PALM BEACH, Florida, November 29, 2017 /PRNewswire/ --
Future Farm Technologies Inc. (OTCQB: FFRMF) (CSE: FFT.CN) is pleased to announce that it has closed on the previously announced acquisition of a 120-acre industrial hemp farm in Amity, ME. With this acquisition, Future Farm is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.
Future Farm expects to harvest 1,700 plants per acre of the 120-acre farm, which translates into approximately 10-kilos of CBD distillate per acre, which further translates into $90,000 per acre in revenue, or on 120-acres a projected revenue of $10,800,000.00. With Maine's current favorable economic climate for hemp in place, the Company is moving aggressively to acquire more land and is in discussion with existing farm operators to farm another 200-acres of organic hemp on existing farmland in Maine. Read this and more news for Future Farm at: http://www.marketnewsupdates.com/news/ffrmf.html.
"We are thrilled to be able to acquire this prime land to farm hemp as we will leverage our oil extraction techniques into the CBD business," comments Bill Gildea, CEO of Future Farm. "We are excited to be working with Derek Ross on this project as well as on other projects which are in our pipeline."
Derek Ross, CEO of Cannatech comments, "I'm excited to grow this business with Future Farm. Partnering with Future Farm will allow us to scale up to full production faster and enable us to process large amounts of hemp flower into highly pure CBD concentrates, which is where the market is." Mr. Ross continues, "We are actively looking for more land to farm so that we may rapidly scale production in 2018 as the market demand for CBD oil continues to expand." Hemp 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 grow to $1.8 billion by 2020 in the USA. As consideration for the acquisition of the Farm, Future Farm paid Derek Ross $80,000, payable in equal installments over the course of six months, and 250,000 shares of the Company's common stock.
Additional developments in the industry today include:
Golden Leaf Holdings Ltd.'s (CSE: GLH.CN) (OTCQB: GLDFF) subsidiary, Medical Marijuana Group Corp. (MMG), was granted a cultivation licence for its marijuana grow facility located in St. Thomas, Ont. MMG's St. Thomas facility is expected to use the most current and advanced growing technologies to maximize its 6,000-square-foot space to yield high-value crops difficult to replicate in greenhouse operations. MMG expects to submit expansion plans for additional growing space, oil extraction labs and edible production space at the St. Thomas facility. "Receiving this licence represents a landmark step for Golden Leaf, as it will provide entry into what we expect will be a burgeoning Canadian cannabis market in 2018," commented William Simpson, chief executive officer of the company.
Namaste Technologies Inc. (CSE: N.CN) (OTCQB: NXTTF) has signed a stock purchase agreement with ESC Hughes Holdings Ltd. to sell the company's wholly owned U.S. subsidiary, Dollinger Enterprises U.S. Inc. The agreement includes the sale of the domain names Everyonedoesit.com and NamasteVapes.com which combined represent less than 7 per cent of Namaste's current gross revenue, both of which are currently operating at a net loss. Due to the political uncertainty surrounding the legalization of cannabis in the U.S., Namaste's management has deemed it appropriate to shift its focus to legal cannabis markets and management believes that the company will be better aligned with its long-term interests by divesting its U.S. operations. Management also feels it is prudent to divest these assets in preparation for the legalization of both medical and recreational marijuana in Canada. This decision better aligns Namaste with many of its Canadian counterparts and will enable the company to capitalize on more accretive opportunities moving forward.
Emerald Health Therapeutics Inc.'s (TSX-V: EMH.V) (OTCQX: EMHTF) licensed producer application (submitted through its subsidiary, Emerald Health Botanicals) for its new Richmond, B.C., greenhouse facility under Access to Cannabis for Medical Purpose Regulations (ACMPR) has met the requirements of the paper-based review of Health Canada's Office of Medical Cannabis (OMC). The OMC confirmed satisfactory provision of information regarding the security plan, record keeping and tracking systems, quality assurance reports, and security clearance for key personnel, among other items. Emerald aims to harvest from this new 75,000 square feet of cultivation space by Q3 2018 and plans to have over 500,000 square feet of cultivation space built at this site by year-end.
MYM Nutraceuticals Inc. (CSE: MYM.CN) (OTCQB: MYMMF) and PUF Ventures Inc.'s PUF Ventures Australia (PUFA) have engaged renowned Dutch greenhouse builder KUBO for engineering and the tendering process for the construction of the 1.2-million-square-foot fully automated greenhouse to be built in New South Wales, Australia. "Our goal is to have the highest-quality and lowest-cost medical cannabis grown under the sun and KUBO's global presence and advanced designs gives it the necessary experience to excel in Australia's challenging environment," said Michael Horsfall, Chief Executive Officer of PUFA. "We are impressed with KUBO's Ultra-Clima greenhouse design that will make our facility one the most advanced cannabis production facility. As the medical cannabis market matures having a low-cost operation will be critical to the long-term success of the Northern Rivers project, as announced on Sept. 27, 2017. We envision creating over 300 jobs in the Northern Rivers region of New South Wales with opportunities for many downstream businesses. The support from all levels of government has been overwhelming and we are currently working toward completing the licensing and permitting stage of the project."
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