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FutureFarm Technologies (OTC:FFRMF) expands subsidiary ownership stake

Tony Zerucha

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Future Farm Technologies (OTC:FFRMF) has reached an agreement with its Puerto Rico-based partner TCG Investments, owner of the “Clínica Verde” brand of medical cannabis dispensaries, to expand its ownership interest in its Puerto Rico subsidiary. Future Farm and TCG intend to purchase their former business partner’s interest, resulting in Future Farm owning a 50 percent ownership interest and 60 percent economic interest. Future Farm previously held a 40 percent ownership interest and 50 percent economic interest in FFPR.

Future Farm’s expanded interest in FFPR comes at a time of tremendous growth for the medical marijuana industry in Puerto Rico. More than a year after the island was devastated by Hurricane Maria the island now has more than 100 licensed medical marijuana businesses in operation to serve its more than 56,000 patients.

“TCG is proud to partner with Future Farm to execute this joint venture,” says Christopher Foster, CFO of TCG. “Our success to this date is a result of careful planning and strategic growth. These new dispensaries will help us continue executing our strategy and benefit from Future Farm’s expertise and resources.”

“Puerto Rico is a strategic location for Future Farm expansion given its soaring patient population and increasing social acceptance of medical cannabis,” added William Gildea, CEO of Future Farm. “We are excited to continue building out the Clinica Verde dispensaries to provide legal, quality flower, edibles and concentrates to patients residing on and visiting Puerto Rico at this time of island-wide restoration and growth.”

FFPR will open five dispensaries on the island by 2020. Its contractor is putting the finishing touches on its first two dispensaries, which are expected to open in mid to late March, pending receipt of final inspections and licensure from Puerto Rico’s Board of Health. The first dispensary will be in Condado, a premier tourist area, and the second will be on University Avenue near the University of Puerto Rico Rio Piedras, the largest university on the island and one of the largest in the Caribbean basin.

Upon completion, each location will begin providing valuable healthcare alternatives to residents and tourists, with plans to expand services to include door-to-door delivery. 

Subject to the terms and conditions of the purchase agreement, at the closing, FFPR’s partner shall sell, assign, and transfer to Future Farm and TCG 36 units of participation of FFPR, free and clear of all adverse interests or other claims, at a price of $833.33 per unit of participation amounting to $30,000.00. The parties have agreed to purchase the units as follows: Future Farm to purchase 12 units for USD$10,000; and TCG to purchase 24 units for USD$20,000.

The material is not to be construed as an offer or a recommendation to buy or sell a security. See full Terms of Service.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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