CROP Unloading Italian, Jamaican Assets So It Can Focus on U.S. Sector

CROP Unloading Italian, Jamaican Assets So It Can Focus on U.S. Sector

CROP Infrastructure (CSE: CROP.CN) (OTC: CRXPF) has agreed to sell its assets in Italian and Jamaican.

Under a purchase and sales agreement with World Farms Corp. (WFC), the company will divest its interests in CROP Jamaica and Italy’s XHemplar S.R.L.

In return, CORP will get C$2 million worth of equity in WFC. The investment comprises of 10 million common shares in WFC and represents a 19% ownership in WFC.

CROP Italian and Jamaican Assets

CROP is operating a facility in Italy in a joint venture with XHemplar.

The XHemplar S.R.L facility covers 87,120 square feet. Both companies have been working with Italian agencies to import high CBD genetics.

CROP JAMAICA has a five-acre property for the cultivation and extraction of cannabis. The principal local partner is Greg Douglas.

CROP to Focus U.S. Cannabis Sector

CROP is selling its assets so it can focus the U.S. cannabis sector, suggests comments of the company’s CEO Michael Yorke.

He stated:

“The passing of the US Farm Bill in December 2018 has been a total game changer in terms of the vast opportunities opening up right now in the US. We firmly believe in striking while the iron’s hot right now on our US doorstep while maintaining exposure to infantile global opportunities.”

He added:

“CROP has divested itself of these two international operations so that management can remain entirely focused on the expanding US operations while retaining a passive but strategic investment in an internationally focused player offering CROP shareholders additional exposure to WFC’s global growth. The company has invested approximately $100,000 between the two projects. This represents a 2,000% return on investment for CROP and its stakeholders.”