Here’s the release…Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) recently announced its plans to acquire a 120-acre industrial hemp farm in Amity, ME. Derek Ross, the farm operator and Future Farm partner, has already harvested the farm’s first crop of 5,000 hemp plants and is now currently drying and preparing for CBD oil extraction. In 2018, Future Farm plans to perform extraction onsite by creating a vertically integrated, highly efficient large-scale CBD oil production business.
“We have worked hard in 2017 to become established in Maine and our goal is to be the largest hemp farm in the northeast in 2018,” says Derek Ross. “To achieve this goal, we are actively looking for more land to acquire so that we may rapidly scale production as the market demand for CBD oil continues to expand.”
In 2018, Future Farm expects to grow hemp on at least 120-acres of land, harvesting 1,700 plants per acre, which translates into approximately 10-kilos of CBD distillate per acre. Current prices for CBD products vary, but the majority of CBD products fall within the $9-12 per gram range. With 120-acres already under contract, and with the possibility of acquiring additional farmland, Future Farm is anticipating a significant increase in 2018 revenue from CBD oil sales.
According to the Hemp Industries Association (“HIA”), a non-profit trade association consisting of hundreds of hemp businesses, the total domestic value of hemp retail products sold in 2015 was $573 million. Of this $573 million hemp market, the HIA estimates that hemp derived cannabidiol or CBD products constituted 11%, or $65 million. The market is booming because CBD concentrates are used to make edibles, topical ointments, capsules and other packaged products to treat a host of medical conditions.
Future Farm intends to rapidly expand its Maine hemp farm’s footprint and bring its state-of-the-art, scalable alcohol extraction equipment and know-how to take full advantage of the fast growing CBD oil market.