SEATTLE, March 08, 2018 (GLOBE NEWSWIRE) — CFN Media Group (“CannabisFN”), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article discussing Future Farm Technologies Inc. (CSE:FFT) (CNSX:FFT) (FFT.CN) (OTCQB:FFRMF) and their portfolio approach to the Cannabis space.
The nascent cannabis industry is poised to exceed $50 billion in annual revenue over the coming years, according to Cowen & Co., driven by the legalization of adult-use cannabis across several states. In Canada, Deloitte believes that the market could exceed C$22.6 billion following the legalization of adult-use cannabis nationwide. Investors have many options when investing in the market, ranging from licensed producers to ancillary service providers.
Future Farm Technologies Inc. (CSE:FFT) (OTCQB:FFRMF) recently moved to uplist to the OTCQX exchange following its joint venture with TCG Investments to acquire an economic interest in five Puerto Rico-based medical dispensary licenses and its acquisition of three licenses from the State of Maine for the cultivation of industrial hemp. These developments translate to a highly transparent company with exposure to both cannabis and hemp markets.
Uplisting to the OTCQX
Future Farm recently announced that its board of directors approved its application to uplist from the OTCQB to the OTCQX International, the Premier Tier of the OTC Markets. At the same time, the company engaged a sponsoring brokerage and counsel to serve as its Designated Advisor for Disclosure to meet the listing requirements. These actions should help increase transparency for investors.
“Uplisting to the OTCQX is an activity we have planned as part of our corporate strategy for some time,” said Future Farm CEO Bill Gildea in the press release announcing the uplisting. “We are confident that the wider visibility amongst the investment community with strengthen stockholder value and enable us to continue on the path of accomplishing our corporate goals.”
Many investors have limitations when it comes to investing in over-the-counter companies. In particular, many institutional investors are unable to invest in companies that have limited disclosure requirements. An OTCQX International listing could open the door to these investors and help broaden the company’s shareholder base.
Finally, the move could set the stage for a future uplisting to a national exchange like the NYSE or NASDAQ. While there are few cannabis companies listed on these exchanges at the moment, possibly due to the federal prohibition of cannabis, future changes to the regulatory environment could open up the door. Companies that are already adhering to OTCQX International standards could have an easier time meeting the more stringent requirements.
A Portfolio Based Approach
Future Farm Technologies recently announced that it closed on its previously announced joint venture with TGC Investments LLC, which owns the Clinica Verde brand of medical cannabis dispensaries in Puerto Rico. Future Farm announced on March 7th that it has signed the first of five leases for their Clinica Verde branded Puerto Rico dispensaries. The company expects to sign two more leases in the next thirty days with the additional two leases to follow soon after.
Puerto Rico has legalized medical marijuana for over a dozen medical conditions, including Alzheimer’s, cancer, Lou Gehrig’s disease, Parkinson’s disease, rheumatoid arthritis, Crohn’s disease, epilepsy, and others. In October 2017, the government approved a rule that would enable patients to go to any open clinic, regardless of the dispensary that they had been assigned, which opens the door to new cannabis dispensaries.
In addition to cannabis, the company recently announced that it received three licenses from the State of Maine for the cultivation of industrial hemp. The move comes shortly after the company signed a lease for an initial 12,960 sq. ft. grow area in a 60,000 sq. ft. building with an option to expand or purchase the building. Management plans to germinate 250,000 hemp seeds over the next few months and has the option to expand from 100 to 1,000 acres.
The company’s focus is on cultivating feminized seeds that contain 0.03% of less THC while averaging 15% CBD content. Once harvested, the hemp will be dried and refined using the company’s high output oil processing equipment, creating both CBD oil and high value isolate for making edibles, creams, and lotions. Management believes that the market for CBD is poised to rapidly expand following the FDA’s decision on GW Pharma’s Epidiolex®.
In addition to these retail and hemp projects, the company is ramping up its cannabis assets. The company purchased a building in Rhode Island to cultivate and sell cannabis, as well as an operating greenhouse in Florida that’s generating $3 million in revenue and $500 in EBITDA while it applies for its cannabis license in the state. Management also signed a letter of intent to purchase a 51% stake in Attleboro Massachusetts to cultivate and sell cannabis.
Finally, the company formed a joint venture with Israeli Agriscience, a leader in the development of cannabis clones in Canada and California, to provide exposure to the research and development side of the industry.
Please follow the link to read the full article: http://www.cannabisfn.com/future-farm-tech…annabis-industry/
For more information, visit the company’s website at www.futurefarmtech.com.
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