VANCOUVER, BC -- (Marketwired) -- 09/14/17 -- Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (CSE: FFT.CN) (CNSX: FFT) (OTCQB: FFRMF) is pleased to announce that its subsidiary FFM Consulting Services, LLC has completed the first cannabis oil sale out of the previously announced California oil extraction facility and is currently in discussions with large distributors whom are requesting pricing on 2,500 kilos of cannabis oil per year. The extraction facility team is using a unique process of running organic grape seed oil in its alcohol extraction equipment, which is capable of large-scale production.
"We believe this alcohol extraction machine is the best extraction equipment on the market today, which allows us to be able to process large amounts of cannabis flower into highly pure concentrates," says Bill Gildea, CEO of Future Farm. "This initial purchase order will establish the facility in the California market as a THC oil supplier. The cannabis oil market is rapidly expanding and we are working to close sales and preparing to scale up to meet demand as a contract manufacturer for other brands and growers across the state of California."
According to cannabis market research firm the Arcview Group, California makes up more than one-fourth of all legal marijuana sales in the 50 U.S. states plus Canada combined.
Cannabis concentrates and edibles are the largest and fastest growing segments of the cannabis market, which many experts believe will overtake flower sales by 2020. The popularity of wax, shatter and oil has blossomed along with various consumption devices. The market is booming more so, however, because cannabis concentrates are used to make edibles, topical ointments, capsules and other packaged products that require a more professional extraction. As the recreational industry gets underway in California in 2018 many in the concentrates niche believe it's going to continue to explode in popularity.
Note: As previously announced, FFM Consulting Services, LLC, the majority owned subsidiary of Future Farm, is under contract for management services with local non-profit Patriot Extracts CA, Inc.
For further information, contact William Gildea, CEO and Chairman, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm
The Company's business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants. Future Farm provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com which caters to B2B customers is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com which caters to both large and small agriculture green houses and controlled cultivation centers.
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.
CEO & Chairman