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.”
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.
“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 [email protected]