Business
Future Farm Closes on Acquisition of 50% Interest in CEPG Consulting and Design Inc.; Now Ready to Apply for a Dealer License in Canada
Future Farm Closes on Acquisition of 50% Interest in CEPG Consulting and Design Inc.; Now Ready to Apply for a Dealer License in Canada.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\nVancouver, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has completed its acquisition of a 50% interest in CEPG Consulting and Design Inc. (“CEPG”) of St. John’s, Newfoundland. CEPG will participate in the cannabis and hemp breeding program under the previously announced joint venture between Future Farm and Rahan Meristem Ltd. (“Rahan”), a world renowned global agro-biotechnology company based in Israel. The joint venture will operate out of both an existing building to be transferred to CEPG by Snellen Holdings (1994) Co. Ltd. (“SHC”) and 6,000 square feet of newly constructed laboratories. \n CEPG is a Canadian corporation which, until the closing of Future Farm’s acquisition of 50% ownership, was wholly owned by SHC, also based in St. John's. SHC has been developing controlled environment plant growth systems since 1981.  CEPG will apply for a dealer license from Health Canada, which will enable research and development to begin on the growth of cannabis plants. Once licensed, the R&D facility will use state-of-the-art controlled environment equipment and techniques to create a research hub for the Rahan and Future Farm JV, which is expected to create valuable IP to be sold or licensed worldwide. The joint venture will develop, own and utilize Rahan's proven and proprietary technology to mass-produce elite new strains of marijuana to fit various profiles required of the medical and legal use of this highly valuable and beneficial plant.  “Now that we are 50% partners with Future Farm, we can fast-track the build-out of our lab space,” comments Chris Snellen, President of CEPG. “In the meantime, we hope to outsource initial analytical and tissue culture work to Memorial University of Newfoundland and even partner with them on several R&D projects.”  As part of the JV, Rahan shall be responsible for providing the know-how and technology, as well as management and operation of the breeding program.  “We are delighted to continue the path that Chris and CEPG have forged over the years in St. John’s,” says Bill Gildea, CEO of Future Farm. “The relations...