GREY:CRXPF - Post by User
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AbrahamSTon Feb 27, 2019 11:37am
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crop - Added more revenue - NEWS OUT
crop - Added more revenue - NEWS OUT | |
| CROP SELLNG ITALIAN AND JAMAICAN ASSETS FOR $2,000,000 | | | February 27th, 2019 - VANCOUVER, BRITISH COLUMBIA - CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today it 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 CAD$2,000,000 worth of equity in World Farms Corp.
CROP will be retained as advisors in relation to research and development in plant science.
The investment comprises of 10,000,000 common shares in World Farms Corp (‘WFC’). and represents a 19% ownership interest in WFC for CROP.
The XHemplar S.R.L joint venture facility covers 87,120 square feet. CROP and XHemplar have been working with Italian agencies to import new and unique, high CBD genetics that are expected to command premium prices.
CROP JAMAICA has a five-acre property for the cultivation and extraction of cannabis. The principal local partner is Greg Douglas. During April to November 2017, Douglas was seconded to Jamaica’s Cannabis Licensing Authority (CLA) as their CEO. While there he issued the first commercial licenses.
CROP CEO, Michael Yorke, stated: “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. The company has invested approximately $100,000 between the two projects. This represents a 2,000% return on investment for CROP and its stakeholders.
“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.”
WORLD FARMS CEO, Arthur Griffiths “We’re excited to continue where CROP has left off with assets now in South Africa, Italy and Jamaica. World will bring additional value by leveraging our 1,000,000 square feet of greenhouse canopy in South Africa for the eventual importation of cannabis & hemp products into Italy and Jamaica. Our objective is to supply the world with organic hemp and cannabis.”
CROP additionally has retained Mackie Research Capital Corporation as a capital markets advisor for its ongoing financial demands. An advisory fee of $60,000 CAD and 1,000,000 warrants at $0.50 for a period of 24 months has been agreed upon.
About CROP
Crop is publicly listed on the CSE and trades under the symbol “CROP”. CROP 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, 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.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 Cannabis brands. CROP's infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: (604) 484-4206 | | | | |