VANCOUVER, British Columbia, August 14, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that it has completed its acquisition of a 50% interest in CEPG Consulting and Design Inc. ("CEPG") of St. John's, Newfoundland. CEPG will participate in the cannabis and hemp breeding program under the previously announced joint venture between Future Farm and Rahan Meristem Ltd. ("Rahan"), a world renowned global agro-biotechnology company based in Israel. The joint venture will operate out of both an existing building to be transferred to CEPG by Snellen Holdings (1994) Co. Ltd. ("SHC") and 6,000 square feet of newly constructed laboratories.
CEPG is a Canadian corporation which, until the closing of Future Farm's acquisition of 50% ownership, was wholly owned by SHC, also based in St. John's. SHC has been developing controlled environment plant growth systems since 1981.
CEPG will apply for a dealer license from Health Canada, which will enable research and development to begin on the growth of cannabis plants. Once licensed, the R&D facility will use state-of-the-art controlled environment equipment and techniques to create a research hub for the Rahan and Future Farm JV, which is expected to create valuable IP to be sold or licensed worldwide. The joint venture will develop, own and utilize Rahan's proven and proprietary technology to mass-produce elite new strains of marijuana to fit various profiles required of the medical and legal use of this highly valuable and beneficial plant.
"Now that we are 50% partners with Future Farm, we can fast-track the build-out of our lab space," comments Chris Snellen, President of CEPG. "In the meantime, we hope to outsource initial analytical and tissue culture work to Memorial University of Newfoundland and even partner with them on several R&D projects."
As part of the JV, Rahan shall be responsible for providing the know-how and technology, as well as management and operation of the breeding program.
"We are delighted to continue the path that Chris and CEPG have forged over the years in St. John's," says Bill Gildea, CEO of Future Farm. "The relationships that Chris has made will streamline the process of getting the R&D facility up and running so that we can get down to the business of developing elite strains of cannabis and hemp with our partners at Rahan."
In consideration for the acquisition, SHC received 483,871 shares of Future Farm common stock and a cash payment of CAD$71,780. In addition, Mr. Snellen received a cash payment of CAD$50,000.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
About Snellen Holdings:
Snellen Holdings and CEPG (controlled environment plant growth) are founding shareholders of Spot Therapeutics Inc. CEPG designed Spot's 40,000 sq. ft. medical marijuana production facility in Fredericton New Brunswick. CEPG, then a wholly owned Subsidiary of Snellen Holdings was incorporated to be Spot's horticulture department. Shortly after Spot received their 'letter to build' approval from Health Canada, Canopy Growth Corporation bought Spot. Future Farm is now a 50% owner of CEPG.
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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SOURCE Future Farm Technologies Inc.