Future Farm Provides Update on $3 Million 10-Acre Florida Greenhouse Acquisition
VANCOUVER, BC–(Marketwired – May 2, 2017) – Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its Florida partner, a Florida LLC, has received a bank term sheet in the amount of $2,673,698 at prime plus 2% to acquire the previously announced 10-acre greenhouse property and business located near Orlando, Florida. This term sheet enables Future Farm and its partner to move forward with the Sellers, with an expected close date within the next 45 days.
As previously announced, Future Farm signed a LOI to acquire a 10-acre operating greenhouse in Florida, which is in a designated zone to legally cultivate, process and dispense cannabis. The greenhouse fits Florida’s stringent criteria for agricultural farmers looking to manufacture cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied.
“This is a major step forward for Future Farm and positions us for tremendous growth for years to come,” says Mr. William Gildea, CEO and Chairman. “With this acquisition, Future Farm is potentially positioned as one of the public sector’s first movers into Florida’s cannabis market.” Mr. Gildea continues, “This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.”
Shareholders will be excited to know that the 10-acre greenhouse is much more than a “Zoned for Cannabis” piece of land, but is also a fully operational greenhouse business in full production. The greenhouse property, which has been family operated since 1959, currently grows ornamental plants sold in large box stores throughout North America. In the past 12 months, it has generated over $2,600,000 in revenue with EBITDA of over $400,000, which is expected to continue until Amendment 2 allows the potential for the property to be converted for growing cannabis. Once fully licensed and operational, the property has the capacity to generate seven figures in revenue per month. In the interim Future Farm plans to use its CEA technology to potentially quadruple the current ornamental plant yields, thereby increasing both profit and revenue.
On November 8, 2016, Floridians voted yes on Amendment 2, which broadened medical cannabis usage to individuals with “debilitating” medical conditions as certified by a licensed physician. With Florida passing this legislation, demand is expected to greatly expand for the state’s marijuana industry.
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 Future Farm
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. 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 seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
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.
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.
FUTURE FARM TECHNOLOGIES INC.
CEO & Chairman