Business
Future Farm Closes on Cannabis Zoned Building in Rhode Island
Future Farm Closes on Cannabis Zoned Building in Rhode Island.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n\n\nFuture Farm Closes on Cannabis Zoned Building in Rhode Island\n\n\n\n\n\nFuture Farm Closes on Cannabis Zoned Building in Rhode Island\nPR Newswire\nVANCOUVER , British Columbia, February 2, 2018\n\n\n\nVANCOUVER , British Columbia, February 2, 2018 /PRNewswire/ --\n\nFuture Farm Technologies Inc. (the \"Company\" or \"Future Farm\") (CSE: FFT) (CSE: FFT.CN) (OTCQB: FFRMF) is pleased to announce that it has closed on the purchase of a 15,000-sq. ft. building in Providence, Rhode Island. The building is located in a M-1 zone, which legally permits the cultivation of cannabis by right. The Company intends to lease this property to a local, licensed cultivator who will use the property as a licensed medical marijuana cultivation space, providing wholesale cannabis to Rhode Island's state-sanctioned dispensaries.\n\n\"With this asset purchase, Future Farm is building a solid foundation in the Northeastern part of the United States,\" says Bill Gildea, CEO of Future Farm. \"The Northeast has a large population but has lagged behind the Southwest in the permitting of cannabis cultivation and dispensaries, which creates opportunity.\" Rhode Island is in the New England region of the Northeastern United States and is the second most densely populated of the 50 United States.\n\nFuture Farm is investing heavily in building its portfolio of assets. The Company recently purchased a 10-acre operating greenhouse in Orange County, Florida, which generated an estimated $2,800,000 USD in revenue and $400,000 USD in EBITDA for 2017. It also recently purchased a 120-acre industrial hemp farm and entered into a lease for an additional 100-acres of organic farmland in Maine. The Company also recently entered into a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building located in Maine, with an option to expand and or buy the building. The building is perfectly suited for the Company's hemp cloning operation, which will use vertical farming technology pioneered by the Company to supply over 250,000 clones to the farms in 2018. The hemp clones will also be grown under the Company's Scorpion LED grow lights, which will save on electricity costs and further leverage its in house technology.\n\nAs a consideration for the current acquisition, Future Farm paid $750,000 USD. In addition, Future Farm has agreed to pay a...