Future Farm Provides Update on $3 Million 10 Acre Florida Greenhouse Acquisition
VANCOUVER, BC–(Marketwired – May 2, 2017) – Future Farm Technologies Inc. (the “Company” or “Future Farm”) ( CSE : FFT ) ( OTCQB : FFRMF ) is pleased to announce that its Florida partner, a Florida LLC, has received a bank term sheet in the amount of $2,673,698 at prime plus 2% to acquire the previously announced 10-acre greenhouse property and business located near Orlando, Florida. This term sheet enables Future Farm and its partner to move forward with the Sellers, with an expected close date within the next 45 days.
As previously announced, Future Farm signed a LOI to acquire a 10-acre operating greenhouse in Florida, which is in a designated zone to legally cultivate, process and dispense cannabis. The greenhouse fits Florida’s stringent criteria for agricultural farmers looking to manufacture cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied.
“This is a major step forward for Future Farm and positions us for tremendous growth for years to come,” says Mr. William Gildea, CEO and Chairman. “With this acquisition, Future Farm is potentially positioned as one of the public sector’s first movers into Florida’s cannabis market.” Mr. Gildea continues, “This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.”
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