Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that it has agreed to invest $500,000 for a 10% interest in a limited liability company (the “Arizona Operator”), providing turn-key services related to the management, administration and operation of a 70,000 square foot licensed medical marijuana cultivation and processing facility in the State of Arizona. The transaction is expected to close in the next 45 days.
In December 2010, Arizona voters passed the Arizona Medical Marijuana Act, which became effective on April 14, 2011. As of March 31, 2018, Arizona had 162,528 active Qualifying Patient Registry Card holders, a 31% increase from the year before. Additionally, in March 2018, Arizona dispensaries transacted for more than 9,534 pounds of medical marijuana, a 44% increase over the year before.
The Arizona Operator entered into an exclusive Management Services Agreement with an Arizona nonprofit organization (the “Arizona Licensee”), that was awarded a Medical Marijuana Dispensary Registration Certificate (“License”) by the Arizona Department of Health Services (“AZDHS”), pursuant to the AZDHS Medical Marijuana Program. The License allows for the operation of an offsite cultivation and processing facility. The Arizona Licensee has granted the Arizona Operator the exclusive right to develop, manage and operate that facility and will pay the Arizona Operator management fees for doing so.
“We are thrilled to execute on this opportunity in Arizona, which adds a new geography to our existing portfolio of assets,” stated William Gildea, Future Farm’s CEO. “The Arizona medical marijuana program has witnessed significant growth and strong demand continues to fuel the market. This operating team has proven successful in cultivation management, and we see great potential for their execution here as well. We look forward to the development and construction of the state-of-the-art cultivation and processing facility.”
All material terms will be disclosed in the final press release issued upon closing the transaction.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO