Future Farm Technologies Inc (OTCMKTS:FFRMF) Updates On Nextech Spin-out

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Future Farm Technologies Inc (OTCMKTS:FFRMF) has issued additional information pertaining the spin-out of 11 million common shares of “NexTech”. The effective date of this spin-out was in the last week of August 2018. NexTech is planning for a listing of its common stock on the CSE. However, there is no guarantee that it may happen anytime soon.

The buzz

Earlier in August, Future Farm reported that its Florida subsidiary named White Sand Nurseries has got Jose Sikaffy as company’s Director of Cultivation. This comes as an effort of company in preparation for venturing into the Florida medical cannabis operation. Sikaffy is a graduate from Valencia College.

William Gildea, the CEO of Future Farm, expressed that Mr. Sikaffy has a remarkable track record of successfully cultivating cannabis in Florida’s distinct climate, and they are thrilled to have him on their team as they prepare their Florida cannabis application and facility programs. His knowledge and hands-on with the state-of-the-art agriculture technology fits with their company’s vision. They share a commitment to yielding the premium quality medicinal cannabis for Florida patients.

Early in this year, the firm bought WSN to excel in the buzzing Florida cannabis market. As per a report of the Arcview Group, Florida Cannabis market is projected to be the second leading market after California, with over 100,000 registered medicinal cannabis patients and estimated yearly sales of US$1.6 billion in 2020. The WSN greenhouse meets the state’s rigorous criteria and designated zoning to rightfully process, grow, and dispense cannabis.

Future Farm continues to run the WSN greenhouse in peak production while it works for a cannabis cultivation permit from Florida. Pending license nod, the firm intends to upgrade the current facility for being ready for cannabis production. The firm is also looking out for the possibility of cultivating hemp on farmland bought as part of the WSN deal.

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