Cannabis-focused CROP Infrastructure Corp. (CSE:CROP, CSE:CROP.CN, OTCMKTS:CRXPF) unveiled a milestone for its 'The Dozen' grrenhouse project in Washington - a permit meaning it can complete construction.
The company has now received an updated building permit, after it revised its plans to include upgraded access roads and a new staff facility, including restroom and break-room.
"The company has completed 90% of the construction of the first six (6) purpose-built proprietary greenhouses and will now complete the final construction for site approval," it said in a regulatory release on Tuesday.
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“Once the project is completed this will serve as our CROP SAFE production model for all our future builds across the globe," added Crop's director and chief executive Michael Yorke.
"We intend to have strict replication of our growing procedures to get the best return from every square foot of growing space and the lowest cost possible for our tenants."
The first phase of the build entailed site preparation and foundations for 12 purpose-built indoor canopies encompassing a planned total area of around 44,000 square feet (sq ft).
Each completed phase will be leased to licensed tenant growers along with brand licensing and the CROP SAFE Standard Operating Procedures (SOPs).
The site currently allows for around 176,000 sq ft of canopy space.
There will be 12 indoor growing facilities with a regional electricity rate of US$0.02/kWh and based on internal calculations provided by CROP’s expert consulting partner, should result in tenants having a cost of production of less than US$150 per pound.
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CROP’s primary focus is investing, constructing, owning and leasing greenhouse projects.
It provides financing for land expansion, brand positioning opportunities, specialized equipment and access to approved nutrients for licensed cannabis producers in legal growing regions.
In layman’s terms, CROP is structured in a similar way to a Real Estate Investment Trust (REIT) - basically a company that owns, operates or finances income-producing real estate.
Its projects include cultivation properties in California, Washington State, Nevada, Italy, Jamaica, and a joint venture on West Hollywood and San Bernardino dispensary applications.
Crop Infrastructure shares surged nearly 10% to C$0.39.