Targeted Approach Expected to Enhance Access to Capital and Accelerate Revenue
Vancouver, British Columbia - TheNewswire - August 9, 2019 - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CNSX:FFT.CN) (OTCQB:FFRMF) is pleased to announce that, after careful consideration and analysis, it will focus its resources on existing business operations that are expected to meaningfully increase revenue this fiscal year and in the future.
To that end, the Company's robust expectations for its Maine hemp-for-wellness operations have led it to decide that it will focus on successfully growing its 2019 crop of hemp and extracting CBD and other valuable materials from that crop. Future Farm will sell those materials to manufacturers of consumer CBD products.
Future Farm will continue to pursue licenses to grow cannabis for research and development in Canada in partnership with Rahan Meristem. The Company will discontinue projects related to marijuana in the United States in order to enhance its access to capital and simplify other aspects of business operations such as banking and tax planning. As an initial step in this effort, Future Farm has sold its interest in FFPR, LLC, the company developing dispensaries in Puerto Rico, back to its local partner in that effort, Clinica Verde.
"With the hemp crop on our 100-acre farm in Maine thriving, it became very clear that we should focus the bulk of our resources on executing a successful harvest and on an already very active sales effort," comments William Gildea, CEO of Future Farm. "We are confident that this focused approach will accelerate revenue growth and profitability."
For further information, contact Investor Relations at investor@FutureFarmTech.com.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm Technologies Inc.
Future Farm Technologies is a Canadian public company that is poised to be a leading supplier of hemp-derived CBD products to meet the burgeoning demand in the U.S. and global markets. The Company's current key initiatives are the cultivation and processing of its hemp crop growing in Maine, the pursuit of other hemp-related opportunities throughout the U.S. and the development of elite strains of cannabis in Canada.
Future Farm's seasoned management team brings a deep understanding of operations and agriculture with the financial and regulatory expertise needed to become an industry leader in the evolving market for CBD and related compounds.
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.
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. There is no guarantee that the Company will be successful in its efforts to further develop its existing hemp operations, or that the Company will be able to raise sufficient capital to execute on its intended business plan and objectives. 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.