PALM BEACH, Florida, March 20, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Thecannabis industry remains extremely active in 2018 as leaders in the space are expanding operations through mergers and acquisitions, as well as acquisitions of top-performing dispensaries. The cannabis dispensary market is growing at a high rate in
Future Farm Technologies Inc (OTCQB: FFRMF) (CSE: FFT.CN) BREAKING NEWS: Future Farm Technologies is pleased to announce that it has closed on the previously announced investment in BCWC, LLC ("BCWC"), formerly known as Bristol County Wellness Center, Inc. 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. This vertically integrated license allows BCWC to build out its facility and engage in cannabis cultivation, processing and retailing. BCWC plans to add two additional retail outlets when suitable locations are identified and required approvals are obtained.
Mr. 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 adult use of cannabis, which positions us as one of the first movers in the state." In Massachusetts, licensed RMDs and applicants with provisional licenses (such as BCWC) applying for an adult use license are eligible for prioritized application review by the state.
The timetable calls for construction to begin in the next thirty days, and revenue to begin in the fourth 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 up to three medical dispensary locations. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research and New Frontier Research each estimate the adult use recreational market in Massachusetts to have annual sales in excess of $1 billion by 2020.
Derek Ross, BCWC's Manager, 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 the Massachusetts cannabis tourism industry, providing state revenue, tax dollars, and job growth." Read this and more news for Future Farm Technologies: http://marketnewsupdates.com/news/ffrmf.html
Future Farm made its investment by loaning BCWC $5,003,100 under a Secured Convertible Promissory Note. That Note will convert automatically into a 51% ownership interest in BCWC on the date on which BCWC receives its RMD Certificate from the Commonwealth of Massachusetts. If the Note does not convert, it is due and payable in full on May 1, 2019. In addition, Future Farm has entered into consulting contracts with each of the owners of BCWC for those individuals to advise Future Farm on the development of the BCWC facilities and business. The aggregate consideration for the consulting services to be provided by all of the individuals is the issuance of 2,925,514 Common Shares of Future Farm.
In other industry news and developments in the markets:
Namaste Technologes Inc. (OTCQB: NXTTF) (CSE: N.CN) recently announced that its wholly owned subsidiary, Cannmart Inc. has received its Access to Cannabis for Medical Purposes Regulations ("ACMPR") Production License. Under the guidelines set forth by Health Canada, Cannmart may now place initial orders with ACMPR licensed producers. Upon receipt, packaging and testing of the initial shipments of medical cannabis, the Company is then required to demonstrate compliance with standard operating procedures and other ACMPR regulatory requirements with Health Canada. Once these objectives have been achieved and following an initial inspection, Cannmart will be able to book a Pre-Sales License Inspection after which the Company will be eligible to receive its ACMPR Sales License. Cannmart believes it is well prepared and confident in its ability to execute and complete the final steps towards receiving its Sales License in a timely manner. If Cannmart receives its Sales License, Cannmart will then operate as one of the first aggregators of medical cannabis, sourced from handpicked ACMPR licensed producers.
OrganiGram Holdings Inc. (OTCQB: OGRMF) (TSXV: OGI.V) has received Health Canada approval for the remaining 13 rooms of its 23-room phase 2 expansion a week ahead of schedule. The company previously announced the available use of the first 10 rooms of the phase 2 expansion on Feb. 12, 2018. The company expects harvests from the phase 2 expansion to begin the third week of April. Increased efficiency and improved yields - The phase 2 expansion includes significant improvements and efficiencies to the company's cultivation and processing systems. Enhancements including a fully automated irrigation system in the phase 2 grow rooms, automated potting, fully automated waste destruction system and automated packaging lines mean immediate and continuing cost savings as well as increased yields.
Emerald Health Therapeutics Inc. (OTCQX: EMHTF) (TSXV: EMH.V) was recently featured in a publication by CFN Media illustrating its emerging cultivation facility in Canada. With over 30 years of agricultural experience, and existing facilities well-suited to convert into cannabis cultivation facilities, Village Farms was a natural choice for Emerald Health to partner with and become one of the largest licensed producers in the country. The two companies recently announced that Health Canada issued a cultivation license for the co-owned Delta 3 greenhouse operation under the Access to Cannabis for Medical Purposes Regulations (ACMPR). "Our joint venture is well positioned to be a leading supplier in the imminent legal adult-use Canadian cannabis market, with potentially significant benefit to each of our companies and shareholders," said Emerald Health Executive Chairman Avtar Dhillon, MD, in a recent press release announcing the joint venture's new cultivation license.
American Cannabis Company Inc. (OTCQB: AMMJ) recently announced that its SoHum Living Soils® potting mix and Dr. Marijane Root Probiotic manufactured by Earth Alive Clean Technologies (CSE:EAC) are available for purchase on the Walmart, The Home Depot, and Amazon online store platforms. Terry Buffalo, CEO of American Cannabis Company, commented: "ACC is excited to have the opportunity to offer our products online through these major retailers. We are especially excited to be selling our proprietary SoHum Living Soils® potting mix through these online channels, as we have spent years perfecting our blend, and fine-tuning the messaging around the brand itself. This fully amended, pH-buffered potting mix will continue to disrupt the agricultural markets as a 'Just Add Water' super soil that acts to eliminate the human error element from cannabis and non-cannabis crop cultivation. We are also proud to be offering Dr. Marijane Root Probiotic on these online platforms. This root probiotic is packed with all the beneficial microbes you need to awaken the nutrients in your soil or soil-less (hydroponic) medium. ACC will continue to evaluate other online sales platform opportunities as they present themselves. We are committed to getting our products out in the market and into the hands of the cultivators who can truly benefit from these solutions that we provide."
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