CROP Infrastructure Corp. announces it has entered in to a joint venture agreement whereby the company has a 49% interest in a zero-cost lease of a 217,000 sq. foot property ideally situated for future Cannabis production and extraction. The Five acres of prime agricultural land has been secured in the Westmoreland Parish, some of the most fertile land in Jamaica. The company is in the process of identifying a suitable tenant licensee for the project. The company plans to license the brand, ‘Hempire Jamaica’ to the tenant and has acquired the domain www.HempireJamaica.com.
CROP Director & CEO Michael Yorke states: “CROP continues to build its global footprint by securing this strategic joint venture in Jamaica. Many countries are now introducing new licensing and legislative regimes for CBD and cannabis and are prime entry points for our growing organization. Jamaica is of particular interest as its licensing regime allows for a full suite of genetics which will give our tenant growers the advantage of being able to provide buyers with a broad variety of CBD and THC end products.”
Jamaica has over 2.8 million residents and approximately three million visitors each year. In a report from the Jamaica Observer, Edmund Bartlett, the current Jamaican minister of tourism, estimated the global marijuana tourism market at $494 billion. With health and wellness tourism identified by Bartlett as an area of focus under the ministry’s plan to expand to five million annual visitors, expect the country to continue to cultivate its cannabis connections.
A 420intel.com article quotes Audley Shaw, Jamaica’s minister of commerce, industry, agriculture, and fisheries talking about exporting cannabis and creating an industry that will develop the pharmaceutical potentialities of the weed. The minister is not discounting the possibility of exporting recreational marijuana, as more and more countries legalize the substance. In the United States, 30 states and the District of Columbia have legalized cannabis for recreational or medical purposes and Shaw believes it is a trend that will eventually sweep the nation.
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Furthermore, the Company announces a non-brokered private placement of $1,250,000 at $0.30 per unit. Each unit consists of one common share and one common share purchase warrant at an exercise price of $0.50 per Warrant Share for a period of two years following the date of issuance.
Date: August 6, 2018