Crop has announced that it has entered into a purchase and sales agreement with World Farms Corp. to divest its interests in CROP Jamaica and XHemplar S.R.L in Italy for CAD$2,000,000 worth of equity in World Farms Corp. Crop will be retained as advisors in relation to research and development in plant science.
The investment comprises of 10,000,000 common shares in World Farms Corp (‘WFC’). and represents a 19% ownership interest in WFC for Crop.
The XHemplar S.R.L joint venture facility covers 87,120 square feet. Crop and XHemplar have been working with Italian agencies to import new, high CBD genetics.
Crop Jamaica has a five-acre property for the cultivation and extraction of cannabis. The principal local partner is Greg Douglas. During April to November 2017, Douglas was seconded to Jamaica’s Cannabis Licensing Authority (CLA) as their CEO. While there he issued the first commercial licenses.
World Farms CEO, Arthur Griffiths “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 1,000,000 square feet of greenhouse canopy in South Africa for the eventual importation of cannabis & hemp products into Italy and Jamaica. Our objective is to supply the world with organic hemp and cannabis.”
Crop additionally has retained Mackie Research Capital Corporation as a capital markets advisor for its ongoing financial demands. An advisory fee of $60,000 CAD and 1,000,000 warrants at $0.50 for a period of 24 months has been agreed upon.