01:20 PM EST - CROP INFRASTRUCTURE CORP. : Announced today it has entered into an agreement with MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) to partner with CROP’s subsidiary, Elite Ventures Group LLC., on 120 acres of CBD-rich hemp in Nevada, USA. Under the agreement, MYM will fund Elite with $500,000 USD in exchange for the rights to 50% of CBD rich hemp grown on a 120 acre parcel of land in Nevada.
In consideration for the investment, Elite will provide all the necessary capital and consumable supplies, plant, grow and harvest the hemp. If requested, Elite will also arrange for the processing and sale of the biomass at no less favourable terms that those found in the Elite supply agreements. Based on Elite’s previous success in cultivating 120 acres of similarly situated land in August 2018, the estimated production of hemp from the MYM parcel of land is 120,000 pounds per harvest with a CBD level of 10%-19%. This represents potential revenue of over $26 million, of which MYM is entitled to 50% less processing and sales fees.
CROP CEO, Michael Yorke, stated: “This is very significant partnership arrangement with Vancouver-based MYM Nutraceuticals which has operations in three countries and will bring additional exposure to our organic hemp products.”
CROP INFRASTRUCTURE CORP.
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