CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Thursday that one of its portfolio companies is going public on the Canadian Securities Exchange.
The Vancouver-based investment holding company said that World Farms Corp had signed a definitive agreement with Graphite Energy Corp to go public via a reverse takeover.
World Farms has a portfolio of international cannabis assets in South Africa, Italy, Jamaica, Croatia and Uruguay, with over 1 million square feet of greenhouse canopy in Durban, South Africa.
CROP holds 10 million shares of World Farms, which also announced a private placement at C$0.30 per share in connection with the reverse takeover.
According to CROP’s CEO Michael Yorke, the RTO is proceeding as planned and is now subject to final approval by the CSE.
“By divesting our Italian and Jamaican assets to World Farms, it has allowed CROP to focus and expand its operations in the USA, as well as gain a major investment,” Yorke said in a statement.
World Farms is currently cultivating 100,000 cannabis plants with another 500,000 planned to be growing in Croatia over the coming weeks, according to Yorke.
CROP is focused on cannabis branding and real estate assets. Its 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, and extraction in Nevada.
Its investment portfolio includes 16 cannabis brands as well as US distribution rights to over 55 cannabis topical products.
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