Crop Infrastructure Corp (CSE: CROP) (OTC: CRXPF) is an exciting Company 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.
CROP’s portfolio currently consists of 176,000 square feet covered or under construction, with an additional 134,000 square feet scheduled, and interests in over 325 acres of outdoor production, and has built the blueprint and framework for continued expansion in 2018.
The company’s Wheeler Park facility, referred to as ‘The Park,’ is a state-of-the-art facility with a 35,000 square foot greenhouse designed to yield 12,000 lbs of cannabis annually once fully operational.
Earlier this year Crops Nevada subsidiary leased an additional 750 acres of contiguous agricultural farmland bringing the total Nevada acreage to 1,065 acres with 240 acres under pivot. The newly-leased acreage comes with four housing units and a building to be converted into an extraction facility to process hemp biomass for CBD isolate on site. The two-year lease will annually cost $566 USD per acre and the company intends to use a portion of the revenue from its first crop to pay for the lease.
The previously announced 240 acres of CBD Hemp was planted and is currently 1.5 feet tall and growing under pivot. All harvesting equipment has been secured for the resulting hemp biomass. It is estimated that the 240 acre pivots will yield 240,000 pounds of hemp flower. The cost of production is not expected to exceed $700,000 USD with many of the costs already incurred. The first harvest is expected in early Q4 this year.
Crop announced its tenant has now commenced commercial production at Wheeler Park. The facility is designed for perpetual harvest of cannabis at ‘The Park’, its state-of-the-art facility in Washington State. Crop’s licensed tenant grower has now advised the Company that it expects its first harvest of cannabis within weeks and it will be at full scale production in September 2018.
The Park cannabis greenhouse is 35,000 square feet and sits on approximately nine acres of land. The facility recently underwent a complete retro-fit for hydroponic automation and the addition of 500 Gavita HPS grow lights. The greenhouse facility has five flowering bays that are designed to yield, at full scale production, approximately 12,000 pounds of high quality cannabis annually (~1,000 pounds per month). The current operating cost is $50,000 USD per month.
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On November 27 CROP announced its tenant at the greenhouse complex known as ‘The Park’, situated in Wheeler Park, Washington State, has submitted several strains of finished cannabis flower to quarantine as harvest continues. Once the certificates of analysis are received the finished cannabis will be sold to licensed cannabis retailers. The company is currently accumulating inventories of the following strains: 9 LB Hammer, Banana Kush, Darth Vader, Dutch Hawaiin, Ghost Train, Gorilla Glue, Juggernaut, Pitbull, Dour Diesel, Start killer, The Bomb, Wa Woo, Tiffany CBD.
The Park’s 35,000 square foot cannabis greenhouse recently underwent a complete retrofit for hydroponic automation and the addition of 500 Gavita HPS grow lights. It has five flowering bays and is sited on nine acres with full scale production estimated at approximately 12,000 pounds of high-quality cannabis annually (about 1,000 pounds per month). The operating costs are about $50,000 (U.S.) per month.
CROP CEO, Michael Yorke, stated: “CROP has finished cannabis at two of its tenant farms and which have entered the sales cycle in Washington, which is a major step forward. I cannot over stress the importance of the purity of tenant products. By only using organic inputs on our farms, CROP is utterly dedicated to providing the cleanest and most natural cannabis for the end user, who, I am sure, will appreciate the quality and taste the difference of the products.”
CROP also recently announced it has signed a toll processing agreement with a manufacturing company that will produce oils, crumbles and distillates for sale in to the California market. The raw material will be finished cannabis from CROP’s Humboldt County farm where the cannabis is awaiting sale, being trimmed or drying. The farm is currently flowering 10,000 sqft of canopy for a late stage harvest and is working on the permitting for its 2019 expansion including a proposed 30,000 sq ft automated greenhouse facility. In addition, a distribution agreement is now in place for the cannabis which will be sold under the company’s Hempire brand for estimated gross revenue of approximately $1,600 per pound of flower. The farm has allocated 750lbs of inventory to be sold under the Hempire brand.
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Currently trading at a $31 million market valuation Crop has $1.1 million in the treasury and $6.1 million in debt. Crop Infrastructure is a really exciting Company; CROP’s portfolio consists of 176,000 square feet covered or under construction, with an additional 134,000 square feet scheduled, and interests in over 325 acres of outdoor production, and has built the blueprint and framework for a continued expansion in 2018. The Company has harvests now underway in California and Washington. The Company expects four of its six tenant licensees to harvest at its farms, with each set to begin cash flowing in Q4 2018. We will be updating on Crop when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Crop.
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Disclosure: we hold no position in Crop either long or short and we have not been compensated for this article.