CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) is expanding its California retail presence in an effort to capitalize on exponential cannabis sales in the state.
The cannabis branding company’s Esmerelda Heights retail brand has started two additional retail applications in Chula Vista and Contra Costa.
The Vancouver-based company also announced that it has shipped 330,000 pre-rolled cone sleeves with custom Hempire and Evolution filters.
California’s market for pre-rolled cones is $5 wholesale and an MSRP of $10, while infused cones are priced at $12 wholesale and $18 MSRP, according to data provided by CROP.
"The sales growth trend is unabated across the board,” said Michael Yorke, CEO of CROP. “Clearly, the California market is potentially vast and, once the regulatory climate has the federal government on side, we expect sales predictions by market research firms to be sharply revised upwards and the prospect of cannabis business ending up being bigger than beer becoming much closer to a reality."
CROP's portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space.
Shares of CROP were up 3% to C$0.30 in Canada and were trading at US$0.22 in the US by Wednesday’s close.
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