Business
Future Farm and High Purity Natural Products to Merge
Future Farm and High Purity Natural Products to Merge.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n Partnership Creates Premier Advanced Manufacturing Company Serving the Health and Wellness Markets Lead Products Include Hand Sanitizer Lines and Cutting-Edge CBD Products Including Sleep Tinctures, An Extensive Topical Cosmetic Line and a New State of the Art After Sun Skin Care Lotion All Stock Merger Creates Significant Shareholder Value by Adding High Purity Business to Future Farm Vancouver, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (“Future Farm”) (CSE: FFT) (OTCQB: FFRMF) and High Purity Natural Products, LLC (“High Purity”) are pleased to announce that on May 27, 2020 the parties signed a Letter of Intent to merge. The companies will sign a definitive Merger Agreement and subsequently close in the immediate future.  Tom Barrette, President and COO of Future Farm, who led the Future Farm effort to put the merger together, comments, “Mike Matton and his team are among the most respected in the industry. We are especially excited by their brilliantly executed reaction to customer demand for hand sanitizer products, leading to product sales in that category of approximately $440,000 from mid-March to mid-April with associated direct costs of $330,000.”  Future Farm has already been providing strategic and financial resources to support the rapid growth of High Purity’s business. That business includes both High Purity’s established operations as a leader in advanced contract manufacturing of health and wellness products featuring CBD and its recent expansion into the hand sanitizer product lines that retailers and other business customers are demanding in the face of the COVID-19 pandemic.  Future Farm’s support to date has included US$125,000 in working capital loans, introductions to large, creditworthy customers, facilitating key parts of the High Purity hand sanitizer supply chain and identifying and closing new sources of nondilutive growth capital.  The merger of the two companies immediately implements a major step in Future Farm’s core strategy: becoming a leading supplier of pharma-grade health and wellness products, including those which feature hemp-derived CBD.  High Purity is a leading Massachusetts-based advanced white label and contract manufacturer of cutting-edge...