VANCOUVER, British Columbia, April 17, 2018 /PRNewswire/ —
Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (CSE: FFT.CN)(OTCQX: FFRMF) is pleased to announce that BCWC, LLC (“BCWC”) has been named as one of 20 recipients of Priority Certification by the Massachusetts Cannabis Control Commission (“CCC”). BCWC’s application to enter the recreational marijuana business will therefore be reviewed on an expedited basis.
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As previously announced, Future Farm has entered the Massachusetts cannabis market through its strategic partnership with BCWC, formerly known as Bristol County Wellness Center, Inc. BCWC has 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. Because of that achievement, BCWC had the right to apply, and did so, to the CCC for “Priority Certification”. Recipients of Priority Certification are exclusively able to file the first round of applications to, among other things, cultivate marijuana for adult use (i.e. recreational use) beginning on April 16. The CCC announced on April 10th that, out of well over 200 applications for Priority Certification, it granted only 20. BCWC was one of the 20 recipients of Priority Certification.
Derek Ross, BCWC’s Manager, commented, “We are very proud to be one of only 20 companies chosen. Becoming a leading cultivator and retailer of adult use cannabis in Massachusetts is a key part of the BCWC strategy. We also look forward to contributing to an increase in the Massachusetts cannabis tourism industry, providing the state with revenue, tax dollars, and job growth.”
Mr. William Gildea, CEO of Future Farm commented, “We made the decision to support BCWC because of the experience and professionalism of Derek Ross and his team. Their success in making this very short list of applicants with Priority Certification demonstrates why that decision was a good one.” He continued, “This development further solidifies our position as one of the first movers in a state that has approved, but not yet implemented, the adult use of cannabis.”
Future Farm’s strong strategic partnership with BCWC includes loaning BCWC $5,003,100 under a Secured Convertible Promissory Note to fund completion of the 24,700 sq. ft. vertically integrated BCWC facility in Attleboro, as well as active managerial, administrative and operational support. The 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.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
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, generates 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 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.
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.
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SOURCE Future Farm Technologies Inc.
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