09:42 AM EST - CROP Infrastructure Corp. : Announced today that its subsidiary, Elite Ventures Group LLC, has signed a 3-year lease agreement for 800 additional acres of turn key pivot-irrigated agricultural property. The lease cost will be $550 USD per acre in 2019 and $700 USD per acre 2020 forward, paid quarterly commencing in March 2019. The property is in close proximity to CROP’s existing 1,065-acre Hemp CBD Farm in Nye County Nevada. The combined Nevada properties, including the original one of 315 acres, have a total pivoted area of 1,340 acres but will require the installation of additional pivots and water wheels at a cost of $300,000 USD. Seasonal fertilizer, planting and seed costs are not expected to exceed $600,000 USD. All harvesting and commercial drying equipment have been paid for during the 2018 season. According to cannabis industry analysts the Brightfield Group, it is estimated the hemp-CBD market alone could hit $22 billion by 2022. CROP Infrastructure Corp.
shares CROP:CNX are trading up 4 cents at $0.62.
