Future Farm and Rahan Meristem Form JV to Breed and Propagate Elite Clones of Cannabis and Secures $440,000 Investment
VANCOUVER, BC–(Marketwired – Nov 16, 2017) – Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce a new 50/50 joint venture (the “JV”) between Future Farm and Rahan Meristem Ltd., a world renown global agro-biotechnology company incorporated in the State of Israel with more than 250 employees in five locations and over 40 years of experience in plant propagation and breeding (“Rahan”). Rahan operates four high-end laboratories in Israel, Latin America and Far East for in-vitro plant propagation, able to produce more than 20 million plants every year. Rahan also provides a variety of laboratory and agro-technical services to growers, technology companies and academic institutes and is currently doing business with over 20 countries. The joint venture will develop, own and utilize Rahan’s proven and proprietary technology to mass-produce elite clones of cannabis and hemp plants, which will be sold for medical purposes.
“We are pleased with the opportunity to work with Future Farm,” says Ron Diner, CEO of Rahan. “We look forward to combining our technology and know-how with Future Farm’s experience in cultivating cannabis to produce elite clones for use in the booming medical marijuana market.”
Clones are tissue cultured produced plants that are genetically identical to the plant from which they were taken. Rahan has mastered their breeding process over a 40-year span, working with many global plant breeders to create the next-generation of plants that are sterile and resistant to diseases. Through elite cloning, one may create a new harvest with exact replicas of the best performing plants. Future Farm and Rahan intend to create varieties of cannabis with higher levels of THC and CBD, using Rahan’s proprietary technology of non-GMO, in-vitro mutagenesis.
Link To Rahan’s Website: Rahan Website
Because the chemical composition of cannabis flowers is not consistent, companies in the medical cannabis space do not use the whole plant, but instead isolate and extract specific molecules and process them into a variety of medications:
Tetrahydrocannabinol (“THC”) is the psychoactive component responsible for marijuana’s “high.” The isolation of THC came from an Israeli chemist by the name of Raphael Mechoulam. In 1964, Mechoulam isolated and synthesized THC, marking the beginning of cannabis research that would lead to the discovery of many other cannabinoids, cannabinoid receptors throughout the body, and “endocannabinoids” — the THC-like compounds our body naturally produces to maintain stability and health. THC has been shown to help with pain and nausea, which has made it a much sought-after medication for patients undergoing chemotherapy.
Cannabidiol (“CBD”) is a non-psychoactive component found in cannabis, as well as in hemp. CBD displays a wide range of potential medical capabilities. It is being tested on inflammatory bowel diseases (including Crohn’s and ulcerative colitis) and has been shown to be effective with conditions as diverse as autism, epilepsy, diabetes and heart disease. One does not get “high” from consuming CBD.
As part of the subject JV agreement, Rahan shall be responsible for providing the know-how and technology necessary for the Project, as well as management and operation of the Project. Future Farm shall be responsible for providing an indoor, air-conditioned laboratory building space located in the United States or in Canada as well as providing financing for the Project. Each party shall hold 50% of the interests in the JV, which will carry out the Project.
“We are thrilled to partner with Rahan Meristem, an esteemed leader in the agro-biotechnology industry,” says Bill Gildea, CEO of Future Farm Technologies. “Rahan has shown long term dedication to producing elite clones of bananas, plantains and other plants for its customers worldwide. We are lucky to have Rahan’s desire to take its proven technology to work on producing the same results for cannabis and hemp. This is a very exciting time for Future Farm.”
The Company is also pleased to announce that it has entered into a $440,000 Fixed Price Convertible Promissory Note Term Sheet with Tangiers Investment Group, LLC. Tangiers Capital manages its own private capital and provides working and expansion funding to small and microcap public companies. The Company intends to use the proceeds for working capital.
The Term Sheet provides for a five month $440,000 convertible promissory note that may be converted at a fixed price per share equal to the closing price of the Company’s common stock on the date of execution of the closing documents underlying the subject transaction.
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Rahan Meristem Ltd.
Rahan Meristem’s main activities are breeding and propagation of tropical and subtropical fruit trees by means of in-vitro culture, cuttings, and grafting. Rahan has developed a unique mode of in-vitro induced mutagenesis technology, based on activation of specific retrotransposable elements in a variety of different plants. The in-vitro mutagenesis allows Rahan Meristem to select elite clones that are easily identified with specific genetic markers.
The company is currently engaged in breeding of bananas, avocado rootstocks, sweet potatoes, cacao, Stevia and other crops. The products, which were developed by in-vitro tools, have been registered as plant patents and breeder’s rights in various countries around the world. Rahan provides a variety of laboratory and agro-technical services to growers, technology companies and academic institutes. These services include crops breeding viral cleaning and diagnostics, true to type DNA fingerprint analysis, androgenesis cultures (double haploid plants) and preparation of transgenic plants. The main objectives of Rahan’s R&D department are assisting the production arms of the company and developing new products and technologies.
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North America including California, Florida and Maryland. The Company’s business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants, with a focus on cannabis. Future Farm provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including 90% less water, fertilizer and land used, less travel costs, seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability. The Company also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com, which caters to B2B customers, is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com, which caters to both large and small agriculture green houses and controlled cultivation centers.
The Company recently acquired the exclusive right to use a patented, augmented reality (AR) technology in the cannabis industry. The Company will work with its partner to merge AR and ad-tech with the cannabis industry through the CannaCube LiveTM platform.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
CEO & Chairman