a  licensed hemp grower. It has already put an initial sum of US$100,000 in escrow.

The first phase of development is expected to cost around US$700,000 to seed 240 acres. The property will have 50 acres set aside for building cannabis specific greenhouses.

"With cannabis infrastructure in California, Washington, CROP is expanding its footprint and operations in some of the largest legal markets throughout the US," said director and chief executive Michael Yorke.

This property, which has abundant water rights, already has 240 acres of existing irrigation infrastructure offering a turn-key solution suitable for Hemp and Cannabis growers.

"The company is looking to partner with a licensed hemp grower immediately, and further invest in CBD extraction infrastructure."

Nevada has allowed hemp cultivation /production since 2016 and does not require hemp processing licenses.

Cannabidiol CBD products (extracted from industrial hemp) in Nevada are available for purchase over-the-counter and without a prescription.

CROP noted the property spanned over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that have automatic fertilizer injection systems installed.

Once licensed for hemp and cannabis, the pivots would be seeded with feminized auto flowering seeds for both THC and CBD crops.

The company drew attention to an article titled 'Oregon marijuana growers diversify with hemp' published this May that "In its purified distilled form, CBD oil commands thousands of dollars per kilogram" and that "farmers can make more than $100,000 an acre growing hemp plants to produce it".

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