VANCOUVER, British Columbia, July 26, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that its partial subsidiary, NexTech AR Solutions ("NexTech"), and ARHT Media Inc. ("ARHT") (TSXV: ART) (OTCBB: ARHTF) have signed a worldwide exclusive license agreement to bring ARHT's patented holographic display technology to the cannabis industry. According to Arcview Market Research, the North American cannabis market is estimated to grow from $9.2 billion in 2017 to $47 billion by 2027. With this level of growth, NextTech believes that this holographic technology is both needed and ready for cannabis market deployment.
"While we are making great inroads into the traditional retail, education, events and entertainment markets, we see the cannabis market as another big opportunity for our technology and are excited to work with NexTech to make this happen," commented Larry O'Reilly, ARHT's CEO. "Our holographic displays and telepresence technology are a natural fit to take cannabis retailing to a whole new level. With this agreement in place, we have the potential to be in hundreds of locations in North America over the next few years."
"Imagine walking into your local dispensary and being able to see a 3D, 8-foot image of a cannabis bud spinning around with a 360-degree view of every trichrome, every fiery orange hair, the sugary crystals, chunky knobs enveloped by tiny leaves, without any special glasses," commented Reuben Tozman, Chief Product Officer of NexTech. "With this proven holographic technology, we now can put 3D screens (with no glasses) into the cannabis market allowing cannabis brands to advertise as well as stream live events directly to its consumer bringing them closer to their favorite brand."
As consideration for NexTech receiving an exclusive worldwide license, NexTech agreed to purchase a minimum of 12 holographic display units per year for the next five years, and ARHT will earn ongoing royalties on commercial uses of each display. In addition, NexTech agreed to fully fund the development and rollout budget for the development of ARHT's intellectual property.
The Company also announces that the Board of Directors has approved the cancellation of 2,893,750 incentive stock options currently exercisable at $0.65CDN.
On behalf of the Board,
Future FarmTechnologies Inc.
William Gildea, CEO & Chairman
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.
About NexTech AR Solutions
NexTech operates a portfolio of gaming and all-in-one applications known as the "All-In-One-App Portfolio" (the "App Portfolio"). The App Portfolio is comprised of 400 apps published in both the Apple's iTunes app store and the Google Play store, which have been consistently generating revenues since 2016. NexTech also provides AR services including AR app development and AR marketing solutions service. NexTech has an exclusive license to a portfolio of patents and patent pending applications, related to interactive gaming, interactive advertising, and AR technology.
About ARHT Media Inc.
ARHT's patented Augmented Reality Holographic Telepresence technology is the world's first complete end-to-end solution for the creation, transmission, and delivery of lifelike digital holograms. The company's technology is protected by U.S. Patent No. 9,581,962.
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. There is no guarantee that the Company will complete the Arrangement, or if completed, will be listed on a stock exchange. 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.