09:53 AM EST - CROP INFRASTRUCTURE CORP. : Announced today that the company has now engaged an ISO/GMP rated extraction facility developer to build a one ton per day extraction facility at its Nevada farm. On October 23rd CROP announced a 500,000 pound annual (1,500,000 over 3 years) supply agreement with a commercial extraction technology company. The same company will be developing, and providing, extraction equipment for the CROP Nevada extraction facility. The initial $3.2 Million, equivalent to ~89,000 pounds of product, will be allocated towards paying for 60% of the extraction facility. The balance of ~$2.0 Million, due in cash over the next eight months will be financed by revenue from the company’s operations. As previously announced, the CBD flower off take is to be delivered in shipments of 50,000 dry pounds on a bi-monthly basis with payment to be made plus the cost of delivery of $36.00 per pound to $57.00 per pound depending on Certificate of Analysis of the CBD content with deliveries starting August 2019. CROP INFRASTRUCTURE CORP.
shares CROP:CNX are trading up 10.45 percent at $0.37.
