Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) revealed Wednesday that its cannabis subsidiary Hempire has upped its stake in a distribution company.
The brand shelled out $100,000 for a 51% majority stake in Flip Distro, which it plans to use as a secondary fulfillment center for delivery logistics in California.
Humboldt Holdings, another CROP subsidiary, has the option to acquire Hempire’s interest in Flip if and when it becomes legal for it to do so.
The Vancouver-based company is also investigating retail locations in Cathedral City, California to use for its flagship Emerald Heights brand store.
“CROP will be able to connect the Emerald Heights Southern California retail provisional licence with Flip Distro’s Northern California distribution license to create a secondary drop point for delivery drivers,” CEO Michael Yorke said. “CROP and its partners are working hard to create as much value through the supply chain as possible for shareholders.”
CROP’s portfolio includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms and equity in upcoming cannabis sector listings.
Its assets also include Canna Drink, a cannabis-infused beverage line.
CROP's stock slid 5.3% to C$0.18 on the CSE and 2.3% to US$0.14 on OTC Markets.
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