Business
Future Farm Sells 10% Ownership Interest in Arizona Medical Marijuana Cultivation and Processing Management Company to Solis Tek
Future Farm Sells 10% Ownership Interest in Arizona Medical Marijuana Cultivation and Processing Management Company to Solis Tek.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\nVancouver, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that, on May 8, 2018, it closed on its previously announced cash investment of $500,000 for a 10% interest in YLK Partners NV, LLC, an Arizona-based company that has in place a management services agreement to provide turn-key services for the management, administration and operation of a licensed medical marijuana cultivation and processing facility being developed in Arizona (the “Arizona Facility”).  Future Farm is also pleased to announce that on May 10, 2018 it sold that 10% interest to Solis Tek, Inc. (“Solis Tek”) (OTCQB: SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor. Solis Tek has acquired all of the outstanding interest in YLK Partners NV, LLC and plans to develop the 70,000 square foot Arizona Facility into one of the most technologically advanced cultivation and processing facilities in Arizona.   Solis Tek has issued 500,000 warrants exercisable at $0.01 per share to Future Farm as consideration for the interest.\n Yorkville Advisors Global, LP (“Yorkville”) and its affiliates, who have provided significant financing support to Future Farm, are also providing the financing to Solis Tek for the Arizona project. For more information on that financing and on Solis Tek, please visit their website at https://solis-tek.com/. “We are thrilled to have this investment in Arizona quickly become an opportunity to obtain a significant ownership position in Solis Tek,” says Bill Gildea, Future Farm’s Chairman and CEO.  “We have come to know Alan Lien and his team at Solis Tek well over the past months.  They are impressive developers and operators of cannabis cultivation and production facilities.  We look forward to working with them in Arizona and on other opportunities in the future.” For further information, contact William Gildea, Director, at (888) 387-3761. On behalf of the Board, Future Farm Technologies Inc. William Gildea, Chairman and CEO About Future Farm Technologies Inc. Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Fl...