Vancouver, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it is moving into Phase II of its ongoing efforts to be the largest hemp cultivator and CBD producer in New England.
On May 10th the Company completed Phase I of the buildout of its 12,800-sq. ft. hemp processing and production facility in Belfast, Maine (the “Facility”). During Phase I, the Company upgraded the Facility’s electrical system, installed state of the art lighting and propagation tables and hired a seasoned team to assist with planting. Finishing Phase I allows the Company to plant over 200,000 seeds for the propagation of feminized CBD hemp seedlings. These seedlings will produce feminized CBD seeds for sale as well as CBD isolate biomass.
In response to a successful petition by Future Farm and other Maine licensees, Maine’s State Horticulturist has issued an Extension of Indoor Growing Allowance for the 2018 Season. A memo to Industrial Hemp Grower Applicants and Licensees stated that, “Considering the slow start to the growing season this year and the cold soil temperatures that persist, we are extending the allowance for starting your industrial hemp plants indoors. We will allow seedlings to be grown indoors until June 15, 2018.” The extension will allow hemp seedlings the extra growing time needed to become hardy enough to withstand Maine’s unpredictable weather. As a result of the extension, Future Farm plans to transfer its seedlings from the propagation facility to its Amity and Hersey fields on or about June 10, 2018.
“Now that the ground has thawed, field prep has begun at both the Hersey and Amity farms,” explains Zak Lapan, Future Farm Maine’s General Manager. “Wells are being drilled and the fields are scheduled to be plowed, mulch papered and irrigated. Preliminary soil analysis on Future Farm’s organically certified 100-acres in Hersey shows very fertile fields.”
The fields are being prepared for transplant in tandem with the build-out of the state of the art propagation facility, leveraging the most modern irrigation and fertilization systems the industry has to offer. The next phase is the build-out of the processing and extraction lab, which will be capable of processing over 500 pounds of biomass an hour. In 2018, the Company is projected to produce 150,000-200,000 pounds of organic, high CBD biomass and to harvest over 75,000,000 organic, feminized, high CBD hemp seeds.
Derek Ross of Cannatech and Future Farm’s strategic partner in Maine states, “The goal for next year is to be a resource for local farmers to obtain feminized CBD hemp seeds, making a significant impact to the agricultural community in Maine.”
The industrial hemp opportunity is significant. According to Forbes, cannabis research firm Brightfield Group estimates that the U.S. market for hemp-derived CBD had $291 million in sales in 2017 and will grow to annual sales of $1.65 billion in 2021.
For further information, contact William Gildea, Director, at (888) 387-3761.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & 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.