Future Farm Closes on 120-Acre Licensed Industrial Hemp Farm and Projects Over $10 Million in Revenue
VANCOUVER, BC–(Marketwired – Nov 29, 2017) – Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has closed on the previously announced acquisition of a 120-acre industrial hemp farm in Amity, ME. With this acquisition, Future Farm is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.
Future Farm expects to harvest 1,700 plants per acre of the 120-acre farm, which translates into approximately 10-kilos of CBD distillate per acre, which further translates into $90,000 per acre in revenue, or on 120-acres a projected revenue of $10,800,000.00. With Maine’s current favorable economic climate for hemp in place, the Company is moving aggressively to acquire more land and is in discussion with existing farm operators to farm another 200-acres of organic hemp on existing farmland in Maine.
“We are thrilled to be able to acquire this prime land to farm hemp as we will leverage our oil extraction techniques into the CBD business,” comments Bill Gildea, CEO of Future Farm. “We are excited to be working with Derek Ross on this project as well as on other projects which are in our pipeline.”
Derek Ross, CEO of Cannatech, comments, “I’m excited to grow this business with Future Farm. Partnering with Future Farm will allow us to scale up to full production faster and enable us to process large amounts of hemp flower into highly pure CBD concentrates, which is where the market is.” Mr. Ross continues, “We are actively looking for more land to farm so that we may rapidly scale production in 2018 as the market demand for CBD oil continues to expand.”
Hemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to grow to $1.8 billion by 2020 in the USA. As consideration for the acquisition of the Farm, Future Farm paid Derek Ross $80,000, payable in equal installments over the course of six months, and 250,000 shares of the Company’s common stock.
For further information, contact William Gildea, CEO and Chairman, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
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