Future Farm has announced estimated 2018 projections on its 10-acre operating greenhouse. This 10-acre greenhouse in Apopka, Florida is located in a designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually. The greenhouse business will provide Future Farm with cash flow while serving as a major building block for the company as it prepares to position itself in the emerging Florida cannabis market, estimated to climb to $1.6 billion in medical cannabis sales by 2020.
The company plans to upgrade the nursery’s technology platform with new computers and software, a new phone system and fully implemented automated accounting, inventory management and order tracking systems. In addition, the company plans to activate the online ordering platform, which to date has been non-functional, to penetrate higher margin markets such as direct to consumer wedding sales. Finally, the company plans to initiate an online and social media marketing effort in part by employing the services of an ad agency.
As of July 2017, Florida had approximately 26,000 registered medical cannabis patients, and by October the number of registered medical cannabis patients surged to 38,000. It is anticipated that these numbers will likely continue to grow significantly over the next few years, due to the large number of retirees residing in Florida. It is expected that the Florida cannabis market will be only second in size to California, which in the last quarter of 2017 had 34 percent market share of legal pot sales. Colorado, Washington and Oregon had 41 percent share combined as of the same time period.
“We continue to execute on our planned strategy of building a portfolio of valuable, revenue-generating assets in the fastest growing cannabis and hemp markets in the country,” says William Gildea, Future Farm’s CEO and Chairman. “Our portfolio has grown quickly over the past year with assets acquired in Rhode Island, Maine, California and Puerto Rico, in addition to the acquisition of our Florida greenhouse and nursery.”
For more information:
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
info@futurefarmtech.com
futurefarmtech.com
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