Future Farm Signs MOU to Cultivate Marijuana in Puerto Rico
May 2nd, 2018
News, Top News
VANCOUVER, British Columbia, May 2, 2018 /PRNewswire/ —
Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that it has entered into a Memorandum of Understanding (the “MOU”) with KOM-Agro Management Services, LLC (“KOM-Agro”) to jointly develop, construct, equip and operate a business enterprise of breeding, cultivating, processing and selling of medical cannabis within the territory of Puerto Rico. Future Farm and KOM-Agro will conduct this new business venture as co-owners of Natural Health Solutions, LLC (“NHS”), a limited liability company organized and existing under the laws of Puerto Rico.
NHS was previously granted a Pre-Qualification of License Approval for the construction, development and operation of an “Establishment for Medical Cannabis for Cultivation” in excess of 20,001 sq./ft. of area.
Complete and definite authorization to effectively operate the pre-qualified Establishment for Medical Cannabis for Cultivation is subject to the Puerto Rico Health Department’s final inspection once construction is complete and NHS is ready to start operations. NHS currently has until July 31, 2018 to apply for the Final Inspection of the Cultivation Facility. It is, however, a condition to Future Farm closing on this transaction that this date has been extended to December 31, 2018.
“We’re very happy to announce our intent to partner with KOM-Agro for the breeding, cultivation and processing of medical marijuana in Puerto Rico,” states William Gildea, Future Farm’s CEO. “It is our belief that Puerto Ricoremains a strong market opportunity and that our efforts in the territory will help strengthen its recovery efforts. Our partnership with KOM-Agro will be a compliment to our business venture with Clinica Verde and allow us to supply, not only our own dispensaries, but other dispensaries located across the island, with quality medical marijuana.”
“We are excited about the opportunity to partner with Future Farm,” says Kermit Ortiz-Morales, the sole member of KOM-Agro and Managing Member of NHS. “Future Farm’s depth of knowledge and experience in marijuana cultivation will allow NHS to hit the ground running once the Department of Health issues our final approvals.”
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 disease, rheumatoid arthritis, Crohn’s disease, epilepsy and more. On October 6, 2017, Puerto Rico’s Department of Cannabis’ board approved allowing patients to go to any open clinic, regardless of the dispensary they had been assigned.
Puerto Rico’s medical marijuana 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 visiting Puerto Rico, as long as they hold a medical marijuana card from their home state.
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.
For further information, contact
SOURCE Future Farm Technologies Inc.
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