Business
Future Farm Signs MOU to Cultivate Marijuana in Puerto Rico
Future Farm Signs MOU to Cultivate Marijuana in Puerto Rico.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia. , May 02, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has entered into a Memorandum of Understanding (the “MOU”) with KOM-Agro Management Services, LLC (“KOM-Agro”) to jointly develop, construct, equip and operate a business enterprise of breeding, cultivating, processing and selling of medical cannabis within the territory of Puerto Rico. Future Farm and KOM-Agro will conduct this new business venture as co-owners of Natural Health Solutions, LLC (“NHS”), a limited liability company organized and existing under the laws of Puerto Rico.  \n NHS was previously granted a Pre-Qualification of License Approval for the construction, development and operation of an “Establishment for Medical Cannabis for Cultivation” in excess of 20,001 sq./ft. of area.  Complete and definite authorization to effectively operate the pre-qualified Establishment for Medical Cannabis for Cultivation is subject to the Puerto Rico Health Department’s final inspection once construction is complete and NHS is ready to start operations. NHS currently has until July 31, 2018 to apply for the Final Inspection of the Cultivation Facility. It is, however, a condition to Future Farm closing on this transaction that this date has been extended to December 31, 2018.  “We’re very happy to announce our intent to partner with KOM-Agro for the breeding, cultivation and processing of medical marijuana in Puerto Rico,” states William Gildea, Future Farm’s CEO. “It is our belief that Puerto Rico remains a strong market opportunity and that our efforts in the territory will help strengthen its recovery efforts. Our partnership with KOM-Agro will be a compliment to our business venture with Clinica Verde and allow us to supply, not only our own dispensaries, but other dispensaries located across the island, with quality medical marijuana.”  “We are excited about the opportunity to partner with Future Farm,” says Kermit Ortiz-Morales, the sole member of KOM-Agro and Managing Member of NHS. “Future Farm’s depth of knowledge and experience in marijuana cultivation will allow NHS t...