Business
Future Farm Entering Second-Largest Cannabis Market in U.S. -- CFN Media
Future Farm Entering Second-Largest Cannabis Market in U.S. -- CFN Media.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n SEATTLE, WA, Jan. 10, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (\"CannabisFN\"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering Future Farm Technologies Inc. (CSE: FFT) (CNSX: FFT) (FFT.CN) (OTCQB: FFRMF) and its recent move into the Florida medical marijuana market. In 2016, Florida voters approved a massive expansion of the state’s medical marijuana system. As a result, Florida’s medical marijuana market is now expected to top $1.5 billion annually by the year 2020. The nation’s third most populous state, with a high percentage of elderly residents who are more likely than other age groups to seek medical marijuana as treatment for a variety of common ailments, is struggling to keep up with the greatly increased demand for doctors’ licenses and medical marijuana cards.\n New Greenhouse Future Farm Technologies recently closed on its previously announced acquisition of a 10-acre operating greenhouse in Florida. The greenhouse is located in a designated legal grow zone near Orlando, which has a population of nearly 2.5 million and attracts over 62 million visitors each year. Management plans to run the greenhouse as-is for now, adding to Future Farm’s current revenue streams while the company applies for a cannabis cultivation permit. In 2017, the greenhouse generated an estimated $2.8 million in revenue and $400,000 in EBITDA. The property, and the greenhouse, have already been approved at the county level for the cultivation and processing of cannabis, which positions it for significant near-term revenue potential. Management plans to explore the possibility of growing hemp on the remaining acreage of farmland outside of the greenhouse facility down the road. Future Farm also has an option to lease an adjacent 10-acre parcel for use as a hemp farm. Beyond the Florida acquisition, Future Farm has a fully operational 120-acre hemp farm in Maine, along with a new lease on a nearby 100 acre site. The company also has an option to lease up to an additional 1,000 acres. Developing these additional properties into hemp farms would turn Future Farm into one of the largest hemp suppliers in the country, giving the company the raw material it needs to feed its proprietary extraction technology and cre...