(via TheNewswire)
April 5, 2017 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: FFRMF) is pleased to provide this update to its current and prospective Shareholders regarding the continued expansion of its agricultural cultivation and extraction technologies into urban farming markets, the creation of a cannabis advisory board and the recent fundraising to develop the business. This update also lays out Future Farm's plans for the immediate future, including details regarding the Company's next Shareholder Conference Call.
As previously announced, Future Farm closed on the acquisition of a 15-acre parcel of land in Redland, Florida, and continues its path to acquire a second business, a 10-acre operating greenhouse in Apopka, Florida. Both companies are in counties that are designated to legally cultivate, process and dispense cannabis. With these acquisitions, Future Farm positions itself to be a major part of the Florida Cannabis market as it rolls out in 2017. Based on current state projections for the cannabis market of up to $1.8B in annual sales by 2020, Florida will represent one of the larger US markets for medical marijuana, even without considering the potential for recreational legislation. Future Farm also continues to make progress in North Kingstown, RI, further expanding Future Farm's cultivation capacity on the east coast.
The Company's plans to increase cultivation capacity also include efforts on the west coast. Future Farm announced that its majority owned subsidiary, FFM Consulting Services, LLC, has entered a management agreement with a California non-profit company that will cultivate premium grade cannabis in Riverside County, California. The cultivation facility will supply its high-quality cannabis to the previously announced extraction facility where it will be further processed into premium grade concentrates. This project provides the Company with an important strategic advantage to control its supply of locally grown, high-grade raw material for extraction operations and at the same time incorporate the use of Future Farm's proprietary equipment, including vertical farming technologies and COB LED lighting solutions.
Future Farm sees extraction as the immediate and long term future of the cannabis industry. To further capitalize on its initiatives, FFM Consulting Services, LLC has purchased a state-of-the-art extraction machine for the manufacture of concentrated cannabis oil and purified distillate. Future Farm is now formalizing the marketing plan to include its own brand, as well as offering contract manufacturer services for other brands and cultivators across the State of California.
In conjunction with building these cultivation and extraction projects, Future Farm has strengthened its management team by appointing John Sweeney as Chief Operating Officer and creating a Cannabis Advisory Board ("CAB"). The CAB is led by John Sweeney and Chris Lesh, who brings over 10 years' experience within the cannabis industry in Washington State and elsewhere. John and Chris previously worked for a large private equity fund, where they were responsible for the operational oversight of cannabis production at Tilray's Vancouver facility. Along with the additional CAB members, Future Farm is poised to manage and grow its operations in the cannabis marketplace.
In other news, the Company continues its plan to build the Future Farm brand. In October 2016, it announced that, in addition to being listed on the Canadian Stock Exchange, it also began trading on the US OTCQB(R) Venture Market. In February of this year, the Company rolled out its new name, trading symbols and website to more accurately represent the Company's mission. Finally, the Company raised over $2.5 Million with two over-subscribed private placements, which put Future Farm in a position to execute on its operational plans.
Future Farm would also like to take this opportunity to announce that a Shareholder Conference Call will be held at 10:00 AM EST on Tuesday, April 11, 2017. The dial-in number is 888-587-0614, and the participant passcode is 2609765. We invite all Shareholders to attend and to submit questions no later than April 10th at 5:00 PM ET. Questions may be emailed to investor@futurefarmtech.com.
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.
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