Vancouver, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its Puerto Rico subsidiary, FFPR, LLC (“FFPR”), which Future Farm owns jointly with TCG Investments, LLC (“TCG”), owner of the Clinica Verde brand, is preparing to launch three new Clinica Verde dispensaries in dense highly trafficked areas of Puerto Rico early in the new year, with two additional locations planned in the following months. TCG already has five Clinica Verde dispensaries in successful operation. Those dispensaries have served more than 6,000 of the nearly 36,000 medical marijuana patients currently registered in Puerto Rico.
The addition of the new dispensaries owned by FFPR is expected to add significantly to Clinica Verde’s prominent position in the rapidly growing market for medical cannabis in Puerto Rico. With increasing patient demand in Puerto Rico and evolving cannabis regulations throughout the Caribbean, Clinica Verde is well positioned to execute its end goal of twelve dispensary locations planned for the island’s most populated and desirable retail corridors. As described above, Future Farm and Clinica Verde have partnered on five of the twelve planned locations.
As of September 2018, about 36,000 patients were signed up for the Puerto Rico medical marijuana program. This is more than double the 12,000 registered patients accounted for in 2017. According to the Secretary of Health of Puerto Rico, patients are joining the program at the rate of approximately 500 per week.
To help facilitate access to medical cannabis and direct tourism dollars toward responsible and safe cannabis use on the island, Clinica Verde and FFPR are also working with IslandMedPR, an online patient certification provider. Interested patients living in or traveling to Puerto Rico may use code CVERDE to save 20% off their standard registration fees.
“Puerto Rico is a gateway to the Caribbean, where there is an on-going dialogue about reforming laws relating to cannabis,” says William Gildea, CEO of Future Farm. “Future Farm is proud to be a leader in creating access for patients, and to work with Clinica Verde and IslandMedPR to create comfortable and welcoming facilities in the highest trafficked areas of the island.” This effort has particular relevance because The Caribbean Community, an organization comprised of 19 Caribbean heads of state known as CARICOM, recently published a report about the possible reform to the legal regimes regulating cannabis/marijuana in CARICOM countries in order to achieve real and lasting social, economic and healthcare reform.
Future Farm also announces a correction to its September 21, 2018 release regarding the grant of incentive stock options to certain directors, officers, employees and consultants. A total of 4,625,000 stock options were granted on September 21, 2018 at an exercise price of $0.395 CAD per share.
For further information, contact Investor Relations at investor@futurefarmtech.com or (888) 387-3761 x710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm’s scalable, indoor CEA systems utilize minimal land, water and energy resources. 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.
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.