Hemp Farming and Processing Lab in Maine
Three licenses for the cultivation of hemp provide opportunity to be a major player in the production of CBD oil
In February 2018, Future Farm announced a major milestone after its subsidiary, Future Farm Maine, LLC, received three licenses from Maine for the cultivation of industrial hemp: one license for each of its Amity and Hersey farms, as well as one for the Belfast processing facility.
In late November 2017, Future Farm completed the acquisition of a 120-acre industrial hemp farm located in Amity, Maine. In addition, Future Farm signed a lease for 100-acres with an option to lease up to an additional 1,000-acres of farmland located in Hersey, Maine. The land under lease is organic and so all activity, equipment, practices and applications must follow the Organic Guidelines set forth by MOFGA (Maine Organic Farmers and Gardeners Association). With these acquisitions, the Company is strategically positioned to capitalize on the hemp and cannabis market.
In late January 2018, Future Farm signed a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building, with an option to expand and/or buy the building, located in Belfast, Maine. The property is perfectly suited for the cultivation and processing of hemp into CBD oil, as it has high ceilings for vertical growing, a turnkey commercial kitchen and 1,600-amp, 480-Volt 3 phase electric systems. Future Farm plans to perform extraction and isolate distillation onsite with an extraction and isolate lab.
Future Farm retrofitted this building with state-of-the-art LED lighting and equipment to germinate 200,000 seeds in the spring of 2018, and plants were then transferred to the farms in Amity and Hersey over the summer. The seeds are feminized hemp CBD strains that test in compliance with hemp laws.
With robust plant health and an enterprise-wide commitment to maintaining its organic certification, the Company has purchased new equipment and secured new drying and curing facilities in anticipation of its first harvest in the fall of 2018.
Once harvested, the hemp will be dried and further refined to create both CBD oil and high value isolate for making edibles, creams and lotions. Seeds and hemp biomass are also potential revenue streams.
Future Farm is also preparing to set up a hemp cloning operation, which will use vertical farming technology pioneered by the Company, to supply over 200,000 clones to the farm in 2018.