Future Farm provides an update on recent activities as it plans for its new fiscal year on March 1, 2020. The company’s CEO, Bill Gildea, thanks current and prospective shareholders for their ongoing support.
The decision to grow hemp in Maine in 2018 and 2019 led Future Farm’s management team to analyze deeply the market for the sophisticated production of plant-based health and wellness products. The company has determined that the quality of that market with respect to both profitability and growth is outstanding. In the short term, Future Farm will use the hemp biomass from its 2019 harvest to produce products in collaboration with first-rate advanced manufacturers. But the company’s real goal in the new fiscal year beginning next month is to acquire one or more operating manufacturing companies to quickly increase its share of that market.
Significant events
During its second fiscal quarter of 2020, which ended on August 31, Future Farm announced that it would focus its resources on existing business operations with the highest potential for revenue growth and profitability. With the hemp crop on its 100-acre farm in Maine thriving, and robust expectations for the hemp-for-wellness product market, the company decided to focus on hemp cultivation, the extraction of cannabinoids and product manufacturing to meet the burgeoning demand in the U.S. and global markets for pharma-quality health and wellness products.
Future Farm continues to pursue licenses to grow cannabis for sale, research and development in Canada. The company has discontinued 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 sold its interest in FFPR, LLC, the company developing dispensaries in Puerto Rico, back to its local partner in that effort, Clinica Verde, which is owned by TCG Investments. Future Farm was a 40% owner of FFPR.
Florida
Future Farm owns a fully operational greenhouse business on approximately 10-acres in Apopka, Florida known as White Sand Nursery. White Sand currently grows ornamental plants that are sold in large retail stores throughout North America.
In response to the recent passage of the 2018 U.S. Farm Bill, the company decided to expand its existing hemp portfolio to include a partnership in Florida. In March 2019, Future Farm was one of two applicants selected by Florida Agricultural & Mechanical University to enter into a research partnership to cultivate hemp in the state. The partnership allows Future Farm to be one of the first companies to plant hemp in Florida.
FAMU's staff and students will conduct joint research with Future Farm in the areas of pharmacology, agriculture technology and biosciences to develop the ideal cultivars for Florida’s various climates and soil conditions.
In September 2019, Future Farm management met with representatives of FAMU at FAMU’s 3,800-acre site in Brooksville, Florida in order to select a site for the partnership’s first hemp farm. Future Farm selected a 10-acre parcel and will begin soil sampling and infrastructure design for the planting permit proposal. Future Farm is still assessing whether to move forward with this opportunity.
Rhode Island
Future Farm owns a 15,000-square foot building in Providence, Rhode Island that is actively being marketed for sale as part of the Company’s effort to streamline operations and focus on U.S. hemp and other plant-derived product operations. The building is located in an M-1 zone, which permits the cultivation of cannabis by right. The company invites interested buyers to contact Greg Murphy of Remax Commercial at [email protected].
For more information:
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
[email protected]
futurefarmtech.com