November 1, 2017 / TheNewswire / Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE:FFT) (OTC:FFRMF) recently announced its plans to acquire a 120-acre industrial hemp farm in Amity, ME. Derek Ross the farm operator and Future Farm partner has already harvested the farm's first crop of 5,000 hemp plants and is now currently drying and preparing for CBD oil extraction. In 2018, Future Farm plans to perform extraction onsite by creating a vertically-intergraded, highly efficient large-scale CBD oil production business.
"We have worked hard in 2017 to become established in Maine and our goal is to be the largest hemp farm in the northeast in 2018," says Derek Ross. "To achieve this goal, we are actively looking for more land to acquire so that we may rapidly scale production as the market demand for CBD oil continues to expand."
In 2018, Future Farm expects to grow hemp on at least 120-acres of land, harvesting 1,700 plants per acre, which translates into approximately 10-kilos of CBD distillate per acre. Current prices for CBD products vary, but the majority of CBD products fall within the $9-12 per gram range. With 120-acres already under contract, and with the possibility of acquiring additional farmland, Future Farm is anticipating a significant increase in 2018 revenue from CBD oil sales.
According to the Hemp Industries Association ("HIA"), a non-profit trade association consisting of hundreds of hemp businesses, the total domestic value of hemp retail products sold in 2015 was $573 million. Of this $573 million hemp market, the HIA estimates that hemp derived cannabidiol or CBD products constituted 11%, or $65 million. The market is booming because CBD concentrates are used to make edibles, topical ointments, capsules and other packaged products to treat a host of medical conditions.
Future Farm intends to rapidly expand its Maine hemp farm's footprint and bring its state-of-the-art, scalable alcohol extraction equipment and know-how to take full advantage of the fast growing CBD oil market.
For further information, contact William Gildea, CEO and Chairman, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North America including California, Florida and Maryland. The Company's business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants, with a focus on cannabis. Future Farm provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including 90% less water, fertilizer and land used, less travel costs, seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability. The Company also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com, which caters to B2B customers, is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com, which caters to both large and small agriculture green houses and controlled cultivation centers.
The Company recently acquired the exclusive right to use a patented, augmented reality (AR) technology in the cannabis industry. The Company will work with its partner to merge AR and ad-tech with the cannabis industry through the CannaCube LiveTM platform.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.