Vancouver, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has agreed to invest $500,000 for a 10% interest in a limited liability company (the “Arizona Operator”), providing turn-key services related to the management, administration and operation of a 70,000 square foot licensed medical marijuana cultivation and processing facility in the State of Arizona. The transaction is expected to close in the next 45 days.
In December 2010, Arizona voters passed the Arizona Medical Marijuana Act, which became effective on April 14, 2011. As of March 31, 2018, Arizona had 162,528 active Qualifying Patient Registry Card holders, a 31% increase from the year before. Additionally, in March 2018, Arizona dispensaries transacted for more than 9,534 pounds of medical marijuana, a 44% increase over the year before.
The Arizona Operator entered into an exclusive Management Services Agreement with an Arizona nonprofit organization (the “Arizona Licensee”), that was awarded a Medical Marijuana Dispensary Registration Certificate (“License”) by the Arizona Department of Health Services (“AZDHS”), pursuant to the AZDHS Medical Marijuana Program. The License allows for the operation of an offsite cultivation and processing facility. The Arizona Licensee has granted the Arizona Operator the exclusive right to develop, manage and operate that facility and will pay the Arizona Operator management fees for doing so.
“We are thrilled to execute on this opportunity in Arizona, which adds a new geography to our existing portfolio of assets,” stated William Gildea, Future Farm’s CEO. “The Arizona medical marijuana program has witnessed significant growth and strong demand continues to fuel the market. This operating team has proven successful in cultivation management, and we see great potential for their execution here as well. We look forward to the development and construction of the state-of-the-art cultivation and processing facility.”
All material terms will be disclosed in the final press release issued upon closing the transaction.
For further information, contact William Gildea, Director, at (888) 387-3761.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and 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.