Canadian Future Farm acquires 120-acre licensed industrial hemp cultivation in Maine.
Back in the ‘30’s before ‘Reefer Madness’ and the saga of Jeff Sessions, hemp cultivation was a staple for farmers. This is because it has a shorter grow cycle, can enrich the soil for the next crop cycle, and can be used to produce many useful products. Currently, the popularity of cultivating hemp plants is mounting because the flowers are used to create therapeutic hemp oil, which is why Future Farm (CSE: FFT) (OTCQB: FFRMF) has invested in an Amity, ME hemp cultivation.
Derek Ross, CEO of Cannatech comments, “I’m excited to grow this business with Future Farm. Partnering with a public company will allow us to scale this business faster, enabling us to process large amounts of hemp flower into highly pure CBD concentrates.” Mr. Ross continues, “We are still in the early stages and already have germinated over 6,000 hemp plants and 750 clones for cultivation.”
CBD hemp oil is coveted by patients who have been diagnosed with a multitude of conditions because it is rich in CBD but contains minute traces of THC. That means it can help provide the therapeutic benefits of cannabis without the psychoactivity. Now, hemp is one of the fastest growing industries, valued at $688 million and slotted to grow to $1.8 billion by 2020 in the United States alone.
Future Farm is a Canadian company with projects throughout North America in states like California, Florida, and Maryland. They are focused on acquiring technologies of various kinds that will position them as leaders in Controlled Environment Agriculture (CEA). The contract reserves 20% interest in the business for Ross and he will stay on as the lead operator.
“This strategic acquisition puts Future Farm in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium hemp and CBD oil, which contain a broad range of cannabinoids used to treat a growing population of CBD oil consumers,” comments Bill Gildea, CEO of Future Farm.