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Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that its subsidiary, Future Farm Maine, LLC, has received three licenses from the State of Maine for the cultivation of industrial hemp in 2018.
Future Farm Maine received one license for each of its Amity and Hersey farms, as well as one for the Belfast processing facility.
Mr. Bill Gildea, CEO of Future Farm, comments, “We are thrilled to have received these three licenses to operate our industrial hemp business in Maine and are excited to build our high value, vertically integrated industrial hemp farm and CBD oil production facility in 2018.”
As recently announced, the Company signed a lease agreement for an initial 12,960 sq. ft. of space in a 60,000 sq. ft. building, with an option to expand or buy the building. Future Farm Maine will use the Belfast building to germinate 250,000 hemp seeds over the next few months, which then will be planted to meet the summer growing season at the Amity and Hersey farms.
With over 100 organic certified acres ready to plant and an additional 1,000 acres available for expansion, Future Farm Maine is poised to be the largest hemp farm in the North East.
Future Farm Maine plans to use feminized seeds of the highest quality, CBD strains in the industry that test in compliance of hemp laws of having .03% THC or less while averaging 15% CBD. The hemp seeds will also be germinated under the Company’s LED grow lights, which will save on electricity costs and further leverage its in-house technology.
Once harvested, the hemp will be dried and further refined using Future Farm’s high output oil processing equipment creating both CBD oil and high value isolate for making edibles, creams and lotions.
Future Farm is also pleased to announce that it has engaged Mr. Zachary Lapan to oversee the Company’s Maine cultivation and processing operations.
Mr. Lapan has worked closely with Derek Ross providing operational oversight for ten years. Mr. Lapan has deep community and agricultural ties to Maine, and is excited to provide operational expertise in Future Farm Maine’s portfolio of projects.
“Growing hemp in northern Maine requires local, agricultural and climate expertise,” comments Derek Ross, President of Cannatech and Future Farm’s joint venture partner in Maine. “Mr. Lapan is a successful, seasoned hemp farmer and I’m excited that he has joined the team.”
Comments Mr. Lapan, “It is time to get to work! This is going to be fun and I’m excited to be on the forefront of the hemp industry here in Maine. We have an aggressive schedule to develop our propagation facility and we will hire the best and most talented local resources to get the job done.”
The market for CBD is poised for expansion due in part to the FDA’s acceptance of a New Drug Application submitted by GW Pharmaceuticals plc for Epidiolex®, a drug containing CBD.
