VANCOUVER, British Columbia, March 29, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that it has begun preparations for the propagation of industrial hemp at its Belfast, Maine facility.
As previously announced, the Company entered into a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building in Belfast, Maine. The Company has engaged GGS Structures of Vineland Station, Ontario to outfit planting trays, which will house over 200,000 hemp seedlings for the 2018-growing season. In addition to ordering the seeding tables, Future Farm has also engaged a local electrician and contractor to begin the build-out of its propagation room, which Future Farm anticipates will be completed by May 1st. This schedule should allow sufficient time to grow the seedlings to a point where they are hardy enough to be planted outside at the Company's Amity 120-acre and Hersey 100-acre farms before Maine's June 1st deadline.
Senate Majority Leader Mitch McConnell said Monday that he will introduce legislation to legalize hemp as an agricultural commodity. The Republican made the announcement in his home state of Kentucky, which has been at the forefront of hemp's comeback. McConnell says the legislation would also remove the federal barriers in place, which will help expand the domestic production of hemp. It will also give hemp researchers the chance to apply for competitive federal grants from the U.S. Department of Agriculture, allowing them to continue their work with the support of federal research dollars.
Looking forward to 2019, the Company expects to exercise its option to expand within the Belfast facility and to double production in 2019 at this location. With over 100 organic certified acres ready to plant in 2018 and an additional 1,000 acres available for expansion, Future Farm is poised to become the largest hemp farm in the North East.
"We have been working day and night to capitalize on this year's growing season," Derek Ross, President of Cannatech and Future Farm's joint venture partner in Maine comments. "It's great to see a plan come together and I'm very excited to have the opportunity to work with the local community to develop this project."
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
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 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.
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SOURCE Future Farm Technologies Inc.