Business
Future Farm Announces Closing Date to Acquire 10-Acre Operating Greenhouse in Florida and Closes on $4,000,000 Usd Private Placement
Future Farm Announces Closing Date to Acquire 10-Acre Operating Greenhouse in Florida and Closes on $4,000,000 Usd Private Placement.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has set a closing date of January 4, 2018 on its previously announced 10-acre operating greenhouse acquisition, which generated an estimated $2,600,000 USD in revenue and $400,000 USD in EBITDA for 2017. This acquisition represents a major milestone for the Company and positions it in the emerging Florida cannabis market, estimated by some to have $1 billion in annual sales by 2020.\n The Company is also pleased to announce that it has secured a $4,000,000 USD investment, its largest investment to date, from Yorkville Advisors Global, LP (“Yorkville”). Proceeds from the private placement will be used to acquire the previously announced 10-acre operating greenhouse in Florida. The business and associated property have been approved at the county level for cultivation and processing of cannabis. “Although the Florida acquisition has taken longer than anticipated, we see the Yorkville financing and the revenue-generating acquisition in Florida as major milestones for Future Farm and its shareholders since it puts us in one of the fastest growing cannabis and hemp markets in the country,” says William Gildea, Future Farm’s CEO and Chairman. “We expect that this acquisition will bring Future Farm $2,600,000 USD in revenue and $400,000 USD in EBITDA, which positions the Company for tremendous growth in 2018 and for years to come.” The greenhouse is in a designated legal grow zone with close 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...