CROP Infrastructure Corp. (CSE:CROP, CSE:CROP.CN, OTCMKTS:CRXPF) says it's just steps away from first revenue as its California tenant "Hempire" in Humboldt has now finished harvesting all of its 30,000 square feet (sq ft) production area.
The greenhouses have now been re-populated and the plants are already in flower for a further Q4 harvest, the pot-focused company said.
The crop tally stands at around 2,100 pounds, which consists of around 300 pounds of dried flower, around 1,100 pounds, which is currently drying, and a further 700 pounds of lower tier production for extracts.
"CROP is now only steps away from first revenue as the tenant's sales cycle has been initiated. Of particular significance too, we can also report that the tenant's temporary cannabis licenses have now been converted to a permanent California state license," said CEO Michael Yorke.
"CROP looks forward to having its California operations rapidly becoming profitable."
The cannabis will now be trimmed and packaged for various distributors the tenant is contracting with, the company added.
Crop strains are 707 OG, Forbidden Fruit, Green Crack, Birthday Cake, and Girl Scout Cookie. In addition, the tenant has added a new sought-after strain called Insane OG.
CROP also noted that it was waiting for permits to build out 12 proprietary light supplemented greenhouses totaling 44,000 square feet.
Last week, CROP updated on activity in Italy, saying it had expanded its footprint in the country and has now leased an 87,120 sq ft greenhouse via its joint venture with XHemplar.
Italian joint venture
In June this year, Crop unveiled the new Italian joint venture. It owns 30% of the venture under the name of Xhemplar and is developing a 522,000 sq ft project in the north-eastern region of Italy.
CROP provided an initial investment of €500,000.
XHemplar is a joint venture between CROP Infrastructure, Alto Holdings Ltd, Quantum Flux and the AnCaPa SRL of the prominent Castiglione family.
The resulting cannabis will be processed and sold into international CBD (cannabidiol) markets under the white label, the venture's house name XHEMPLAR and CROP brands TIFFANY CBD and HEMPIRE ITALIA.