Future Farm’s Canadian Subsidiary Purchases Interest in Processing Plant and Prepares Health Canada LP Submissions
Vancouver, British Columbia, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company,” “Future Farm” or “FFT”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its Canadian subsidiary, CEPG Consulting and Design Inc. (“CEPG”) located in St. John’s, Newfoundland, has purchased a 50% interest in 420 Holdings Inc. (“420 Holdings”), also a Newfoundland corporation. In December of 2018, 420 Holdings purchased a former shrimp processing facility, located in Jackson’s Arm, Newfoundland (the “Processing Plant”).
Three cannabis related license applications are being prepared for submission to Health Canada with respect to the Processing Plant: 1) micro cannabis cultivation, 2) cannabis nursery (for the sale of seeds and cuttings), and 3) cannabis processing.
Pursuant to Canada’s regulations, a micro cannabis cultivation license allows the cultivation and sale of cannabis (wholesale) to licensed third parties, and a cannabis processing license allows extraction processes, enabling the development of edibles and the development of bottled water products infused with THC and CBD.
“The former shrimp plant comes equipped with a 10” water line, that delivers pristine water from Jackson’s Arm pond. A small water bottling plant doesn’t require any further approval and seems a logical first step,” says Chris Snellen, CEPG’s president and CEO. “The plan is to build and equip CFIA (Canadian Food Inspection Agency) sanctioned grow rooms, and plant them out to capacity immediately with lettuce, basil, spinach and turnip greens for sale to a local wholesaler, while we await the issuance of the three cannabis related licenses.”
For further information, contact Investor Relations at investor@FutureFarmTech.com.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
Link to Press Release: https://futurefarmtech.com/?p=745
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. There is no guarantee that the Company will complete the Arrangement, or if completed, will be listed on a stock exchange. 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.
Investor Relations 8883873761 INVESTOR@FUTUREFARMTECH.COM