Business
Future Farm Provides Midyear Update to Shareholders
Future Farm Provides Midyear Update to Shareholders.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n\n\nFuture Farm Provides Midyear Update to Shareholders\n\n\n\n\n\nFuture Farm Provides Midyear Update to Shareholders\nPR Newswire\nVANCOUVER, British Columbia, July 24, 2018\n\n\n\nVANCOUVER, British Columbia, July 24, 2018 /PRNewswire/ --\n\nFuture Farm Technologies Inc. (the \"Company\" or \"Future Farm\") (CSE: FFT) (CSE: FFT.CN) (OTCQB: FFRMF) is pleased to provide a mid-year update regarding activities for the first half of 2018 and plans for the remainder of 2018. The Company's CEO, Bill Gildea, also thanks current and prospective shareholders for their ongoing support.\n\nFuture Farm had a very active winter and spring with significant activity in Canada, California, Puerto Rico, Massachusetts, Maine, Rhode Island and Florida. The market responded positively to this expansion and diversification of the portfolio. The first half of 2018 was primarily focused on integrating acquisitions, addressing market needs, improving operations, and taking advantage of synergies to increase shareholder value. The Company successfully raised US$4 million from Yorkville Advisors in March to develop and expedite growth in its operations.\n\nThe summaries below provide a more in-depth update on the Company's various projects in its four business segments over the first half of 2018.\n\nCULTIVATION  \n\nFLORIDA \n\nThe Company's wholly owned ornamental plant business in Apopka, Florida, known as White Sand Nursey, exceeded 2017 expectations by generating revenue of US$2,878,483 on a modified-cash accounting basis. For reference, the Company's previous forecast was for US$2,800,000 in revenue. In 2018, the Company expects the business to generate US$3,000,000 in revenue with a similar cost structure, primarily due to improved efficiencies in marketing and sales.\n\nThe Company acquired White Sand in January 2018 for US$3,000,000 in order to position itself in the fast-growing Florida cannabis market. The White Sand greenhouse fits the state's stringent criteria and designated zoning to legally cultivate, process, and dispense cannabis. Florida is positioned to be the second largest market after California, with more than 100,000 registered medical cannabis patients and projected annual sales of US$1.6 billion in 2020, according to the Arcview Group. (See: http://www.marketwired.com/press-release/new-report-florida-mariju...