CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced Friday that its Emerald Heights retail brand has secured a provisional licence for a retail, delivery service, and smoking lounge in Cathedral City, California.
The Canadian cannabis company also retained a local real estate broker to find suitable locations to set up its Emerald Heights flagship location.
CROP said it has made a US$30,000 deposit on the Cathedral City location and a balance of US$220,000 will be paid on final transfer of ownership of the license.
The Cathedral City subsidiary will be able to run delivery routes in the Bay Area and Coachella Valley, and is currently seeking a Southern California distribution partner, the Vancouver-based company said.
CROP also said its California extraction partner has run the first batch for extraction from the 2018 harvest into THC distillate oil, which will be used to fill 30,000 vape cartridges as well as be combined with inventoried flower for 200,000 Moonrock Cones. And an additional inventoried organic flower will produce 100,000 pre rolled joints.
These products are intended to be sold in the first Emerald Heights store and have a total wholesale value of US$2.86 million if sold through the company’s distribution company and partners. If sold at the Emerald Heights location, the THC products would have a total retail value of more than US$6 million.
“Emerald Heights’ entry into retail markets in California will be highly beneficial for CROP,” said CEO Michael Yorke. “We and our partners are working diligently to achieve as much value through the supply chain as possible for stakeholders.”
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