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Vancouver, British Columbia--(Newsfile Corp. - August 3, 2018) - Crop Infrastructure Corp. (CSE: CROP) (OTC Pink: CRXPF) has updated investors on the company's Xhemplar hemp farm joint venture in Italy. The 25-acre property, planted less than 50 days ago, has now produced approximately 600,000 healthy hemp plants, which are expected to be harvested in the next 20 days.
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The joint venture's high CBD hemp will be sold as biomass or processed into CBD isolate for international markets. In the preparation for the sale of dried hemp biomass, the joint venture has erected three drying facilities, and has also identified multiple locations for an extraction facility. The joint venture's products will be branded under XHemplar and CROP brands Tiffany CBD and Hempire Italia.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized health care spending 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.
Michael Yorke, CEO, stated: "The company is extremely encouraged by the fast pace of our partners at XHemplar having advanced into production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy and Jamaica. CROP also holds minority interests in West Hollywood and San Bernardino dispensary applications. Management will continue to aggressively pursue new international opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic jurisdictions."
Andrea Castiglione, XHemplar Chairman and CROP Infrastructure VP of Mergers & Acquisitions, added: "We're looking forward to CROP building out the extraction facility and unlocking the true value of the hemp plant. In 2019 we will look to increase the scale of our operations and asset base in Italy with CROP Infrastructure."
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. The company's portfolio of projects includes cultivation properties in California, Washington State, Nevada, Italy, and Jamaica and a joint venture on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and has US and Italian distribution rights to a line of over 55 cannabis topical products from The Yield Growth Corp.