Future Farm Technologies Inc (OTCMKTS:FFRMF) recently announced that its extraction and cultivation operation located in Massachusetts’ Attleboro has entered the next step of development after the company procured bids from the general contractors. The company also announced that the demolition of Providence, the building on its Rhode Island site has also been completed due to which now the company can start the construction of cultivation facility.
Future Farm start process of distributing common shares
According to the company, it has started the formal process of distributing 11 million common shares of NextTech AR Solutions Corp to its shareholders (shareholders of Future Farm). The distribution is being carried out on pro-rata basis. The company filed a Notice of Meeting & Record Date for an Annual General and Special Meeting scheduled for July 26 this year last week. The company will complete the distribution of NexTech common shares as per the Plan of Arrangement approved by the court.
As a part of the process, the company recently filed for an Interim Order at the British Columbia Supreme Court. Once it receives the Interim Order, the company will mail the details of the distribution of common shares to the shareholders of Future Farm. In the case, the company succeeds in completing the Arrangement, the shareholders of the Canadian company will receive 11 million common shares and they will also maintain their current assets in the company
Future Farm to lease Rhode Island property to licensed cultivator
The Rhode Island building located in an M-1 zone has the legal permit for carrying out cannabis cultivation activities. Hence, the company is planning to lease it to a licensed, local cultivator who will cultivate and produce licensed medical cannabis in the place and provide the local, state-sanctioned dispensaries wholesale cannabis produce.
Incidentally, the company currently holds a Letter of Intent from a provisionally licensed cultivator for leasing the property and at present the company is negotiating with the cultivator. Both Rhode Island and Future Farm are closely located to each other which will help the company maximize its efficiencies and also secure cannabis harvest at competitive rates from suppliers and vendors.