Future Farm Provides Update on Operations and Growth Initiatives

Vancouver, BC, Feb. 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company,” “Future Farm” or “FFT”) (CSE: FFT) (OTCQB: FFRMF) is pleased to provide 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. 

Calendar year 2019 was an inflection point for Future Farm. 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. 

The summaries below provide a more in-depth update on the Company’s various projects. 

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.