Crop Infrastructure advances its dispensary application in California

CROP Infrastructure (CNSX:CROP) has made further progress in California, saying its San Bernardino dispensary application has passed stage one.

As reported last month, cannabis industry-focused CROP has agreed to finance buying real estate when it is granted a California dispensary licence.

These dispensaries, to operate under the brand name Emerald Heights, would enable CROP’s producer tenants to vertically integrate themselves.

Also on Wednesday, CROP said it had increased its ownership to 49% from 30% for its “Emerald Triangle” cannabis production facility, which is tenanted by “Hempire” in Humboldt California, where harvesting recently began at the first of five 2,000 sq ft greenhouses.

It will buy the additional 20% of Humboldt for total consideration of C$1mln in shares.

“This is an exciting time for Crop as our tenant begins its first harvest in California which makes this an ideal time to increase our ownership in the project from 30% to 49%,” said director and chief executive Michael Yorke.

“Our Humboldt facility is located in one of the most important cannabis jurisdictions in the US and potentially the world known as the Emerald Triangle.

“With the advancement of our dispensary application we are now moving towards assisting tenants in becoming fully vertically integrated in the State of California.”

At Humboldt county, as each greenhouse is harvested new starter plants will populate the canopy space.

Once 10,000 sq ft of plants have been taken down, the additional 20,000 sq ft of canopy will then be harvested.

Crop shares were unchanged in Toronto at C$0.195.

Story by ProactiveInvestors