CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) told investors Thursday it was now seeing cash flow from its California farm's harvest in 2018 as it updated on orders.
The cannabis-focused group has several projects in its portfolio, including 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 shares in upcoming listings within the cannabis sector.
CROP said the California farm had received and executed the first order from its 2018 harvest amounting to US$41,625 in whole flower.
Meanwhile, its tenanted Washington facility sold US$83,749 in newly harvested flower. Both deals were in the first week of August this year.
Revenue from the Washington state property sales was used to pay the ongoing operating expenses at the farm, with the California revenue being realized by CROP’s 49% owned unit Humboldt Holdings.
"Our Washington and California farms are continuing 2019 harvests, continuing towards covering ongoing expenses and finally, we are seeing cash flow from our California farm’s 2018 harvests," said Crop's CEO Michael Yorke.
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