CROP Receives Permit to Complete Construction at ‘The Dozen’ Greenhouse Project in Washington
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.”
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.
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.
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Source: CROP Infrastructure Corp.