CROP JV Partner 'XHemplar Italia' Plants 25 Acres of High CBD, Low THC 'Cannabis Light'
VANCOUVER, July 11, 2018 /CNW/ - CROP Infrastructure Corp. (CSE: CROP) (OTC: CRXPF) ("CROP" or the "Company") announces its 30% owned Italy Joint Venture partner 'XHemplar Italia' has planted 25 acres or 1,089,000 square feet of high CBD 'Cannabis Light' in North Eastern Italy. This represents over a 100% increase on the previously announced capacity announced in press release dated June 27th 2018.
The Joint Venture's resulting high CBD "Cannabis Light" will be processed and sold into international CBD markets under white label, the venture's house name XHemplar and Crop brands Tiffany CBD and Hempire Italia. The company will also use the production to infuse its recently announced therapeutic and cosmetic product lines, licensed from The Yield Growth Corp., which transaction is now complete giving Crop exclusive rights in Italy to over 55 wellness products.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized healthcare spending (worldwide market at $1.3-trillion) is expected to make Europe among the fastest growing and largest medical cannabis markets in the world. Arcview expects Italy to be the second largest cannabis market in Europe by 2027 with $1.2 billion in sales.
CROP Infrastructure Director & CEO Michael Yorke states: "The company is extremely encouraged by the fast pace with which the team at XHemplar has commenced production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy and joint ventures on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products. Management will continue to aggressively pursue new world-wide opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions."
XHemplar Chairman and CROP Infrastructure VP of M&A, EMEA Andrea Castiglione states: "This is a great start for the company in Italy. We are pleased by how quickly our joint venture team has worked together to begin this initial production."
XHemplar is a joint venture between CROP Infrastructure Stratto, LLC and the AnCaPa SRL of the prominent Castiglione family. This endeavor will be led locally by the CEO of XHemplar Giuseppe Castiglione who has spent the past 30 years in National and International politics roles ranging from Vice President of Sicily - with special delegation on Agriculture and Industrial development - to member of the European Parliament - where he acted as head supervisor of the European Wine Reform - to Vice Minister of Agriculture and Forestry Politics for the Italian central government in three consecutive legislatures. As an agricultural company XHemplar enjoys substantially lower tax rates with 4% VAT in Italy from which the company will greatly benefit in these early stages.
Crop Infrastructure Corp. is publicly listed on the Canadian Securities Exchange and trades under the symbol "CROP" and in the US under the symbol "CRXPF". CROP is primarily engaged in the business of investing, constructing, owning and leasing greenhouse projects as part of the provision of turnkey real estate solutions for lease-to-licensed cannabis producers and processors offering best-in-class operations. The Company's portfolio of projects includes cultivation properties in California and Washington State, Nevada, Italy and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.
Disclaimer for Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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SOURCE CROP Infrastructure Corp.