Saint Petersburg, FL, July 27, 2017 (GLOBE NEWSWIRE) --
HempTech Corp. (OTC: HTCO), a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the agricultural industry including legal medical cannabis, announces today that it is in the process of co-applying for Medical Marijuana Treatment Center (MMTC) license in the State of Florida with its sister companies, FutureLand Corp & CB Scientific.
Under the new regulations, enacted on November 8, 2016, Florida will accept new applications for Medical Marijuana Treatment Centers (MMTC) -- entities that acquire, cultivate, possess, process (including development of related products such as food, tinctures, aerosols, oils, or ointments), transfer, transport, sell, distribute, dispense, or administer marijuana, products containing marijuana, related supplies, or educational materials to qualifying patients and caregivers.
Under the new Florida State law, selling the marijuana flower is not permitted. The permitted medicines are in the form of derivatives such as food, tinctures, aerosols, oils, or ointments. This is where the expertise of CB Scientific in formulation and medical devices will shine the most alongside HempTech’s ability to help grow pure medicinal quality marijuana flowers.
The Company and its partners are in discussion with other seasoned operators in the legal marijuana States to begin the application process for the Medical Marijuana Treatment Center (MMTC) license in the State of Florida. The Company will partner immediately with its sister companies; FutureLand Corp and CB Scientific (for testing, extraction technology, formulation and delivery devices) and Biotica Pharmaceutical (for medical research and discovery). We expect to file and receive one of the available licenses in the coming month, if not, we will receive one with the expansion of the future licensing.
On the technology side, we have been working diligently in establishing relationship with current license holders in the State of Florida and Nevada bringing state-of-the-art grow technologies to their facilities for better yield and profitability. We are also planning on applying for grow licenses in the State of Oregon alongside what our sister company FutureLand already owns.
According to Forbes, Colorado and California may be ground zero for medical marijuana, but Florida could quickly catch up. A new report from New Frontier Data with market data provided by Arcview Market Research projects that Florida's market will grow to $1.6 billion by 2020 at a compound annual growth rate of 140%. That would make it half the size of California's projected $2.6 billion market and top the projected $1.5 billion medical marijuana market for Colorado.
HempTech is committed to bringing cutting edge technology to cannabis growers everywhere. Through the perfect blend of technology and human experience, HempTech brings you the best in automation technologies, smart cultivation tools and business software solutions.
For more information on products offered by HempTech, please contact; info@hemptechcorp.com.
About HempTech Corp
HempTech Corp (OTC PINK: HTCO), a Nevada corporation, is a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the cultivators of legal industrial hemp and cannabis. We design and engineer specialized products using advanced sensors, process control techniques, big data aggregation, analytics and security solutions so cannabis growers can easily and effectively control every aspect of their operation. Through HempTech technologies, virtually every component of the plants' vegetative growth matrix and flower harvest is automated, documented and available in visible format both in real time and historically. This simplifies operations and ensures that the baselines set by the master grower are adhered to by the cultivation staff.
The Intelligent Automation Technology engineered for agricultural operations featuring CognetiX Cultivation Automation & Analytic Software drives improvement in productivity, efficiency, quality and sustainability. This industrial grade advanced Controlled Environment Agriculture (CEA) with analytical technology software, is being made available to small and large size cultivators that are not yet available in the Cannabis market. HempTech’s goal is to provide cost effective and efficient cultivation of indoor cannabis through intelligent technologies and process control platforms.
HempTech's mission is to establish a reputation in the cannabis industry as a one-stop-shop that provides all the infrastructure elements required by growers in a manner that is fully integrated, state-of-the-art, and secure. Products include the SPIDer™ (Secure Perimeter Intrusion Detection), SmartSense™, SmartEnergy, and analytics dashboard CognetiX™ through which HempTech Corp. provides growers unparalleled data analysis capabilities to Know Your Grow! HempTech -- America's Future Taking Root Today.
To request further information about HempTech, please email us at info@hemptechcorp.com, log onto our website at http://www.hemptechcorp.com or visit us at our Facebook page https://www.facebook.com/hemptechcorp or on Twitter @hemptechcorp.
Forward-Looking Statements
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.