Vancouver, BC , Dec. 19, 2017 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its LED Canada division delivered its Scorpion grow lights to a Washington State licensed cannabis grower and Puget Sound Energy customer. The grower worked with LED Canada to gain access to Puget Sound’s money saving rebate program, which will save the grower as much as 50% on his energy bill for using LED Canada grow lights.
“This is a major milestone for Future Farm and its Scorpion grow lights,” comments Scott McDermid, LED Canada’s manger. “Some of the largest growers in Washington State are finding the Scorpion grow lights to be the best grow lights in the industry.” Mr. McDermid continues, “The Company will also be launching an all-in-one home cultivation system using the same Scorpion LED lights for the Canadian market, which is expected to go recreational by July 2018.” Under the proposed law, Canadians of legal age will be allowed to grow up to four marijuana plants for their own consumption.
Commercial growers in Washington State have the ability to cut their power bills in half with the use of LEDs and by earning utility rebates for installation.
“Using LEDs is an investment that pays multiple dividends,” comments Bill Gildea, CEO of Future Farm. “Growers use roughly half the energy of those growers who use traditional lighting, but LEDs also help lower their cooling bills, a necessity due to the high heat out-put by traditional sodium lights. LEDs are coming on strong in the market right now, and we see a lot of growth potential.”
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.