Future Farm Technologies Inc. (the “Company” or “Future Farm”) ( CSE : FFT ) ( OTCQB : FFRMF ) is pleased to announce the closing date of November 28, 2017 for its previously announced acquisition of a 120-acre industrial hemp farm in Amity, ME. With this acquisition, Future Farm is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.
The Company is also actively looking for additional land in Maine on which it may grow hemp, in addition to the aforementioned 120-acres. Future Farm expects to harvest 1,700 plants per acre of the 120-acre farm, which translates into approximately 10 kilos of CBD distillate per acre. Current prices for CBD products vary, but the majority of CBD products fall within the $9-12 per gram range. With 120-acres under contract, and with the possibility of acquiring additional farmland, Future Farm is anticipating a significant increase in 2018 revenue from CBD oil sales.
“This is a strategic acquisition for us as we look to leverage our oil extraction techniques into the CBD business,” comments Bill Gildea, CEO of Future Farm. “We are pleased to be working with Derek Ross and his team of experienced growers, and we look forward to adding value by installing new state of the art CBD oil extraction equipment on-site to meet the exploding demand of CBD oil worldwide.”
Derek Ross, CEO of Cannatech, comments, “I’m excited to grow this business with Future Farm. Partnering with a public company allows us to scale this business faster by enabling us to process large amounts of hemp flower into highly pure CBD concentrates.” Mr. Ross continues, “We are actively looking for more land to acquire so that we may rapidly scale production as the market demand for CBD oil continues to expand.”
The total domestic value of hemp retail products sold in 2015 was $573 million, according to the Hemp Industries Association. In addition, the U.S. annually imports $500 million of hemp and hemp-related products. The nutraceutical active ingredient global market is $20 billion per year, while the pharmaceutical active ingredient global market is $13 billion per year.
For further information, contact William Gildea, CEO and Chairman, at 617.834.9467.
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 greenhouses and controlled cultivation centers.