CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Monday that its partly owned subsidiary DVG LLC has acquired additional facilities for a tenanted outdoor cannabis farm in Grant County, Washington.
The Vancouver-based cannabis company has a 30% stake in DVG LLC.
CROP said in a statement that in return for acquiring the turnkey infrastructure and branding assets for DVG, it issued two million shares at a deemed price of $0.30 per share and paid US$46,000 in cash.
The farm is operated by a Tier 3 licensed tenant and is fully planted for the 2019 outdoor season. The strains planted include Bubba Kush, Dutch Hawaiian, Ghost Train, Green Crack, Star Killer and WA Cookies, predominantly for extraction at the adjacent processing facility.
“In the roll out of the Hempire and Evolution brands we have continually worked with the team tenanted at these locations,” said CROP Infrstructure CEO Michael Yorke. “It seemed only natural to align all parties’ interests as we continue to execute on our America-wide focus with this team.”
CROP is focused on cannabis branding and real estate assets. It’s portfolio of projects include cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 1,865 acres of CBD farms, extraction in Nevada.
Its investment portfolio includes 16 cannabis brands as well as US distribution rights to over 55 cannabis topical products.
Contact Uttara Choudhury at [email protected]