Future Farm Signs Contract to Buy Cannabis Zoned Building in Providence

Future Farm Technologies has announced that they have signed a contract to purchase real estate for the acquisition of at 15,000 sq ft building in Providence.

The company expects that the property will be use as a licensed medical marijuana cultivation space, providing cannabis to Rhode Island’s state-sanctioned dispensaries.

"With this asset purchase, Future Farm is building a solid foundation in the Northeastern part of the United States. The Northeast has a large population but has lagged behind the Southwest in the permitting of cannabis cultivation and dispensaries, which creates opportunity,” said Bill Gildea, CEO of Future Farm.

The terms of the transaction have not yet been disclosed.

Future Farm Technologies

Future Farm Technologies Inc. is a Canadian company with projects throughout North America including California, Florida and Maryland.

Future Farm provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment.

The Company also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.

Future Farms paid $750,000 for the building.

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