Business
Future Farm Signs Building Lease for Its Industrial Hemp CBD Oil Production and Propagation in Maine
Future Farm Signs Building Lease for Its Industrial Hemp CBD Oil Production and Propagation in Maine.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce it has entered into a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building, with an option to expand and or buy the building.  The property is perfectly suited for the cultivation and processing of hemp into CBD oil, as it has high ceilings for vertical growing, a turnkey commercial kitchen and 1,600-amp, 480-Volt 3 phase electric systems.\n Future Farm plans to use this building to germinate 250,000 seeds over the next few months, which then will be planted to meet the summer growing season. The Company expects the seeds to be feminized Cherry Wine hemp CBD strains that test in compliance of hemp laws of having .03% THC or less while averaging 15% CBD. The hemp seeds 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. Once harvested, the hemp will be dried and further refined using Future Farm’s high output oil processing equipment creating both CBD oil and high value isolate for making edibles, creams and lotions. As previously announced, Future Farm has already acquired a 120-acre industrial hemp farm and signed a lease for 100-acres with an option to lease up to an additional 1,000 acres of farmland in Maine. The land under lease is organic and so all activity, equipment, practices and applications must follow the Organic Guidelines set forth by MOFGA (Maine Organic Farmers and Gardeners Association). “This building lease agreement positions us in the hemp farming and CBD business for growing, researching, developing and selling organic hemp and CBD oil, which contain a broad range of cannabinoids used to treat a growing population of CBD oil consumers,” comments Bill Gildea, CEO of Future Farm. The market for CBD is poised for expansion due in part to the FDA’s acceptance of a New Drug Application submitted by GW Pharmaceuticals plc for Epidiolex®, a drug containing CBD. Three Goldman Sachs analysts projected 2025 worldwide sales of US$2.2 billion for Epidiolex®, with more than half (56 percent) of the sales coming from off-label use. Sales of CBD in the ...