VANCOUVER, British Columbia, April 5, 2018 /PRNewswire/ -- Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has completed the preliminary demolition of the interior of its Providence, Rhode Island building, which allows for the build-out of a cultivation facility to commence in earnest. The building is located in a M-1 zone, which legally permits the cultivation of cannabis by right. As previously announced, the Company intends to lease this property to a local, licensed cultivator who will use the property as a licensed medical marijuana cultivation space, providing wholesale cannabis to Rhode Island's state-sanctioned dispensaries. Future Farm has already received a Letter of Intent to lease the property from a provisionally licensed cultivator and lease negotiations are currently underway.
During Phase I of the demolition, Future Farm's Lessee began accepting and reviewing proposals for permit-ready sets of plans to lead the way to the next phases of development in the project. The Lessee has since engaged Creative Environment Corp. (a subsidiary of Theilsch Engineering, Inc.) and ZDS, Inc. to begin the architecture/engineering facility design phase. It is anticipated that Phase II of the build-out will be completed sometime in mid to late April.
"CEC and ZDS are two firms leading the industry in cannabis cultivation facility design," says Derek Ross. "This is an amazing opportunity to work with two of the most accredited firms in the space. Their vast knowledge and experience has made the facility design process fast and efficient."
Rhode Island's governor recently introduced a budget proposal, which would dramatically expand Rhode Island's medical marijuana program, most notably increasing the number of licensed compassion centers from three to 15. The governor also wants to add "acute pain" to the list of qualifying medical conditions, thereby making more people eligible for temporary medical marijuana cards after things such as dental work, sprained ankles and broken bones. "The combination of changes is projected to result in some $5.1 million in additional revenue to the state next year."
Future Farm is also pleased to announce its participation in a seminar taking place on April 6th at the JW Marriott hotel in Santo Domingo, Dominican Republic. CannaEduca and Clinica Verde are co-sponsoring the event entitled "Legal, Social and Economic Aspects of Medicinal Cannabis: The Case of Puerto Rico." For more information, see www.cannaeduca.com.
Future Farm adviser and strategic partner Derek Ross will be acting as panelist and featured speaker facilitating the discussion surrounding regulation and legislation of medical marijuana in the United States. This seminar will introduce the proven model in Puerto Rico to serve as a catalyst in the, as yet, untapped medical marijuana industry in the Dominican Republic. Officials and staff from the Ministries of Agriculture and Health are expected to be in attendance.
The Company also announces a correction to the previously announced finder's fee payable to Atlas Capital Advisors, LLC with respect to Future Farm's purchase of a convertible note from the company which holds a provisional certificate of registration to operate a registered marijuana dispensary in Attleboro, Massachusetts. As consideration for Atlas Capital's services Future Farm agreed to pay $225,000 USD.
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.
For further information, contact William Gildea, Director, at +1-888-387-3761
SOURCE Future Farm Technologies Inc.