The major havoc
and huge loses witnessed in the hemp and THC farms somehow shook Crop Infrastructure Corp (OTCMKTS:CRXPF).
However, the company decided to make the most out of the situation by
organizing site visits. CROP’s consultants and joint venture partners learned
quite much from this field excursion where weeds affected production immensely.
CROP funded the
sample plant counts, as well as drone reconnaissance, to establish the veracity
of the losses. The invasive weeds affected eight out of the ten hemp pivots of
the business. The losses not only resulted from weeds but also antelopes in a
number of the northern pivots. Some analysts had rushed into the conclusion
that the company’s operating partner had to blame for the losses experienced.
According to them, this partner had used a farming method where it planted
covers crops to fight off weeds. The strategy wasn’t effective though it worked
for about two pivots.
The company and
joint venture partner say this isn’t where the backstops! To this effect, they
will be further reviewing the operational failure in terms of what might have
caused it. Releasing the 850 acres of lost pivoted crops that had been leased
out was a necessary move for the company. The company is now focusing on the
remaining pivots which, according to sources cover almost 500 acres.
announcement by CROP is the proposal to sell the 850 acres of lost pivoted
crops. The proposed sale has already lapsed and the agreement terminated to
Search for partners
CROP is currently
in search of some new joint venture partners but wants to ensure they are the
most suitable ones. It also wants purchasers and won’t also stop in its efforts
of developing as well as planting crops on the farm in the upcoming 2020
season. The warrant exercises add up to $51,024.87. This comes to the limelight
a few months after the company announced its early warrant incentive program.
expressed its willingness to join hands with its associate companies after it
experienced the poor harvest. It wants to remain attractive to its potential
partners and hopes to succeed in efforts to increases its asset ownership.
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Published at Fri, 04 Oct 2019 12:04:38 +0000