CROP has entered into a Membership Purchase Agreement dated June 4th 2018 with Wheeler Park Properties LLC, a Washington State limited liability company. CROP has agreed to advance up to US$2,500,000 to The Park for equipment purchase and retro-fit upgrades of the licensed cannabis greenhouse complex in return for a 30% interest.
CROP Infrastructure Director & CEO Michael Yorke states: “The Park complex is a technologically advanced Cannabis production facility that automates many aspects of the growing cycle, designed to maximize crop yields and quality while minimizing margin for error. This acquisition of a 30% interest in The Park represents Crop’s second interest in Washington State cannabis facilities and in its third overall portfolio including the recently announced Humboldt California interest. The Company now has investments in three operations totaling over 67,000 sqft of completed canopy space. Crop intends to continue to pursue new opportunities and expand its portfolio of tenant growers, branding and infrastructure assets in strategic jurisdictions.”
The closing of the agreement constitutes a significant transaction in accordance with the policies of the Canadian Securities Exchange. To date, the company has advanced US $2,365,864 and has earned a 30-per-cent interest in The Park complex.
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