Future Farm Technologies announces 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.
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.”
The greenhouse property, which has been family operated since 1959, currently grows ornamental plants sold in large box stores throughout North America. In the past 12 months, it has generated over $2,600,000 in revenue with EBITDA of over $400,000, which is expected to continue until Amendment 2 allows the potential for the property to be converted for growing cannabis. Once fully licensed and operational, the property has the capacity to generate seven figures in revenue per month. In the interim Future Farm plans to use its CEA technology to potentially quadruple the current ornamental plant yields, thereby increasing both profit and revenue.
On November 8, 2016, Floridians voted yes on Amendment 2, which broadened medical cannabis usage to individuals with “debilitating” medical conditions as certified by a licensed physician. With Florida passing this legislation, demand is expected to greatly expand for the state’s marijuana industry.
For more information:
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
info@futurefarmtech.com
futurefarmtech.com
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