VANCOUVER, British Columbia, December 13, 2018 /PRNewswire/ —
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) (the “Company“) announced today its large Italian CBD greenhouse facility has been upgraded and is ready for the start of the 2019 growing season.
The joint venture facility, which covers 87,120 square feet and is co-owned through XHemplar S.R.L, now has a perimeter security fence being erected as well as and a comprehensive CCTV security system that is expected to be completed imminently.
CROP and XHemplar are currently working with Italian agencies to import new and unique, high CBD genetics to populate its upgraded facility that are expected to command premium prices. Discussions are also continuing with an Italy-based pharmaceutical company to secure off-take agreements for the 2019 harvests.
In addition, CROP and XHemplar have identified six potential retail locations throughout Italy and are in negotiations to open two of the retail locations shortly. It is also planned to build a state-of-the-art extraction facility that would add significant value by allowing for in-house processing of hemp biomass.
CROP Infrastructure CEO, Michael Yorke, stated: “Italy is our bridgehead into Europe. Our Italian partners are making significant progress on multiple fronts to ensure that the European operations are running at full capacity to take full advantage of the rapidly growing demand there.
“Our unique, high CBD strains, will position CROP as a low-cost and high-quality pure CBD provider, both domestically in North America, and throughout the European market. The joint venture’s CBD products will be branded under the XHemplar and CROP brands Tiffany CBD and Hempire Italia.”
Cannabis industry analysts, The Brightfield Group, estimates the hemp-CBD market alone could hit $22 billion by 2022.
Crop is publicly listed on the CSE and trades under the symbol “CROP” and in the US under the symbol “CRXPF”. CROP