Future Farm Brings Augmented Reality to Cannabis
October 5th, 2017
420 Investor, Exclusive, News, Top News
Alphabet Inc. (NASDAQ: GOOGL) may have ended its Google Glass Explorer program back in 2015, but the company has been quietly (and wildly) successful in the enterprise market. Augmented reality has proven invaluable in applications where a worker requires information without the use of their hands. For example, an aircraft mechanic can quickly access engine diagrams without having to wash their hands and refer to a manual.
Earlier this year, Facebook Inc. (NASDAQ: FB) also announced that its Oculus Rift would enter the augmented reality space, which it believes will be a far bigger business than virtual reality. And, Microsoft Corp.’s (NASDAQ: MSFT) HoloLens and Magic Leap’s secretive AR product are two others looking to enter the space. Consumer-level products could become increasingly popular following the success from Pokemon Go – the first consumer AR game.
In this article, we will look at Future Farm Technologies Inc.’s (CSE: FFT) (OTCQB: FFRMF) new licensing agreement with AR E1, LLC to bring augmented reality into the cannabis space.
AR E1 Partnership
Future Farm Tech recently announced a license agreement with AR E1, LLC that provides the exclusive rights to market its patented technology in the cannabis industry.
“With this AR platform, we have a first mover advantage in the cannabis market,” says William Gildea, CEO of Future Farm in a recent press release announcing the licensing agreement. “The AR market is estimated to grow to a $120 billion industry by 2020. This is a major opportunity for Future Farm to be at the forefront of this fast growing technology and merge it with cannabis, another of the fastest growing market sectors in the world.”
AR E1’s team has successfully created over 300 augmented and virtual reality software solutions for international clients, including government agencies, international banks, insurance companies, universities, and multinationals, as well as many Fortune 500 companies. In addition, the principals of AR E1 have filed numerous patents in technology, interactive advertising, consumer products, and interactive medicine, as well as the development of a portfolio of over 24 intellectual properties for mobile technology.
Future Farm aims to carve out its niche in the cannabis market with augmented reality enhancing packaging for branding. In addition, the company’s CannaCube Live™ will be developed as an ad tech platform where dispensaries, cultivators, and processors can create a richer customer experience in stores, on the farm, and at home. The goal is to become a centralized hub for the industry in the growing AR space.
Under the terms of the agreement, the company agreed to issue five million shares to ARE1 with an additional five million shares payable in installments upon the completion of certain milestones, as set forth in their agreement.
Future Farm Tech’s CannaCube Live™ is an innovative ad tech product that leverages augmented reality to help cannabis businesses reach and further engages consumers. In particular, the solution enables dispensaries, distributors, and manufacturers to provide a branded entertainment experience that is immersive and connects with cannabis consumers in-store and at home.
See how the platform works in this brief demonstration video:
For consumers, the platform enables them to access AR-enhanced educational information in stores using only their existing smartphone. This information may include everything from strain information to personalized recommendations. When ready to order, they may also use the technology to pre-order, schedule, and pick-up products in real-time from anywhere, while earning rewards and sharing their experiences with friends.
For businesses, dispensaries benefit from an enhanced customer experience, real-time customer relationship management, and the ability to build brand equity through loyalty rewards. Producers can similarly benefit by differentiating their products in stores, rising above the competition, and connecting with consumers through ongoing storytelling and entertainment. These attributes create new revenue and data mining opportunities over the long-run.
Future Farm Technologies Inc. (CSE: FFT) (OTCQB: FFRMF) aims to generate revenue from the CannaCube Live™ platform through premium features and per-transaction pricing. Over the long-run, the company has an even larger opportunity in providing data-driven insights and helping companies build their brand equity. The distribution side is as simple as printing compatible CannaCubes and making them available in dispensaries.
Management aims to launch the CannaCube Live™ in beta during the third or fourth quarter of next year, while scaling the technology up in the latter half of next year. Investors may want to keep a close eye on the stock in the interim as it looks to capitalize on two enormous market opportunities in augmented reality and cannabis.
“Launched in July 2016, Pokémon Go was the first major augmented reality app, generating 50 million downloads in 19 days hitting $2 million in revenue per day and over $1.2 billion in total revenue,” said Eric Koenig, founder of AR E1, LLC. “With this huge success, we believe that augmented reality has crossed over into the mainstream. Now, the timing is right for this platform and we are thrilled to be working with Future Farm Technologies since we believe the cannabis user is uniquely matched to embrace our CannaCube Live™ augmented reality platform and the many exciting, eye-popping merged reality experiences it will offer.”
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