Business
Future Farm Acquires 10-Acre Operating Greenhouse in Florida Generating $2.8 Million in Revenue
Future Farm Acquires 10-Acre Operating Greenhouse in Florida Generating $2.8 Million in Revenue.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has closed on the previously announced 10-acre operating greenhouse acquisition, which generated approximately $2,800,000 USD in revenue and $400,000 USD in EBITDA for 2017*. The purchase price was $3,000,000 or 1.07X revenue. The closing of this acquisition represents a major milestone for the Company as it provides substantial revenue and cash flow while positioning the Company in the emerging Florida cannabis market.\n The business and associated 10-acre property have been approved at the county level for cultivation and processing of cannabis. “This revenue-generating acquisition is a major milestone for Future Farm and its shareholders. Florida is the third most populous state in the USA with 20,984,000 residents and one of the fastest growing cannabis and hemp markets in the country,” says William Gildea, Future Farm’s CEO and Chairman. The greenhouse is in a designated legal grow zone with proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location. Shareholders will be excited to know that the farm is much more than a “zoned for cannabis” piece of land, but also a fully operational greenhouse business already in full production. The greenhouse property, which has been family operated since 1959, currently grows ornamental plants sold in big-box stores throughout North America. The Company intends to continue operating the greenhouse as is while it applies for licensing as a cannabis cultivator with the State of Florida. The Company is also exploring the possibility of growing hemp on the remaining acreage of farmland. A report by the Brightfield Group projects that hemp cannabis products will have $1 billion in annual sales by 2020. As part of this acquisition, the Company will pay a 6% finder fee to Atlas Capital Advisors, LLC. * The Company cautions that the above figures for revenue and earnings are estimates only and have not been audited. Actual results may differ materially from those reported in this release. For further information, contact William Gildea, Director, at 617.834.9467. On beh...