Cannabis penny stocks are down across the board today. But I’m looking at one that is fighting to stay in the green!
Crop Infrastructure (CSE:CROP) stock closed today at the same price it opened—$0.57. But it wasn’t without some drama throughout the day. At its height, the stock reached $0.60; at its lowest, $0.54. By the close, it managed to remain as it began.
So let’s take a look at what this cannabis penny stocks company announced this week that is causing investors to stir.
Cannabis Penny Stocks: Crop Infrastructure Corp
On Monday, Crop excited investors when it inked a deal for more acreage in Nevada. Shares surged over 8% to $0.66 on the news.
The deal meant a three-year lease for “800 additional acres of pivot-irrigated agricultural property” in Nevada.
The new site lies close to the company’s 1,065-acre hemp cannabidiol farm in Nye County.
The Hemp Farming Act of 2018
The new lease prepares Crop for The Hemp Farming Act of 2018, which is soon to be implemented across America. This act effectively removes any restrictions under federal law for growing and using hemp and will allow CBD isolate to be sold across the country.
Crop Infrastructure, aware of this potential, is preparing to harvest more crops in anticipation of greater demand.
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Crop’s CEO Michael Yorke spoke on the extension, saying:
“As we enter the next phase of project development in Nevada we look forward to building our GMP extraction facility and introducing our made-in-America CBD Isolate to infuse into our recently announced CannaDrink beverages and licensed topical lines […] Crop has the largest real estate footprint in Nevada dedicated to hemp CBD.”
This Cannabis Penny Stock’s Future is Green
Crop Infrastructure now has expansion in Nevada for at least three years. Yorke furthered on the expectations from this acreage:
“With two crops expected annually in 2019, we foresee a harvest potential of approximately 2,680,000 lb of CBD flower. We expect to comfortably use funds from our 2018 harvest (next 30 to 60 days) to organically grow into the projects new footprint.”
This cannabis penny stocks company is on to a good thing; the hemp CBD market has been estimated to hit $22 billion by 2022. Keep an eye on CROP stock to see its movement.
Featured Image: Depositphotos/© compuinfoto
