Future Farm Closes on $4 Million USD Financing in Anticipation of Closing on Massachusetts Dispensary and …
VANCOUVER, British Columbia, March 13, 2018 /PRNewswire/ —
Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that it has closed on a second investment of $4,000,000 USD from Yorkville Advisors Global, LP (“Yorkville”). Proceeds from the private placement will be used in part to acquire the previously announced, provisionally licensed Registered Marijuana Dispensary (“RMD”) in Attleboro, MA.
In January 2018, Future Farm signed a Letter of Intent to acquire an interest in Bristol County Wellness Center, Inc. (“BCWC”). BCWC was recently awarded a special permit from the City of Attleboro and a provisional license from the Department of Public Health to build and operate a 24,700-sq ft. RMD that will grow and sell medical marijuana, plus two additional dispensaries upon approval. This vertically integrated license allows BCWC to build out its facility and engage in cannabis cultivation, processing and retailing.
William Gildea, CEO of Future Farm comments, “We have been diligently working with the experienced team at BCWC to move this transaction to a quick close and are thrilled about the potential to participate in the operations of a Massachusetts RMD as it further positions our Company for revenue growth in 2018.”
The timetable calls for construction to begin right after closing, which is imminent, and revenue to begin in the fourth quarter of 2018. BCWC is provisionally licensed to cultivate cannabis with up to 300 lights, process and extract oil to make edibles, and sell through a medical dispensary. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research & New Frontier Research estimates the legal cannabis market in Massachusetts to reach $1.07 Billion by 2020.
The Company is also pleased to provide an update with respect to