CROP Developing One Ton Nevada Extraction Facility With 60% Payment Coming From 1500000 Pound Supply … – GlobeNewswire (press release)

VANCOUVER, British Columbia, Nov. 01, 2018 (GLOBE NEWSWIRE) — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that the company has now engaged an ISO/GMP rated extraction facility developer to build a one ton per day extraction facility at its Nevada farm.
On October 23rd CROP announced a 500,000 pound annual (1,500,000 over 3 years) supply agreement with a commercial extraction technology company. The same company will be developing, and providing, extraction equipment for the CROP Nevada extraction facility. The initial $3.2 Million, equivalent to ~89,000 pounds of product, will be allocated towards paying for 60% of the extraction facility. The balance of ~$2.0 Million, due in cash over the next eight months will be financed by revenue from the company’s operations.As previously announced, the CBD flower off take is to be delivered in shipments of 50,000 dry pounds on a bi-monthly basis with payment to be made plus the cost of delivery of $36.00 per pound to $57.00 per pound depending on Certificate of Analysis of the CBD content with deliveries starting August 2019.Cannabis industry analysts, The Brightfield Group, estimate the hemp-CBD market alone could reach $22-billion by 2022.CROP is in process of harvesting its 240 acres planted this year, which will be processed for isolate and is also readying its 1,865-acre CBD farm for 2019 planting.CROP CEO, Michael Yorke, stated: “The synergies and relationship between CROP and our off-take partner continue to evolve. We look forward to continuing to develop this new partnership into new opportunities and other territories. We believe this is an effective and creative way of financing and developing our growth in a non-dilutive arrangement.”About CROP
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

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