CROP Infrastructure Corp. (CSE:CROP) (OTCMKTS:CRXPF) (“CROP” or the “Company”) announces it has entered into a Membership Purchase Agreement dated June 4th 2018 (the “Agreement”) with Wheeler Park Properties LLC (“The Park”) a Washington State limited liability company. CROP has agreed to advance up to US$2,500,000 to The Park for equipment purchase and retro-fit upgrades of the licensed Cannabis Greenhouse complex in return for a 30% interest.
The state-of-the-art 35,000 sq. ft. Cannabis Greenhouse sits on approximately 9 acres of land and has undergone a complete retro-fit for full hydroponic automation including sophisticated irrigation and the addition of five hundred Gavita HPS grow lights. The greenhouse facility has 5 flowering bays that are designed to yield tenant growers over 10,000 pounds of high quality cannabis on an annual basis.
CROP Infrastructure Director & CEO Michael Yorke states: “The Park complex is a technologically advanced Cannabis production facility that automates many aspects of the growing cycle, designed to maximize crop yields and quality while minimizing margin for error. This acquisition of a 30% interest in The Park represents Crop’s second interest in Washington State cannabis facilities and in its third overall portfolio including the recently announced Humboldt California interest. The Company now has investments in three operations totaling over 67,000 sq. ft. of completed canopy space. Crop intends to continue to pursue new opportunities and expand its portfolio of tenant growers, branding and infrastructure assets in strategic jurisdictions.”
The closing of the Agreement constitutes a significant transaction in accordance with the policies of the Canadian Securities Exchange. To date, the company has advanced US $2,365,864 and has earned a 30-per-cent interest in The Park complex.
The Transaction
Pursuant to the terms of the Agreement, the Company has agreed to advance up to US $2.5million under an interest-free loan which is repayable through 60-per-cent of the net profits (after tax) from The Park. As further incentive for advancement of the loan, CROP was issued a 30-percent membership interest in the Park, which is governed by the terms of an operating agreement.
About CROP
Crop Infrastructure Corp. is publicly listed on the Canadian Securities Exchange and trades under the symbol “CROP”. CROP is 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 greenhouse facilities in California and Washington State.
Company Contact
Michael Yorke – CEO & Director
E-mail: [email protected]
Website: www.cropcorp.com
Phone: (604) 484-4206
Source: cannabisfn.com
