CROP Infrastructure Corp. (OTC: CRXPF) (CSE: CROP) announces its 30% owned Italy Joint Venture partner ‘XHemplar Italia’ has planted 25 acres or 1,089,000 square feet of high CBD ‘Cannabis Light’ in North Eastern Italy. This represents over a 100% increase on the previously announced capacity announced in press release dated June 27th 2018.
The Joint Venture’s resulting high CBD “Cannabis Light” 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 production to infuse its recently announced therapeutic and cosmetic product lines, licensed from The Yield Growth Corp., which transaction is now complete giving Crop exclusive rights in Italy to over 55 wellness products.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized healthcare spending (worldwide market at $1.3-trillion) is expected to make Europe among the fastest growing and largest medical cannabis markets in the world. Arcview expects Italy to be the second largest cannabis market in Europe by 2027 with $1.2 billionin sales.
CROP Infrastructure Director & CEO Michael Yorke states: “The company is extremely encouraged by the fast pace with which the team at XHemplar has commenced production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy and joint ventures on West Hollywood and San Bernardino dispensary applications. CROP has developed a portfolio of 15 Cannabis brands and also has US and Italian distribution rights to a line of over 55 cannabis topical products. Management will continue to aggressively pursue new world-wide opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions.”
XHemplar Chairman and CROP Infrastructure VP of M&A, EMEA Andrea Castiglione states: “This is a great start for the company in Italy. We are pleased by how quickly our joint venture team has worked together to begin this initial production.”
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