FUTURE FARM SUBSIDIARY TO MANAGE CANNABIS OIL EXTRACTION FACILITY
ALSO ANNOUNCES $1,000,000 NON-BROKERED PRIVATE PLACEMENT
February 21, 2017 – Vancouver, British Columbia Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: AGSTF) is pleased to announce that its subsidiary, FFM Consulting Services, LLC, a California limited liability company, has entered into a management agreement with a California non-profit company. The non-profit has secured a sublicense to legally manufacture cannabis oil using a non-volatile method compliant under the Medical Marijuana Regulation And Safety Act (“MMRSA”), in southeastern Los Angeles County, California.
The non-profit will produce highly pure cannabis concentrates to supply California’s medical marijuana patients’ rapidly growing demand for both THC and CBD oil. The company will also focus on increasing inventory and capacity as California prepares to create a market for legal recreational cannabis. FFM Consulting Services, LLC, which is majority owned by Future Farm Technologies, will manage the new state-of-the-art extraction facility.
California is the 6th largest economy in the world and according to ArcView Research the cannabis market in California is expected to reach US$6.5 billion by 2020.
“We’re thrilled to have reached this major milestone for our emerging company and excited to have the opportunity to manage this extraction facility as it allows us to showcase our ability to expertly manage the production of consistent and pure concentrates,” said Bill Gildea CEO of Future Farm Technologies. Cannabis concentrates and edibles are the largest and fastest growing segments of the cannabis market. The market is accelerating as consumers become more educated on the various oil infused products that can be produced, as well as how well they work. As consumers become more educated, they grow more interested in using oil as a flower alternative.
“Professional extraction and refinement equipment and procedures enables us to ensure product purity, safety, and dosage control that promises to be the most valuable link in the supply chain for the future of the cannabis industry,” commented John Sweeney, COO of Future Farm Technologies.
Future Farm is also pleased to announce that due to a high level of interest from strategic investors they are offering $1,000,000 (units) in a non-brokered private placement. The Company will use the net proceeds for opportunistic acquisitions, and the continued rapid expansion of their business. The Company is offering each Unit at a price of $0.27 CDN per Unit. Each Unit is comprised of one common share of stock and one-half share purchase warrant that is exercisable at $0.37 CDN per common share for one-year with certain acceleration clauses.
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman