12:40 PM EST - CROP INFRASTRUCTURE CORP. : Announced today it has completed the purchase of the suite of Recreational Cannabis licenses and the 1,012-acre property in its Elite Ventures Group 49% interest holding. The total purchase price was $8,009,000 USD consisting of $4,058,100 amortized over 20 years for 843 acres of the real estate. CROP has paid $3,950,900 USD for 169 acres, including a down payment for the 20-year vendor financing for the remaining 843 acres. CROP has an option on all licenses once federally legal and will recoup 100% of its investment. The State of Nevada has granted Recreational Adult Use Cultivation and Product Manufacturing and Distribution licenses for the company’s Esmeralda Cannabis Project. CROP CEO, Michael Yorke, stated: “Closing this acquisition is the largest transaction CROP has ever completed to date. CROP now has the largest licensed recreational cannabis farm in the United States and perhaps the world with over 1,000 acres of which 40 acres will be planted this year.” CROP INFRASTRUCTURE CORP.
shares CROP:CNX are trading unchanged at $0.29.
