Tickers: XCNQ:FFT, PINX:FFRMF
Tags: #MedicinalMarijuana
March 15, 2019 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: FFRMF) announces that it has closed on a new investment from a fund of Yorkville Advisors Global, LP ("Yorkville"). Proceeds from the private placement will be used to refinance a previous investment made by Yorkville and to support the continued development of the Company's projects in Puerto Rico, Rhode Island and throughout North America.
"Yorkville continues to be a very supportive partner for our endeavors, including our soon to open medical cannabis dispensaries in Puerto Rico," comments William Gildea, CEO of Future Farm. "Puerto Rico is a strategic location for Future Farm expansion given its rapidly growing patient population and increasing social acceptance of medical cannabis. We are excited to partner with Clinica Verde to add more of their outstanding dispensaries providing legal, high quality flower, edibles and concentrates to patients residing on and visiting Puerto Rico at this time of island-wide restoration and growth."
Future Farm's expansion into Puerto Rico comes at a time of tremendous growth for the medical marijuana industry in Puerto Rico. The island now has over 100 licensed medical marijuana businesses in operation to serve its more than 56,000 patients.
Under the terms of the Yorkville financing, the Company has entered into two Secured Convertible Debentures. One Debenture is in the Principal Amount of US$696,197, which refinances the principal and accrued interest on the US$1,340,000 Convertible Debenture entered into with Yorkville in November 2018. The other Debenture is in the principal amount of US$500,000, which was paid to the Company in cash net of certain fees and expenses. The new Debentures bear annual interest at 8% and are repayable within 12 months, or convertible into Common Shares of the Company at a price of C$0.16 per share.
For further information, contact Investor Relations at (888) 387-3761 ext. 710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO
About Future Farm Technologies Inc.
Future Farm Technologies is a diversified Canadian company focused on the emerging cannabis market with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. Future Farm is operating or developing cultivation, processing, retail and technology/breeding innovation businesses in both the marijuana and hemp-for-wellness segments of the cannabis market. The Company also has significant experience in sustainably growing organic produce indoors and is developing opportunities in that market. The deep operational, financial and regulatory expertise of Future Farm's outstanding management team put it in a strong position to grow its existing businesses and through acquisitions and joint ventures.
###
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Copyright (c) 2019 TheNewswire - All rights reserved.
