CROP strikes while iron is hot, opting to sell certain assets for $2 million worth of equity in World Farms

Angela Stelmakowich - thegrowthop.com Posted 5 years ago
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CROP Infrastructure Corp. has agreed to divest its interests in CROP Jamaica and XHemplar S.R.L in Italy for $2 million worth of equity in World Farms Corp. (WFC) as CROP ups its focus on expanding U.S. operations.

 

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The investment comprises of 10 million common shares in World Farms Corp. and represents a 19 percent ownership interest in WFC for CROP, states a press release from CROP, which is publicly listed on the Canadian Securities Exchange and focused on cannabis branding and real estate assets.

The purchase and sales agreement will also see CROP “retained as advisors in relation to research and development in plant science,” the statement notes.

 

 

“CROP has divested itself of these two international operations so that management can remain entirely focused on the expanding U.S. operations while retaining a passive, but strategic, investment in an internationally focused player offering CROP shareholders additional exposure to WFC’s global growth,” says CROP CEO Michael Yorke.

“The company has invested approximately $100,000 between the two projects. This represents a 2,000 percent return on investment for CROP and its stakeholders,” Yorke continues.

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

 

 

“The XHemplar S.R.L joint venture facility covers 87,120 sq. ft. CROP and XHemplar has been working with Italian agencies to import new and unique, high-CBD genetics that are expected to command premium prices,” CROP reports. In addition, CROP JAMAICA has a five-acre property for the cultivation and extraction of cannabis.

“We’re excited to continue where CROP has left off with assets now in South Africa, Italy and Jamaica. World will bring additional value by leveraging our 1 million sq. feet of greenhouse canopy in South Africa for the eventual importation of cannabis and hemp products into Italy and Jamaica. Our objective is to supply the world with organic hemp and cannabis,” says Arthur Griffiths, CEO of World Farms.

 

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