Business
Future Farm to Expand Ownership in Puerto Rico Dispensaries
Future Farm to Expand Ownership in Puerto Rico Dispensaries.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\nCompany to increase interest in Puerto Rican subsidiary as product demand soars on the island\n Vancouver, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has reached an agreement with its Puerto Rico partner, TCG Investments, LLC (“TCG”), owner of the “Clínica Verde” brand of medical cannabis dispensaries, to expand its ownership interest in its Puerto Rico subsidiary, FFPR, LLC (“FFPR”). Future Farm and TCG intend to purchase their former business partner’s interest, resulting in Future Farm owning a 50% ownership interest and 60% economic interest. Future Farm previously held a 40% ownership interest and 50% economic interest in FFPR. Future Farm’s expanded interest in FFPR comes at a time of tremendous growth for the medical marijuana industry in Puerto Rico. More than a year after the island was devastated by Hurricane Maria, which created millions of dollars in damage for medical marijuana businesses alone, the island now has over 100 licensed medical marijuana businesses in operation to serve its more than 56,000 patients. “TCG is proud to partner with Future Farm to execute this joint venture,” says Christopher Foster, CFO of TCG. “Our success to this date is a result of careful planning and strategic growth. These new dispensaries will help us continue executing our strategy and benefit from Future Farm’s expertise and resources.” “Puerto Rico is a strategic location for Future Farm expansion given its soaring patient population and increasing social acceptance of medical cannabis,” added William Gildea, CEO of Future Farm. “We are excited to continue building out the Clinica Verde dispensaries to provide legal, quality flower, edibles and concentrates to patients residing on and visiting Puerto Rico at this time of island-wide restoration and growth.” As previously announced, FFPR will open five dispensaries on the island by 2019's end. FFPR’s contractor is putting the finishing touches on its first two dispensaries, which are expected to open in mid to late March, pending receipt of final inspections and licensure from P...