Future Farm Technologies (CSE:FFT) has announced that its majority subsidiary, FFM Consulting Services, a company based in California, has entered into a management agreement with non-profit company in California.
As quoted in the press release:
The non-profit has secured a sublease for the purpose of cultivating premium grade cannabis in Riverside County, California. The cultivation facility will supply its high-quality cannabis to the previously announced extraction facility where it will be further processed into premium grade concentrates.
The Company expects to help the non-profit operate and expand within the 17,000-square foot state-of-the-art cultivation facility and that it will be fully functional following completion of facility modifications within three months, with the first harvest 90-days thereafter. The cultivation operation will implement the use of Future Farm’s CEA systems, including the Company’s patented vertical farming technology and COB LED grow lights, thereby positioning the non-profit to be able to produce high-grade and pure cannabis ideally suited for extraction. By using Future Farm’s proprietary vertical stacking technology for its clones, there will be more space to devote to the flowering room, which will increase the overall cannabis production capacity in the space.
California is the 6th largest economy in the world and according to ArcView Research the cannabis market in California is expected to reach US$6.5 billion by 2020.
“We’re thrilled to have reached another major milestone for our emerging company and excited to have the opportunity to manage this cultivation facility as it allows us to showcase our ability to expertly manage the production of consistent high-grade cannabis,” said Bill Gildea, CEO of Future Farm Technologies.