Vancouver, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce it has entered into a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building, with an option to expand and or buy the building. The property is perfectly suited for the cultivation and processing of hemp into CBD oil, as it has high ceilings for vertical growing, a turnkey commercial kitchen and 1,600-amp, 480-Volt 3 phase electric systems.
Future Farm plans to use this building to germinate 250,000 seeds over the next few months, which then will be planted to meet the summer growing season. The Company expects the seeds to be feminized Cherry Wine hemp CBD strains that test in compliance of hemp laws of having .03% THC or less while averaging 15% CBD. The hemp seeds will also be grown under the Company’s Scorpion LED grow lights, which will save on electricity costs and further leverage its in-house technology. Once harvested, the hemp will be dried and further refined using Future Farm’s high output oil processing equipment creating both CBD oil and high value isolate for making edibles, creams and lotions.
As previously announced, Future Farm has already acquired a 120-acre industrial hemp farm and signed a lease for 100-acres with an option to lease up to an additional 1,000 acres of farmland in Maine. The land under lease is organic and so all activity, equipment, practices and applications must follow the Organic Guidelines set forth by MOFGA (Maine Organic Farmers and Gardeners Association).
“This building lease agreement positions us in the hemp farming and CBD business for growing, researching, developing and selling organic hemp and CBD oil, which contain a broad range of cannabinoids used to treat a growing population of CBD oil consumers,” comments Bill Gildea, CEO of Future Farm.
The market for CBD is poised for expansion due in part to the FDA’s acceptance of a New Drug Application submitted by GW Pharmaceuticals plc for Epidiolex®, a drug containing CBD. Three Goldman Sachs analysts projected 2025 worldwide sales of US$2.2 billion for Epidiolex®, with more than half (56 percent) of the sales coming from off-label use. Sales of CBD in the United States across the hemp-derived, marijuana-derived and pharmaceutical industries is projected to reach $1.1 billion by 2020, according to Hemp Business Journal.
For further information, contact William Gildea, Director, at 617.834.9467.
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.