A Canadian company that finances marijuana projects is expanding into the hemp business in Nevada. Crop Infrastructure announced Monday that it has entered into a loan agreement with Elite Ventures Group to buy 315 acres in Nye County, Nevada.
Crop is based in Vancouver, British Columbia, and Elite Ventures in Las Vegas.
The two companies plan to grow both hemp and marijuana and to cultivate the plants both inside and outside. They hope to turn three crops a year for use for THC and CBD extraction.
Nye County borders California and stretches north into central Nevada.
Crop said plans call for using automated irrigation pivots that have fertilizer injection systems installed. Once the joint venture is licensed for hemp and cannabis, the pivots would be seeded with feminized seeds for both THC and CBD crops.
Terms of the deal were not disclosed, though Crop says first phase of the project development is expected to cost about $700,000. Crop Infrastructure trades on the Canadian Securities Exchange as CROP.