CROP has committed to provide an initial investment of €500,000. The initial investment will enable the planting of 435,000 square feet, the retrofit of the extraction facility and the commencement of construction on an 87,000 square foot greenhouse facility. The initial yield of the tenant joint venture greenhouse is expected to be a combined 44,000 pounds of low THC, high CBD cannabis light per year.
The joint venture’s resulting cannabis will be processed and sold into international CBD markets under white label, the venture’s house name Xhemplar and CROP brands Tiffany CBD and Hempire Italia. The company will also use the processing facility to infuse its recently announced therapeutic and cosmetic product lines, licensed from The Yield Growth Corp,. a partially owned subsidiary of Glance Technologies Inc. which transaction is now complete giving CROP exclusive rights in Italy to over 55 wellness products.
CROP Infrastructure Director & CEO Michael Yorke states: “The company has identified that many countries throughout Europe specifically focusing on the CBD markets are prime new entry points for our growing organization. I look forward to working closely with the XHemplar team on this new endeavour for our company.”
Italy: 522,000 sq. ft. MMJ facility under development
CROP has entered into a joint venture agreement whereby it will own 30% under the name of Xhemplar to develop a 522,000 square foot project in the North-Eastern region of Italy. The joint venture and its principals have also been permitted to develop one of a few extraction and processing facilities currently present in the country of Italy.
XHemplar Chairman Andrea Castiglione states: “Europe is at a turning point. We now recognize the medical benefits of cannabis and rather than stand by and continue to see European countries import from across the World we will hire locally and train locally to provide European buyers the means to obtain medicine which has become a global phenomenon and replacement for traditional opioids as it pertains to pain management and numerous ailments.”