Business
Future Farm Closes on 120-Acre Licensed Industrial Hemp Farm and Projects Over $10 Million in Revenue
Future Farm Closes on 120-Acre Licensed Industrial Hemp Farm and Projects Over $10 Million in Revenue.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n \n \n Future Farm Closes on 120-Acre Licensed Industrial Hemp Farm and Projects Over $10 Million in Revenue\n \n \nFuture Farm Closes on 120-Acre Licensed Industrial Hemp Farm and Projects Over $10 Million in Revenue\n \n VANCOUVER, BC--(Marketwired - Nov 29, 2017) - 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 acquisition of a 120-acre industrial hemp farm in Amity, ME. With this acquisition, Future Farm is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.\n Future Farm expects to harvest 1,700 plants per acre of the 120-acre farm, which translates into approximately 10-kilos of CBD distillate per acre, which further translates into $90,000 per acre in revenue, or on 120-acres a projected revenue of $10,800,000.00. With Maine's current favorable economic climate for hemp in place, the Company is moving aggressively to acquire more land and is in discussion with existing farm operators to farm another 200-acres of organic hemp on existing farmland in Maine.\n \"We are thrilled to be able to acquire this prime land to farm hemp as we will leverage our oil extraction techniques into the CBD business,\" comments Bill Gildea, CEO of Future Farm. \"We are excited to be working with Derek Ross on this project as well as on other projects which are in our pipeline.\"\n Derek Ross, CEO of Cannatech, comments, \"I'm excited to grow this business with Future Farm. Partnering with Future Farm will allow us to scale up to full production faster and enable us to process large amounts of hemp flower into highly pure CBD concentrates, which is where the market is.\" Mr. Ross continues, \"We are actively looking for more land to farm so that we may rapidly scale production in 2018 as the market demand for CBD oil continues to expand.\"\n Hemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to grow to $1.8 billion by 2020 in the USA. As consideration for the acquisition of the Farm, Future Farm paid Derek Ross $80,000, payable in equal installments over the course of six months, and 250,000 shares of the Company's common stock.\n For further information,...