Future Farm Subsidiary Completes Second Cannabis Oil Sale In California
October 4, 2017 / TheNewswire / Future Farm Technologies Inc. (the « Company » or « Future Farm ») (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its subsidiary FFM Consulting Services, LLC has completed a wholesale oil sale of 3525 grams of crude cannabis oil from the California oil extraction facility located in Huntington Park*. The sale was made to a large distributor with whom the Company is now negotiating a supply contract for 100-250 kilos of oil per week.
« We have made significant strides in defining our unique product offering to meet the market demand in California, » says John Sweeney, COO of Future Farm Technologies. « We expect to remain flexible and do not intend to produce materials that do not sell, instead focusing on those materials that are in demand. The key to our success in this market is becoming a highly respected, reliable, and predictable producer for our wholesale partners while keeping operational costs low to maintain profitability. We are committed to finding unique solutions to remain focused on this goal. »
« We believe this alcohol extraction machine is the best extraction equipment on the market today, which allows us to be able to process large amounts of cannabis flower into highly pure concentrates, » says Bill Gildea, CEO of Future Farm. « This follow on purchase order is a very positive event for our emerging oil extraction business as we work on scaling up to meet the increasing demand in California. »
According to cannabis market research firm the Arcview Group, California makes up more than one-fourth of all legal marijuana sales in North America.
Cannabis concentrates and edibles are the largest and fastest growing segments of the cannabis market, which many experts believe will overtake flower sales by 2020. The popularity of wax, shatter and oil has blossomed along with various consumption devices. The market is booming because cannabis concentrates are used to make edibles, topical ointments, capsules and other packaged products that require a more refined extraction process. As the recreational industry gets underway in California in 2018, many believe concentrates will continue to grow in popularity.
*Note: As previously announced, FFM Consulting Services, LLC, the majority owned subsidiary of Future Farm, is under contract for management services with local non-profit Patriot Extracts CA, Inc.
For further information, contact William Gildea, CEO and Chairman, at 617.834.9467.
On behalf of the Board,
Future FarmTechnologies Inc.
William Gildea, CEO & Chairman
About Future Farm
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. 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 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.