Business
FUTURE FARM SIGNS LOI TO ACQUIRE CONTROLLING INTEREST IN MASSACHUSETTS DISPENSARY AND GROW OPERATION
FUTURE FARM SIGNS LOI TO ACQUIRE CONTROLLING INTEREST IN MASSACHUSETTS DISPENSARY AND GROW OPERATION.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia , Jan. 11, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has signed a LOI to acquire a 51% interest in Bristol County Wellness Center, Inc. (“BCWC”). BCWC was recently awarded a special permit from the City of Attleboro and a provisional license from the Department of Public Health to build and operate a 24,700-sq ft. Registered Marijuana Dispensary (“RMD”) that will grow and sell medical marijuana, plus two additional dispensaries upon approval. This vertically integrated license allows BCWC to build out its facility and engage in cannabis cultivation, processing and retailing.\n William Gildea, CEO of Future Farm comments, “We are pleased to be working with the experienced team at BCWC, and thrilled about the potential to operate in Massachusetts since it further positions our Company for revenue growth in 2018.” He continues, “This transaction allows us to operate in a state that has approved, but not yet implemented, the recreational use of cannabis, which positions us as one of the first movers in the state.”  In Massachusetts, licensed RMDs applying for an adult use license will be given prioritized application review by the state. The timetable calls for construction to begin in the next thirty days, and revenue to begin in the third quarter of 2018. BCWC is provisionally licensed to cultivate cannabis with up to 300 lights, process and extract oil to make edibles, and sell through a medical dispensary. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research & New Frontier Research estimates the adult use recreational market in Massachusetts to be $1.17 billion by 2020. Derek Ross, BCWC’s spokesman comments, “Unlike other states, such as Colorado, Washington or California where adult cannabis use is legal, Massachusetts is located within driving distance to many of the most densely populated states in the US. We anticipate that our facility, which will be conveniently located 1.5-miles from Exit 1 on I-95, will contribute to an increase in Massachusetts’ cannabis tourism industry, providing state revenue, tax dollars, and job growth.”   As cons...