CROP Infrastructure Corp (CES:CROP) (OTCMKTS:CRXPF) on Wednesday announced that its investment holding World Farms Corp plans to go public on the Canadian Securities Exchange.
World Farms, a private company, has signed a letter of intent with Graphite Energy Corp (CSE:GRE) to go public via a reverse takeover, Vancouver-based CROP said in statement.
CROP currently owns 10 million shares in World Farms that it purchased in February for C$0.20 a share for a total of $2 million. CROP, which is focused on cannabis branding and real estate assets, divested its interest in Italian and Jamaican joint ventures in return for the World Farms stock.
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World Farms also announced a $0.30 private placement in connection with its reverse take-over deal with Graphite Energy, a Vancouver-based mining company.
Vancouver-based World Farms builds portfolios of cannabis assets and has joint ventures in Italy, Croatia, South Africa, Uruguay and Jamaica.
CROP CEO Michael Yorke said his company will work closely with the sales team at World Farms “to assist them establishing customer relationships to ensure World’s successful launch into the CBD market and the public markets as a whole.”
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The World Farms news comes a day after CROP announced that it purchased a suite of recreational cannabis licenses and a 1,012-acre property in Nevada, giving it the largest licensed recreational cannabis farm in the US.
Shares to CROP increased 2.1% to US$0.21 on OTC markets and were sitting at C$0.29 in Canada.
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