Future Farm Technologies Inc (OTCMKTS:FFRMF) closed Wednesday’s trading session at $0.1, a month after it announced the signing of a lease for a property at 115 Harris Avenue, Providence, Rhode Island.
The company received a provisional license from the Rhode Island Department of Business Regulations (DBR) allowing it to cultivate marijuana. The provisional license will allow it to carry out a controlled development and also finalize renovations at the Providence building. Future Farm entered a five-year lease deal agreement with Herask for the building whose size is 15,000-square-foot. The company will use the property to house its cultivation and processing activities.
Once the DBR finalizes the licensing process, the company will be able to use the facility to provide the market with high-quality cannabis as well as cannabis-related products. These will then be distributed to marijuana dispensaries located in Rhode Island that have been sanctioned by the state.
“We have been in discussions with Herask for quite some time and are excited to finally be able to call them our partners in Rhode Island,” stated Future Farms CEO William Gildea.
Gildea also noted that the company has also received the DBR extension and that it has also selected Green Development as its general contractor. The firm is also confident in Herask’s capacity to be the ideal cannabis supplier within the estate.
Future Farm to create a cannabis development lab in Carpinteria, California
Future Farm also announced towards the end of January 2019 that it is planning to construct a laboratory for cannabis development in Carpinteria, California. The company revealed at the time that had already entered the last construction planning stages. The facility will be one of Future Plans’ two jointly owned facilities that it is developing in partnership with a global agro-biotechnology firm called Rahan Meristem.
Future Farm will create the construction firm mainly so that it can focus on analytical work. The company also plans to recruit researchers and buy new equipment. Construction work is expected to be complete before the end of March 2019. The research team will focus on research related to various sectors such as computation, phenomic analysis, analytical chemistry, molecular genetics, and cell structure.