Future Farm Technologies Inc. (
CSE: C.FTT,
OTCQB: FFRMF,
Forum) on Friday said it had closed on the previously announced 10-acre operating greenhouse acquisition, which generated approximately US$2.8 million in revenue and US$400,000 in EBITDA for 2017.
The purchase price was $3 million.
The closing of this acquisition represents a major milestone for the company as it provides substantial revenue and cash flow while positioning the company in the merging Florida cannabis market.
More information can be found
here.
Future Farm has said the closing date for the previously announced acquisition of a 15,000 square foot building in Province, Rhode Island for $750,000 is set for January 15, 2018.
The building is zoned for to legally cultivate cannabis and, once licensed, will be used as a licensed medical marijuana cultivation space to state-sanctioned dispensaries.
The company also said it has raised $1.4 million through the voluntary conversion of both its $0.35 and $0.37 warrants.
Future Farm’s business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environmental Agriculture (CEA), with a focus on various types of plants for the production of cannabis.
Future Farms was in the news recently when it announced the closing date for the acquisition of a 120-acre industrial hemp farm in Amity, ME.
FULL DISCLOSURE: Future Farm Technologies Inc. is a paid client of Stockhouse Publishing.