Company to increase interest in Puerto Rican subsidiary as product demand soars on the island
Vancouver, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has reached an agreement with its Puerto Rico partner, TCG Investments, LLC (“TCG”), owner of the “Clínica Verde” brand of medical cannabis dispensaries, to expand its ownership interest in its Puerto Rico subsidiary, FFPR, LLC (“FFPR”). Future Farm and TCG intend to purchase their former business partner’s interest, resulting in Future Farm owning a 50% ownership interest and 60% economic interest. Future Farm previously held a 40% ownership interest and 50% economic interest in FFPR.
Future Farm’s expanded interest in FFPR comes at a time of tremendous growth for the medical marijuana industry in Puerto Rico. More than a year after the island was devastated by Hurricane Maria, which created millions of dollars in damage for medical marijuana businesses alone, the island now has over 100 licensed medical marijuana businesses in operation to serve its more than 56,000 patients.
“TCG is proud to partner with Future Farm to execute this joint venture,” says Christopher Foster, CFO of TCG. “Our success to this date is a result of careful planning and strategic growth. These new dispensaries will help us continue executing our strategy and benefit from Future Farm’s expertise and resources.”
“Puerto Rico is a strategic location for Future Farm expansion given its soaring patient population and increasing social acceptance of medical cannabis,” added William Gildea, CEO of Future Farm. “We are excited to continue building out the Clinica Verde dispensaries to provide legal, quality flower, edibles and concentrates to patients residing on and visiting Puerto Rico at this time of island-wide restoration and growth.”
As previously announced, FFPR will open five dispensaries on the island by 2019's end. FFPR’s contractor is putting the finishing touches on its first two dispensaries, which are expected to open in mid to late March, pending receipt of final inspections and licensure from Puerto Rico’s Board of Health. The first dispensary will be in Condado, a premier tourist area, and the second will be on University Avenue near the University of Puerto Rico Rio Piedras, the largest university on the island and one of the largest in the Caribbean basin. Upon completion, each location will begin providing valuable healthcare alternatives to residents and tourists, with plans to expand services to include door-to-door delivery. Both locations will feature ample parking, perhaps one of the most valuable amenities for a dispensary on the island.
Subject to the terms and conditions of the Purchase Agreement, at the Closing, FFPR’s partner shall sell, assign, and transfer to Future Farm and TCG 36 units of participation of FFPR, free and clear of all adverse interests or other claims, at a price of $833.33 per unit of participation amounting to $30,000.00. The parties have agreed to purchase the units as follows: Future Farm to purchase 12 units for USD$10,000; and TCG to purchase 24 units for USD$20,000.
For further information, contact Investor Relations at investor@FutureFarmTech.com.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
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. There is no guarantee that the Company will complete the Arrangement, or if completed, will be listed on a stock exchange. 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.