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CROP hails first tenant to achieve self-sustaining status

The Vancouver-based company said that its tenant, Park Project, had launched its Tiff CBD cartridge line to become self-sustaining, the first of CROP's 16 portfolio companies to do so

CROP facility
Pictured is one of CROP's facilities in Washington state

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Wednesday that its tenant Park Project has launched its Tiff CBD cartridge line, becoming self-sustainable in the process.

One of 16 brands in CROP’s portfolio, Park Project is the first of the company’s assets to achieve self-sustaining status within 12 months of its acquisition. According to CROP, Park Project has accrued US$642,000 in lease, rental and brand fees.

The Tiff CBD line was launched in Washington state and a product without THC will be introduced in all states where Park Project has operations. Park Project received both cartridges and boxes for its Tiff CBD line and the first batch of the CBD product has been produced.

READ: CROP Infrastructure subsidiary enters $89.5M CBD supply agreement with Bioscience Enterprises

“We are excited by the launch of the full spectrum Tiff CBD line in Washington as well as a multi-state no-THC Tiff CBD product,” said Michael Yorke, CROP’s CEO. “With the Park facility now self-sustainable and on the right trajectory, our bandwidth and capital can be focused on opportunities both where the company is present and as new states come online.”

CROP also updated shareholders on the status of the Washington Park facility, which underwent a full retrofit in late 2018. According to CROP, the addition of a new head grower to the team helped the new yield to improve in both quantity and quality, propelling the new product to premium status.

Vancouver-based CROP also said that its team is ordering updated packaging in preparation for the premium product.

CROP’s investment portfolio includes 16 Cannabis brands as well as US distribution rights to over 55 cannabis topical products.

Shares of CROP lost 4.3% on Wednesday at C$0.23.

--Updates share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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