Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE:FFT) (FFT.CN) (FFRMF) is pleased to announce that it has closed on the purchase of a 15,000-sq. ft. building in Providence, Rhode Island. The building is located in a M-1 zone, which legally permits the cultivation of cannabis by right. The Company intends to lease this property to a local, licensed cultivator who will use the property as a licensed medical marijuana cultivation space, providing wholesale cannabis to Rhode Island’s state-sanctioned dispensaries.
“With this asset purchase, Future Farm is building a solid foundation in the Northeastern part of the United States,” says Bill Gildea, CEO of Future Farm. “The Northeast has a large population but has lagged behind the Southwest in the permitting of cannabis cultivation and dispensaries, which creates opportunity.” Rhode Island is in the New England region of the Northeastern United States and is the second most densely populated of the 50 United States.
Future Farm is investing heavily in building its portfolio of assets. The Company recently purchased a 10-acre operating greenhouse in Orange County, Florida, which generated an estimated $2,800,000 USD in revenue and $400,000 USD in EBITDA for 2017. It also recently purchased a 120-acre industrial hemp farm and entered into a lease for an additional 100-acres of organic farmland in Maine. The Company also recently entered into a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building located in Maine, with an option to expand and or buy the building. The building is perfectly suited for the Company’s hemp cloning operation, which will use vertical farming technology pioneered by the Company to supply over 250,000 clones to the farms in 2018. The hemp clones will also be grown under the Company’s Scorpion LED grow lights, which will save on electricity costs and further leverage its in house technology.
As a consideration for the current acquisition, Future Farm paid $750,000 USD. In addition, Future Farm has agreed to pay a five percent cash finder’s fee to Derek Ross.
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.