Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) said Tuesday that its Elite Ventures subsidiary has leased 250 more acres in Nevada.
The move will increase Elite’s holdings in the state to 2,115 acres, with 1,350 acres already under pivot irrigation, Crop said in a press release.
The additional leased land comes as a provision legalizing industrial hemp and distinguishing it from the much more potent strains of marijuana is included in the US farm bill.
“As you can see from our summary of the significant points of this bill, the positive impact on the industry in the US will be enormous,” Crop CEO Michael Yorke said in a statement. “The positive impact on the industry in the US will be enormous. It will show the world that our industry is here to stay. “It will show the world that our industry is here to stay.”
In October, Crop announced a three-year, cannabidiol (CBD) biomass supply agreement in the United States valued at US$18 million to US$28 million, depending on CBD content.
The hemp CBD market could increase to US$22 billion by 2022, according to Crop, citing an estimate from The Brightfield Group, a cannabis market intelligence group in Chicago.
Shares of Crop slipped C$0.01 to C$0.31 in Tuesday’s Canadian trading. They were down US$0.01 to US$0.22 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]