Future Farm to Acquire a Controlling Interest in Five Dispensaries
VANCOUVER, British Columbia, October 26, 2017 /PRNewswire/ —
Future Farm Technologies Inc. (the « Company » or « Future Farm ») (CSE:FFT) (FFRMF) is pleased to announce a new joint venture between Future Farm and TCG Investments, LLC, owners of the Clinica Verde brand of medical cannabis dispensaries (« Clinica Verde »). Future Farm will purchase five pre-qualifications for medical dispensary licenses from Clinica Verde (« Licenses »). Subsequently, the Licenses will be contributed into a joint venture company that will operate five medical cannabis dispensaries in Puerto Rico under the Clinica Verde brand. Clinica Verde has already established itself as the leading medical cannabis dispensary operator in Puerto Rico, with five additional operating dispensaries.
Link To Clinica Verde Dispensaries: Clinica Verde Homepage
Future Farm has been working for several months on this exciting opportunity to own an interest in five dispensaries, which have the potential to provide consistent cash flow. While Hurricane Maria’s devastation to the island was cause for concern, Future Farm remains committed to helping its partners expand their dispensary presence in order to provide the people of Puerto Rico with a reliable source of medical marijuana, as well as continuing to create a diversified portfolio of cannabis investments for Future Farm’s shareholders. Future Farm looks forward to contributing to the expansion of the medical cannabis industry, which is a key driver for the future economic development of Puerto Rico.
« Our existing stores are located in high-traffic locations and ever since our launch in February we have enjoyed sustained sales growth. We look forward to expanding our presence to 10 stores in Puerto Rico, creating jobs and offering our patients the highest level of service, » says Ramón Ortiz, CEO of Clinica Verde. « The patient registration process was recently simplified and is now quicker and more accessible to all. We believe we will be able to start building out the new dispensary locations this year and look forward to a Q1 2018 opening. »
Medical marijuana is legally used in Puerto Rico to address more than a dozen conditions, including Alzheimer’s, cancer, Lou Gehrig’s disease, Parkinson’s, rheumatoid arthritis, Crohn’s disease, epilepsy and more. On October 6th, Puerto Rico’s Department of Cannabis’ board approved allowing patients to go to any open clinic, regardless of the dispensary they had been assigned. The new rule lasts until two weeks after the state of emergency has ended or until the board decides to terminate it.
« We’re pleased about the revenue opportunities these five major dispensaries open up to us as we provide medical marijuana patients with legal, consistent, pure flower, edibles and concentrates, » says Bill Gildea, CEO of Future Farm Technologies. « Puerto Rico, with a population of almost 3.5 million residents and another 4 million annual visitors, is an exciting, new market for Future Farm. » The local population compares well to other states that have legal cannabis. By way of example: Colorado has a population of about 5,540,545, Utah 3,051,217, Arizona, 6,931,071 and Nevada has 2,940,058.
Puerto Rico’s MMJ industry has full governmental support, which means the island could become the cannabis tourism mecca of the Caribbean. Importantly, the island’s cannabis law includes a reciprocity policy that allows dispensaries to serve patients whom are visiting for business or just on vacation, as long as they hold a medical marijuana card from their home state.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Clinica Verde
TCG Investments, LLC (« TCG ») is a limited liability company headquartered in San Juan, Puerto Rico. TCG currently operates four medical cannabis dispensaries under the Clinica Verde brand in the municipalities of San Juan, Caguas and Humacao. All Clinica Verde dispensaries are located in high-traffic areas and are distinguished by their modern design and personalized service. Clinica Verde features medical cannabis products from all major licensed medical cannabis manufacturers in Puerto Rico. Under the proposed Joint Venture, TCG will operate 10 medical cannabis dispensaries in Puerto Rico by mid-2018.
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North Americaincluding 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, generate 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 also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.
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.
The Company recently acquired the exclusive right to use a patented, augmented reality (AR) technology in the cannabis industry. The Company will work with its partner to merge AR and ad-tech with the cannabis industry through the CannaCube Live[TM] platform.
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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