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CROP Infrastructure's Oklahoma tenant gains medical and cannabis cultivation, processing licenses

Oklahoma is a key part of our overall strategy of sifting operations on prime land., says Crop

Cannabis plants
Hempire is focusing on high-grade flower and extraction at the site, said Crop

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) told investors that its tenant in Oklahoma, Hempire had been issued with medical cannabis cultivation and processing licenses.

This is for Hempire's one-acre location in Purcell where it is focusing on high-grade flower and extraction, and not Crop's 20-acre property that is currently being readied for tenant planting for the 2019 season.

READ: CROP shares rise as it prepares for tenant planting in Oklahoma

"Oklahoma is a key part of our overall strategy of siting operations on prime land in different, but suitable geographic locations within the US to introduce our tenants, brand portfolio and brand partners to new markets," said Crop CEO Michael Yorke.

Vancouver-based CROP continues to review several existing retail locations to acquire, as well identifying new locations that would be suitable for retail.

It reckons it could disrupt the Oklahoma market by making it possible for  tenants to produce lower cost high, yet higher-quality products.

CROP has agreed to fund up to US$500,000 for the initial start-up of capital for the multiple cultivation and retail locations.

Preparing land

It's a busy spell for the group In Oklahoma, Last week, Crop revealed it had cleared 20 acres and prepped high nutrient soil to prepare for tenant planting of medical cannabis in Oklahoma.

The land is expected to yield 30,000 pounds of dried flower annually at a cost of C$500,000.

It has also leased a 32,000 square foot drying building for the outdoor harvest. The property has an additional 32,000 square feet to erect a greenhouse.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

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