VANCOUVER, British Columbia, February 21, 2017 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: AGSTF) is pleased to announce that its 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 sublicense to legally manufacture cannabis oil using a non-volatile method compliant under the Medical Marijuana Regulation And Safety Act ("MMRSA"), in South-eastern Los Angeles County, California.
The non-profit will produce highly pure cannabis concentrates to supply California's medical marijuana patients' rapidly growing demand for both THC and CBD oil. The company will also focus on increasing inventory and capacity as California prepares to create a market for legal recreational cannabis. FFM Consulting Services, LLC, which is majority owned by Future Farm Technologies, will manage the new state-of-the-art extraction facility.
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 this major milestone for our emerging company and excited to have the opportunity to manage this extraction facility as it allows us to showcase our ability to expertly manage the production of consistent and pure concentrates," said Bill Gildea CEO of Future Farm Technologies. Cannabis concentrates and edibles are the largest and fastest growing segments of the cannabis market. The market is accelerating as consumers become more educated on the various oil infused products that can be produced, as well as how well they work. As consumers become more educated, they grow more interested in using oil as a flower alternative.
"Professional extraction and refinement equipment and procedures enable us to ensure product purity, safety, and dosage control that promises to be the most valuable link in the supply chain for the future of the cannabis industry," commented John Sweeney, COO of Future Farm Technologies.
Future Farm is also pleased to announce that due to a high level of interest from strategic investors they are offering $1,000,000 (units) in a non-brokered private placement. The Company will use the net proceeds for opportunistic acquisitions, and the continued rapid expansion of their business. The Company is offering each Unit at a price of $0.27 CDN per Unit. Each Unit is comprised of one common share of stock and one-half share purchase warrant that is exercisable at $0.37 CDN per common share for one-year with certain acceleration clauses.
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.
#5-9079 Shaughnessy Street
For further information, contact:
Future Farm Technologies Inc.
CEO & Chairman: 617-834-9467
SOURCE Future Farm Technologies Inc.