Business
Future Farm Signs Definitive Agreement to Acquire 120-acre Licensed Industrial Hemp Farm
Future Farm Signs Definitive Agreement to Acquire 120-acre Licensed Industrial Hemp Farm.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n\n\nFuture Farm Signs Definitive Agreement to Acquire 120-acre Licensed Industrial Hemp Farm\n\n\n\n\n\nFuture Farm Signs Definitive Agreement to Acquire 120-acre Licensed Industrial Hemp Farm\nPR Newswire\nVANCOUVER, British Columbia, October 19, 2017\n\n\n\nVANCOUVER, British Columbia, October 19, 2017 /PRNewswire/ --\n\nFuture Farm Technologies Inc. (the \"Company\" or \"Future Farm\") (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has entered into a purchase and sale agreement with Derek Ross of Cannatech LLC for the acquisition of a 120-acre licensed industrial hemp farm in Amity, ME (the \"Farm\"). The Farm has just finished harvesting its first crop, which is now being prepared for further processing into high-grade cannabidiol oil, or CBD hemp oil. As part of this acquisition, Future Farm and Cannatech have also entered into a new joint venture agreement to continue operating the Farm.\n\nWith this acquisition, Future Farm is now strategically positioned in both the fast growing hemp market as well as the cannabis market. Derek Ross of Cannatech will stay on as the operator and grower of high CBD strains and retain a 20% interest in the Farm. The Farm is currently the largest operating hemp farm in Maine.\n\n\"This strategic acquisition puts Future Farm in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium 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. \"We are pleased to be working with Derek and his team of experienced growers and we look forward to adding value by installing new state of the art CBD oil extraction equipment on-site to meet the increasing demand of CBD oil.\"\n\nDerek Ross, CEO of Cannatech comments, \"I'm excited to grow this business with Future Farm. Partnering with a public company will allow us to scale this business faster, enabling us to process large amounts of hemp flower into highly pure CBD concentrates.\" Mr. Ross continues, \"We are still in the early stages and already have germinated over 6,000 hemp plants and 750 clones for cultivation.\"\n\nHemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to g...