VANCOUVER, British Columbia, March 14, 2018 (GLOBE NEWSWIRE) — CROP Infrastructure Corp. (CSE:CROP) (FRANKFURT:2FR) (“CROP” or the “Company”) today announced it has received an update from it’s state-of-the-art Washington State Mega Greenhouse project.
Phase one construction consisting of site preparation including foundations for twelve (12) purpose-built indoor agricultural canopies encompassing a planned total area of ~44,000 square feet is nearing completion. The first six (6) greenhouses are currently under construction with completion anticipated shortly.
Each phase will be licensed to tenant growers along with brand licensing and Standard Operating Procedures (SOPs).
The Company will shortly begin Phase 2 construction of the next group of six (6) greenhouses planned for the property, bringing another 22,000 square feet of canopy online. Completion of the greenhouses as planned will bring the project’s annual tenant production capacity to approximately 24,000 lbs of high quality product.
The Mega Greenhouse project currently benefits from a regional electrical rate of $0.02/kWh USD which based on internal calculations provided by the company’s expert consulting partner, should result in less than $150.00 USD per lb ($0.33 per gram) production costs for it’s tenant growers.
In related news, the Company further announces that it has granted a total of 5,500,000 incentive stock options to certain directors, officers, consultants and employees of the Company. The options have an exercise price of $0.50 per share and expire March 13, 2019.
About CROP Infrastructure Corp.
Crop Infrastructure is engaged in the business of investing, constructing, owning and leasing mega-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 first project and core asset is its Mega Greenhouse project currently under construction in the State of Washington.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.