Business
Future Farm Announces Update Regarding Estimated 2017 Revenue From Operating Greenhouse in Florida
Future Farm Announces Update Regarding Estimated 2017 Revenue From Operating Greenhouse in Florida.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\nVancouver, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) announces an update with respect to the estimated revenue and EBITDA generated by White Sands Nurseries, Inc. (“White Sands”), the 10-acre operating greenhouse business acquired by the Company in early 2018.\n At the time Future Farm purchased White Sands in January 2018, the estimated financial results for the business in calendar year 2017 were $2,800,000 USD in revenue and $400,000 USD in EBITDA.   The Company recently received the audited financial statements of White Sands for the 12-month period ended December 31, 2017 and is pleased to announce that the business exceeded expectations by generating revenue of $2,878,483 USD and EBITDA of $425,585 USD.  The Company expects its White Sands to continue the upward trend and generate $3,000,000 USD in revenue for calendar year 2018, with similar improvement in EBITDA. White Sands is a fully operational greenhouse business, family operated since 1959, that currently grows ornamental plants sold in large retail stores throughout North America. The Company intends to continue operating the greenhouse as-is, while it applies for a cannabis cultivation license from the State of Florida. Since being acquired in early 2018, White Sands provides Future Farm with cash flow while serving as a major building block for the Company as it positions itself in the emerging Florida cannabis market, estimated to climb to $1.6 billion in medical cannabis sales by 2020. “We are pleased that the 2017 estimates provided upon acquisition have not only been proven, but exceeded our expectations,” says William Gildea, Future Farm’s CEO and Chairman. “We expect that revenue in 2018 will be even higher, thanks to both the improvements that have been implemented by the Company and the strength and dedication of the White Sands team.”  The Company is also exploring the possibility of growing hemp on farmland also acquired as part of the White Sands transaction.  For further information, contact William Gildea, Director, at 617.834.9467.  On behalf of the Board,  Future Farm Technologies Inc. William Gildea, CEO & Chairman  About Future F...