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US (NV): CROP enters into agreement for MJ farm
CROP has entered into a loan agreement with Elite Ventures Group of Nevada to purchase a Nye County agricultural property with the intention of forming a joint venture development agreement for Hemp & Cannabis infrastructure. The company has agreed to finance the Nevada project and has forwarded an initial cash commitment of $100,000 USD into escrow.
The Nye County agricultural property is in Central Nevada and was selected for its temperate climate which is ideal for greenhouse growing. The property spans over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that have automatic fertilizer injection systems installed. Once licensed for hemp and cannabis, the pivots would be seeded with feminized auto flowering seeds for both THC and CBD crops. The company’s potential cultivation infrastructure consultant believes the pivots would allow for three turns per year that would supply an abundant feedstock for the creation of both CBD and THC distillates. The property will have 50 acres set aside for building cannabis specific greenhouses. The first phase of the project development is expected to cost about $700,000 USD to seed the 240 acres with the automatic watering pivots. The acquisition is subject to a due diligence period of 45 days.
CROP Infrastructure Director & CEO, Michael Yorke, states: “With cannabis infrastructure in California, Washington, CROP is expanding its footprint and operations in some of the largest legal markets throughout the US. This property, which has abundant water rights, already has 240 acres of existing irrigation infrastructure offering a turn-key solution suitable for Hemp and Cannabis growers. The company is looking to partner with a licensed hemp grower immediately, and further invest in CBD extraction infrastructure”.