Vancouver, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce estimated 2018 projections on its 10-acre operating greenhouse. This 10-acre greenhouse in Apopka, Florida is located in a designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually. The greenhouse business will provide Future Farm with cash flow while serving as a major building block for the Company as it prepares to position itself in the emerging Florida cannabis market, estimated to climb to $1.6 billion in medical cannabis sales by 2020.
The Company plans to upgrade the nursery’s technology platform with new computers and software, a new phone system and fully implemented automated accounting, inventory management and order tracking systems. In addition, the Company plans to activate the online ordering platform, which to date has been non-functional, to penetrate higher margin markets such as direct to consumer wedding sales. Finally, the Company plans to initiate an online and social media marketing effort in part by employing the services of an ad agency.
As of July 2017, Florida had approximately 26,000 registered medical cannabis patients, and by October the number of registered medical cannabis patients surged to 38,000. It is anticipated that these numbers will likely continue to grow significantly over the next few years, due to the large number of retirees residing in Florida. It is expected that the Florida cannabis market will be only second in size to California, which in the last quarter of 2017 had 34 percent market share of legal pot sales. Colorado, Washington and Oregon had 41 percent share combined as of the same time period.
“We continue to execute on our planned strategy of building a portfolio of valuable, revenue-generating assets in the fastest growing cannabis and hemp markets in the country,” says William Gildea, Future Farm’s CEO and Chairman. “Our portfolio has grown quickly over the past year with assets acquired in Rhode Island, Maine, California and Puerto Rico, in addition to the acquisition of our Florida greenhouse and nursery.”
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.