Future Farm Begins Build-out Process in Massachusetts and Completes Demolition Phase in Rhode Island
VANCOUVER, British Columbia, June 14, 2018 /PRNewswire/ -- Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT)(CSE: FFT.CN) (OTCQX: FFRMF) is excited to announce that the build out of its cultivation and extraction operation in Attleboro, Massachusetts has entered the next phase of development with the procurement of bids from general contractors.
Future Farm is also pleased to announce that it has completed the demolition of the interior of its Providence, Rhode Island building, which allows for the build-out of a cultivation facility to commence in earnest. The building is located in an M-1 zone, which legally permits the cultivation of cannabis by right. As previously announced, the Company intends to lease this property to a local, licensed cultivator who will use the property as a licensed medical marijuana cultivation space, providing wholesale cannabis to Rhode Island's state-sanctioned dispensaries. Future Farm has already received a Letter of Intent to lease the property from a provisionally licensed cultivator and lease negotiations are currently underway.
Due to their geographic proximity to each other, Future Farm and its Rhode Island lessee have carefully curated these tandem efforts to maximize efficiencies and secure competitive pricing from vendors and suppliers. Chief project manager Derek Ross has accepted bids from four general contractors who are competing strongly to work on these high profile projects. The bids each represent local contractors, laborers and craftsmen.
"Southeastern Massachusetts and Providence, Rhode Island are traditionally underserved areas in the New England cannabis ecosystem," says Mr. Ross. "We are now positioned to make a significant contribution to a part of the country struggling to keep up with supply demands, especially as Massachusetts progresses towards adult use and Rhode Island contemplates licensing twelve additional dispensaries, potentially leaving both states very unprepared from a supply perspective. We expect to change that landscape in a few short months."
With the bids now in hand, Future Farm and its Rhode Island lessee will be carefully vetting each candidate. Future Farm expects to break ground in Attleboro by the first week in July.
On behalf of the Board,
Future FarmTechnologies Inc.
William Gildea, Chairman & CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed-cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
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.
For further information, contact William Gildea Director +1(888)387-3761
SOURCE Future Farm Technologies Inc.
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