CROP Infrastructure receives 2019 production, extraction licenses for Nevada hemp operations

CROP Infrastructure Corp (OTCMKTS:CRXPF) (CNSX:CROP) announced Thursday that its 49%-owned subsidiary Elite Ventures reported that Hempire, the company’s Nevada tenant, has been issued production and extraction licenses.

Hempire received hemp handler, hemp nursery and hemp grower licenses covering 1,350 irrigated acres on its 2,115 acres of owned or leased Cannabidiol (CBD) focused lands.

A hemp handler is registered with the licensing department to receive industrial hemp for processing into commodities, products or agricultural hemp seed.

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CROP said the company applied for its hemp grower licence, nursery and hemp handler licence in anticipation of its lab extracting and producing CBD isolate with a throughput capacity of one ton per day of raw biomass.

The company increased the acreage covered by its hemp licences from 240 acres of cultivation in 2018 to 1,350 acres of irrigated cultivation for 2019.

“With the increased size and operating range of our tenant’s licenses, CROP’s Nevada CBD operations are emerging into a truly world class operation,” said CROP CEO Michael Yorke in a statement. “Our land holdings, micropropagation team, strategies, drying and extraction capabilities and supply agreements will enable us to operate from seeds to isolate to sales in 2019.”

CROP’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

CROP subsidiary Elite Ventures has completed a 1,600 square foot genetics, tissue-culturing and micropropagation lab at its Nevada tetrahydrocannabinol farm. The lab will aim to provide 10 million plant starts for the company’s 2,115 acres of CBD farms.

By propagating in the lab, the company will save around $3 million in seed and planting costs for the 2019 season.

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors