CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) told investors Wednesday that ground development work for greenhouses at its Nye County hemp CBD farm in central Nevada is set to be completed within two weeks.
Last year, the Vancouver company completed its acquisition of a 49% interest in the Nevada farm, which totals over 1,000 acres.
As part of its latest advances at Nye, CROP has placed a deposit on 2 million hemp seeds, which are compliant with the US farm bill, and their delivery is expected next month.
The team there has also begun tissue culturing or the process of cloning the “mother plant” to create 4.5 million hemp starter strains. Nutrients and fertile soils have been layered over the project’s 1,350 acres of planned cultivation for 2019 and the company has also won additional licensing to operate a hemp nursery.
On top of this, CROP’s team has been working with chemists and engineers to scale up its commercial-scale extraction to handle the large amount of hemp and cannabis which is expected to be produced in the 2019 growing season.
“These updates represent major progress towards achieving our goal of what will be a very substantial Nevada operation, producing very large quantities of high-value product,” said CROP CEO Michael Yorke in a statement.
In other news, construction of a 40-acre perimeter wall to prepare for this year’s cannabis growing season at CROP’s 1,000 acre Esmeralda County agricultural cannabis project, which is also in Nevada, has also kicked off.
Last year, CROP struck a joint venture deal with tenant The Hempire to buy a 100% interest in a 1,000 acre Esmeralda County agricultural cannabis project tenanted with a suite of cannabis licenses.
Esmerelda County is one of the only jurisdictions in Nevada which is suitable for greenhouse or outdoor growing.
CROP’s projects include cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of hemp CBD farms, Canna Drink, a cannabis infused beverage line, and a growing portfolio of equity in listings within the cannabis space.
CROP shares jumped 1.59% to C$0.32 in Canadian trade on Wednesday morning.
Contact Ellen Kelleher at [email protected]