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.
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.
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