The company says that it has equipped the facility with trays and LED lighting specially designed to increase the growth of plant starts for the 2019 CBD farms licensed on the company’s various properties in the state.
“The CROP family of companies and subsidiaries continues to build strategic infrastructure in key states where we are present. These are one time builds that will streamline harvests, reduce risks and costs as well as maximize yields for many years to come,” CROP CEO Michael Yorke stated.
CROP says that it will continue to gauge interest and review potential off take relationships for the 2019 season for its CBD products.
“We are encouraged by the number of interested parties in the products we are producing and will look to secure long term reliable relationships to the benefit of stakeholders and the company’s farming, marketing and construction divisions,” Yorke added.
The global medical cannabis market value is expected to reach a value of $45.4 billion by 2024, with a CAGR of 22.9% during 2019-2024, according to IMARC research. The firm’s estimate for last year was that it would to reach $13.4 billion.
CROP is focused on cannabis branding and real estate assets. The company’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115-acre of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space. The company has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 Cannabis brands.