Crop and Hempire Make a ‘Big Step Forward’ in California With Antler Retail.
VANCOUVER, British Columbia, Feb. 21, 2019 /PRNewswire/ — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today it has signed an agreement with Antler Retail Inc., whereby Hempire and CROP will provide Antler with finished packaged goods under the Antler brand.
Details are as follows:
|Unit||Wholesale Unit Price||No of Units||MSRP||Total Value of Purchase|
|1/2 Gram Vape Carts||$15.00||10,000||$50||$150,000|
|1/4 Gram Vape Carts||$12.00||4,000||$40||$48,000.00|
Antler recently acquired an approved permit for a cannabis retail location with state wide delivery rights in California. Its US retail location will be in Desert Hot Springs and it has plans to take advantage of the now expanded state-wide nature of its delivery rights. This licence gives Antler the freedom to address a much larger market place without the immense potential overhead of many brick and mortar operations.
CROP and Hempire will provide Antler its home-made brand outside of what Antler anticipates offering from separate self-branded cultivators from all over California. As Antler moves into additional US states, the supply agreement will be amended to bring the Antler Home brand to each State Antler enters.
Payment for the initial order will be converted to shares in Antler Retail at CAD$0.20 per unit by issuance of 1.5 million units with each unit consisting of one common share and one common share purchase warrant at CAD$0.75 exercisable for a period of 12 months.
CROP CEO, Michael Yorke, stated: “We believe it is a prudent move for our company to convert our finished products into shares of Antler retail. We see this as an opportunity to not only assist Antler in entering additional states, but also as a big step forward in further establishing CROP’s retail presence in a key market, while making what we believe will be a very sound investment.”
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.
Disclaimer for Forward-Looking Information
Certain statements in this press release are 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 returns from the Washington Project; the technological effects of Washington Project; 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.
Michael Yorke – CEO and Director