CROP Infrastructure Corp. (OTC: CRXPF) (CSE: CROP) provides the following update on the company’s joint venture; Xhemplar hemp farm in Italy. The 25-acre property was planted less than 50 days ago, has now produced approximately 600,000 healthy hemp plants. The plants are expected to be harvested in the next 20 days.
Furthermore, the joint venture has erected three drying facilities in the preparation for saleable dried hemp biomass. The company has also identified multiple locations for an extraction facility.
The joint venture’s high CBD hemp will be sold as biomass or processed into CBD isolate for international markets. The joint venture’s products will be branded under XHemplar and CROP brands Tiffany CBD and Hempire Italia.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized health care 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 billion in sales.
CROP Infrastructure Director & CEO Michael Yorke states: “The company is extremely encouraged by the fast pace of our partners at XHemplar having advanced into production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy and Jamaica. CROP also holds minority interests in West Hollywood and San Bernardino dispensary applications. Management will continue to aggressively pursue new international opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic jurisdictions.”
XHemplar Chairman and CROP Infrastructure VP of M&A, EMEA Andrea Castiglione states: “We’re looking forward to CROP building out the extraction facility and unlocking the true value of the hemp plant. In 2019 we will look to increase the scale of our operations and asset base in Italy with CROP Infrastructure.”
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