VANCOUVER, British Columbia, June 27, 2018 (GLOBE NEWSWIRE) -- CROP Infrastructure Corp.(CSE:CROP) (OTCMKTS:CRXPF) (“CROP”or the“Company”) announces it has entered into a joint venture agreement whereby CROP will own 30% under the name of Xhemplar to develop a 522,000 square foot project in the North-Eastern region of Italy. The joint venture and its principals have also been permitted to develop one of a few extraction and processing facilities currently present in the Country of Italy.
CROP has committed to provide an initial investment of €500,000. The initial investment will enable the planting of 435,000 square feet, the retrofit of the extraction facility and the commencement of construction on an 87,000 square foot greenhouse facility. The initial yield of the tenant joint venture greenhouse is expected to be a combined 44,000 pounds of low thc, high cbd cannabis light per year.
The joint venture's resulting cannabis will be processed and sold into international CBD markets under white label, the venture's house name XHEMPLAR and CROP brands TIFFANY CBD and HEMPIRE ITALIA. The company will also use the processing facility to infuse its recently announced therapeutic and cosmetic product lines, licensed from The Yield Growth Corp,. a partially owned subsidiary of Glance Technologies Inc. which transaction is now complete giving CROP exclusive rights in Italy to over 55 wellness products. According to Arcview Market Research, Government-subsidized healthcare spending (worldwide market at $1.3 trillion) is expected to make Europe among the fastest growing and number one medical cannabis markets in the World.
CROP Infrastructure Director & CEO Michael Yorke states: “The company has identified that many countries throughout Europe specifically focusing on the CBD markets are prime new entry points for our growing organization. I look forward to working closely with the XHemplar team on this new endeavour for our company.”
XHemplar Chairman Andrea Castiglione states: “Europe is at a turning point. We now recognize the medical benefits of cannabis and rather than stand by and continue to see European countries import from across the World we will hire locally and train locally to provide European buyers the means to obtain medicine which has become a global phenomenon and replacement for traditional opioids as it pertains to pain management and numerous ailments.”
XHemplar is a joint venture between CROP Infrastructure. Alto Holdings Ltd. Quantum Flux, LLC and the AnCaPa SRL of the prominent Castiglione family. This endeavor will be led locally by the CEO of XHemplar Giuseppe Castiglione who has spent the past 30 years in National and International politics roles ranging from Vice President of Sicily - with special delegation on Agriculture and Industrial development - to member of the European Parliament - where he acted as head supervisor of the European Wine Reform - to Vice Minister of Agriculture and Forestry Politics for the Italian central government in three consecutive legislatures. As an agricultural company XHemplar enjoys substantially lower tax rates with 4% VAT in Italy from which the joint venture will greatly benefit in these early stages.
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 facilities in California, Nevada, Washington State and Italy.
Michael Yorke – CEO & Director
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. 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 proceeds to be raised pursuant to the Offering, availability of exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 and the expected uses of the funds advanced under the Loan by Xhemplar. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company’s ability to complete the Offering and the uses of the funds advanced under the Loan by Xhemplar, including the risk that the Offering may not be completed as expected or at all, that the proceeds of the Offering may be used other than as set out in this news release, that the funds advanced under the Loan by Xhemplar may be used other than as set out in this news release 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.
The CSE has not reviewed, approved or disapproved the content of this press release.
© 2018 GlobeNewswire, Inc. All Rights Reserved.