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Future Farm Technologies Inc FFRMF

Future Farm Technologies Inc is an indoor plant growth technology company. It operates through the following segments: Indoor plant growth technology specializing in LED lighting and vertical farming solutions; and the operation of an ornamental plant greenhouse. The firm generates majority revenue from Nursery plants.


GREY:FFRMF - Post by User

Post by Tameraqon Mar 13, 2018 8:55am
88 Views
Post# 27705377

News release. Is this good news?

News release. Is this good news?
Future Farm Closes on $4 Million USD Financing in Anticipation of Closing on Massachusetts Dispensary and Announces Appointment of New Auditor (via TheNewswire) March 13, 2018 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has closed on a second investment of $4,000,000 USD from Yorkville Advisors Global, LP ("Yorkville"). Proceeds from the private placement will be used in part to acquire the previously announced, provisionally licensed Registered Marijuana Dispensary ("RMD") in Attleboro, MA. In January 2018, Future Farm signed a Letter of Intent to acquire an interest in Bristol County Wellness Center, Inc. ("BCWC"). BCWC was recently awarded a special permit from the City of Attleboro and a provisional license from the Department of Public Health to build and operate a 24,700-sq ft. RMD that will grow and sell medical marijuana, plus two additional dispensaries upon approval. This vertically integrated license allows BCWC to build out its facility and engage in cannabis cultivation, processing and retailing. William Gildea, CEO of Future Farm comments, "We have been diligently working with the experienced team at BCWC to move this transaction to a quick close and are thrilled about the potential to participate in the operations of a Massachusetts RMD as it further positions our Company for revenue growth in 2018." The timetable calls for construction to begin right after closing, which is imminent, and revenue to begin in the fourth quarter of 2018. BCWC is provisionally licensed to cultivate cannabis with up to 300 lights, process and extract oil to make edibles, and sell through a medical dispensary. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research & New Frontier Research estimates the legal cannabis market in Massachusetts to reach $1.07 Billion by 2020. The Company is also pleased to provide an update with respect to the exercise of warrants. As of March 7, 2018, Future Farm's $0.35 and $0.37 warrants have both expired. Since December 2017, the voluntary exercise of these warrants brought the Company a total of almost $2,000,000. "These fundraising activities enable us to execute on some exciting projects we have lined up as well as expand on our existing portfolio," explains Mr. Gildea. The Company is also pleased to announce the appointment of a new auditor. Davidson & Company LLP, Chartered Professional Accountants (the "Former Auditor") has been terminated and Dale Matheson Carr-Hilton Labonte LLP ("DMCL" or the "Successor Auditor") has been appointed as the new auditor, effective immediately. Reporting notices prepared in accordance with National Instrument 51-102 by the Former Auditor, the Successor Auditor and the Company have been filed on SEDAR. DMCL is an independent Vancouver-based accounting firm with 20 partners and over 150 professional and support personnel. They are recognized for their expertise in audit and assurance, accounting, taxation and business advisory for public and private companies, not-for-profits and owner-managed businesses. Under the terms of the Yorkville financing, the Company has agreed to enter into a Secured Convertible Debenture in the Principal Amount of $4,000,000 USD, bearing annual interest at 8% and repayable within 18-months, or convertible into Common Shares of the Company at a price of C$0.58 per share. In connection with the Debenture, the Company has also granted a Warrant Certificate to purchase 7,421,150 Common Shares at an average price of C$0.70 per share. The Warrant Certificate expires on March 7, 2021. As further part of this financing, the Company will pay a 10% broker fee to Moody Capital Solutions Inc. For further information, contact William Gildea, Director, at 617.834.9467. On behalf of the Board, Future Farm Technologies Inc. William Gildea, Chairman & CEO
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