VANCOUVER, British Columbia, March 15, 2017 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its majority owned subsidiary, FFM Consulting Services, LLC, a California limited liability company, has entered into a management agreement with a California non-profit company. The non-profit has secured a sublease for the purpose of cultivating premium grade cannabis in Riverside County, California. The cultivation facility will supply its high-quality cannabis to the previously announced extraction facility where it will be further processed into premium grade concentrates.
The Company expects to help the non-profit operate and expand within the 17,000-square foot state-of-the-art cultivation facility and that it will be fully functional following completion of facility modifications within three months, with the first harvest 90-days thereafter. The cultivation operation will implement the use of Future Farm's CEA systems, including the Company's patented vertical farming technology and COB LED grow lights, thereby positioning the non-profit to be able to produce high-grade and pure cannabis ideally suited for extraction. By using Future Farm's proprietary vertical stacking technology for its clones, there will be more space to devote to the flowering room, which will increase the overall cannabis production capacity in the space.
California is the 6th largest economy in the world and according to ArcView Research the cannabis market in California is expected to reach US$6.5 billion by 2020.
"We're thrilled to have reached another major milestone for our emerging company and excited to have the opportunity to manage this cultivation facility as it allows us to showcase our ability to expertly manage the production of consistent high-grade cannabis," said Bill Gildea, CEO of Future Farm Technologies.
"This cultivation operation provides us with an important strategic advantage to control our supply of locally grown, high-grade raw material for our extraction operations and at the same time incorporate the use of Future Farm's diversity of equipment, including vertical farming technologies and COB LED lighting solutions," commented John Sweeney, COO of Future Farm Technologies.
About Future Farm
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. 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, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
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.
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.
FUTURE FARM TECHNOLOGIES INC.
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Future Farm Technologies Inc.
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SOURCE Future Farm Technologies Inc.