Future Farm Announces Update Regarding Estimated 2017 Revenue From Operating Greenhouse in Florida
Vancouver, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) announces an update with respect to the estimated revenue and EBITDA generated by White Sands Nurseries, Inc. (“White Sands”), the 10-acre operating greenhouse business acquired by the Company in early 2018.
At the time Future Farm purchased White Sands in January 2018, the estimated financial results for the business in calendar year 2017 were $2,800,000 USD in revenue and $400,000 USD in EBITDA.
The Company recently received the audited financial statements of White Sands for the 12-month period ended December 31, 2017 and is pleased to announce that the business exceeded expectations by generating revenue of $2,878,483 USD and EBITDA of $425,585 USD.
The Company expects its White Sands to continue the upward trend and generate $3,000,000 USD in revenue for calendar year 2018, with similar improvement in EBITDA.
White Sands is a fully operational greenhouse business, family operated since 1959, that currently grows ornamental plants sold in large retail stores throughout North America. The Company intends to continue operating the greenhouse as-is, while it applies for a cannabis cultivation license from the State of Florida. Since being acquired in early 2018, White Sands provides Future Farm with cash flow while serving as a major building block for the Company as it positions itself in the emerging Florida cannabis market, estimated to climb to $1.6 billion in medical cannabis sales by 2020.
“We are pleased that the 2017 estimates provided upon acquisition have not only been proven, but exceeded our expectations,” says William Gildea, Future Farm’s CEO and Chairman. “We expect that revenue in 2018 will be even higher, thanks to both the improvements that have been implemented by the Company and the strength and dedication of the White Sands team.”
The Company is also exploring the possibility of growing hemp on farmland also acquired as part of the White Sands transaction.
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North America including California, Florida and Maryland. 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, with a focus on cannabis. 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, generates yields up to 10 times greater per square foot of land. The contained system provides many other benefits including 90% less water, fertilizer and land used, less travel costs, seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability. The Company also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.
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.
The Company recently acquired the exclusive right to use a patented, augmented reality (AR) technology in the cannabis industry. As described in more detail above, the Company has decided to spin this asset off to its shareholders.
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.
CONTACT: William Gildea 888-387-3761 bill@futurefarmtech.com
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