Vancouver, British Columbia , Jan. 11, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has signed a LOI to acquire a 51% 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. Registered Marijuana Dispensary (“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 are pleased to be working with the experienced team at BCWC, and thrilled about the potential to operate in Massachusetts since it further positions our Company for revenue growth in 2018.” He continues, “This transaction allows us to operate in a state that has approved, but not yet implemented, the recreational use of cannabis, which positions us as one of the first movers in the state.” In Massachusetts, licensed RMDs applying for an adult use license will be given prioritized application review by the state.
The timetable calls for construction to begin in the next thirty days, and revenue to begin in the third 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 adult use recreational market in Massachusetts to be $1.17 billion by 2020.
Derek Ross, BCWC’s spokesman comments, “Unlike other states, such as Colorado, Washington or California where adult cannabis use is legal, Massachusetts is located within driving distance to many of the most densely populated states in the US. We anticipate that our facility, which will be conveniently located 1.5-miles from Exit 1 on I-95, will contribute to an increase in Massachusetts’ cannabis tourism industry, providing state revenue, tax dollars, and job growth.”
As consideration for its 51% stake in the business, Future Farm agrees to pay BCWC $6,375,000, with $5 million in cash being allocated to build out the RMD. The remaining $1,375,000 is in the form of a non-interest bearing convertible note, repayable within 12-months or convertible into Future Farm’s common stock at a fixed price determined as of the closing price on January 10, 2018 (the “Note”). If the Note is converted, Future Farm anticipates issuing 1,117,886 shares of its common stock to BCWC.
A 6% finder fee is payable at closing in the form of restricted stock to Atlas Capital Advisors, LLC.
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, generates 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. As described in more detail above, the Company has decided to spin this asset off to its shareholders.
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.
Contact: Future Farm Technologies Inc. William Gildea, Director 617.834.9467
Source:Future Farm Technologies Inc.