VANCOUVER, British Columbia, Sept. 18, 2018 (GLOBE NEWSWIRE) -- CROP Infrastructure Corp. (CSE: CROP)
(OTC: CRXPF) announced today that it has received an updated building permit for its Washington “The Dozen” Project. CROP
had previously revised the building plans to include upgraded access roads and a new staff facility, including restroom and
break-room.
The company has completed 90% of the construction of the first six (6) purpose-built proprietary greenhouses and
will now complete the final construction for site approval.
Phase one of construction, consisted of site preparation and foundations for twelve (12) purpose-built indoor agricultural canopies
encompassing a planned total area of approximately 44,000 square feet.
Each completed phase will be leased to licensed tenant growers along with brand licensing and the CROP SAFE Standard Operating
Procedures (SOPs). The site currently allows for about 176,000 square feet of canopy space.
The 12 indoor growing facilities will benefit from a regional electricity rate of $0.02/kWh USD and based on
internal calculations provided by CROP’s expert consulting partner, should result in tenant cost of production of less than $150.00
USD per lb. ($0.33 per gram) with adherence to the CROP SAFE Standard Operating Procedures.
CROP Infrastructure Director and CEO, Michael Yorke, stated: “Once the project is completed this will serve as
our CROP SAFE production model for all our future builds across the globe. We intend to have strict replication of our growing
procedures to get the best return from every square foot of growing space and the lowest cost possible for our tenants.”
About CROP
Crop Infrastructure Corp. is publicly listed on the Canadian Securities Exchange and trades under the symbol “CROP” and in the US
under the symbol “CRXPF”. CROP is primarily engaged in the business of investing, constructing, owning and leasing greenhouse
projects as part of the provision of turnkey real estate solutions for lease-to-licensed cannabis producers and processors offering
best-in-class operations. The Company’s portfolio of projects includes cultivation properties in California and Washington State,
Nevada, Italy, Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a
portfolio of assets including Canna Drink a cannabis infused functional beverage, US and Italian distribution rights to over 55
cannabis topical products and a portfolio of 16 Cannabis brands.
Company Contact
Michael Yorke – CEO & Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: (604) 484-4206
Disclaimer for Forward-Looking Information
Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction are
forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather
on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause
actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition,
marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the
US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this
prohibition must be renewed each year to remain in effect. These statements generally can be identified by the use of
forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or
“continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements
regarding the expected yield from The Dozen Property; the technological effects of The Dozen Property on production; the intention
to expand its portfolio; and execute on its business plan. Such statements are qualified in their entirety by the inherent risks
and uncertainties surrounding the regulatory and legal framework regarding the cannabis industry in general among all levels of
government and zoning; risks associated with applicable securities laws and stock exchange rules relating to the cannabis industry;
risks associated with maintaining its interests in its various assets; the ability of the Company to finance operations and execute
its business plan and other factors beyond the control of the Company. Such forward-looking statements should therefore be
construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by applicable law.
The CSE has not reviewed, approved or disapproved the content of this press
release.