Future Farm’s CBD Hemp Cultivation Operations Prepare for Harvest in Maine, Add New Project Leadership
Vancouver, British Columbia, Aug. 08, 2018 (GLOBE NEWSWIRE) — Maine farmers will soon have access to an estimated 15,000,000 organic, feminized high-CBD hemp seeds from Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF). After initial setbacks due to the discovery of ledge at its leased farm in Hersey, Maine and seed delivery delays, the Company announced the hiring of Nathan Gray to provide professional consulting services for industrial hemp cultivation and processing operations and management.
The Company has implemented additional operational procedures as part of its ongoing efforts to be the largest hemp cultivator and CBD producer in New England. Under Mr. Gray’s leadership, the Company estimates that its Maine farms will produce approximately 26,000 pounds of biomass in 2018. That amount is expected to increase to 200,000 pounds in 2019. Costs associated with biomass and seed projections are estimated to be $1M-$1.5M annually.
“Nate proved himself in the great work he did at our Rhode Island property,” said William Gildea, CEO and Chairman of Future Farm. “His hands-on approach and experience will help make our Belfast, Maine facility the go-to organic hemp resource local farmers need to energize Maine’s agricultural industry.”
Earlier this summer the United States Senate passed a farm bill that included hemp legislation spearheaded by Senate Majority Leader Mitch McConnell. Known as the Hemp Farming Act, the legislation, if enacted into law, would remove industrial hemp from the list of controlled substances under federal law. According to the hemp advocacy group Vote Hemp, the number of acres of hemp grown across the 19 states that have legalized hemp’s cultivation more than doubled in 2017, up to a total of 23,343 acres. In Maine, state horticulturist Gary Fish, who oversees the hemp program for the Department of Agriculture, Conservation and Forestry, estimated at least 888 acres to be in hemp production in Maine this summer.
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm’s scalable, indoor CEA systems utilize minimal land, water and energy resources. 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.
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.