Future Farm has closed on the previously announced investment in BCWC, formerly known as Bristol County Wellness Center. BCWC was recently awarded a special permit from the City of Attleboro and a provisional license from the Department of Public Health to build and operate a 24,700-sq ft. Registered Marijuana Dispensary that will grow and sell medical marijuana. This vertically integrated license allows BCWC to build out its facility and engage in cannabis cultivation, processing and retailing. BCWC plans to add two additional retail outlets when suitable locations are identified and required approvals are obtained.
Mr. William Gildea, CEO of Future Farm comments, “We are pleased to be working with the experienced team at BCWC and thrilled about the potential to operate in Massachusetts since it further positions our Company for revenue growth in 2018.” He continues, “This transaction allows us to operate in a state that has approved, but not yet implemented, the adult use of cannabis, which positions us as one of the first movers in the state.” In Massachusetts, licensed RMDs and applicants with provisional licenses (such as BCWC) applying for an adult use license are eligible for prioritized application review by the state.
The timetable calls for construction to begin in the next thirty days, and revenue to begin in the fourth quarter of 2018. BCWC is provisionally licensed to cultivate cannabis with up to 300 lights, process and extract oil to make edibles, and sell through up to three medical dispensary locations. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research and New Frontier Research each estimate the adult use recreational market in Massachusetts to have annual sales in excess of $1 billion by 2020.
Derek Ross, BCWC’s Manager, comments, “Unlike other states such as Colorado, Washington or California, where adult cannabis use is legal, Massachusetts is located within driving distance to many of the most densely populated states in the US. We anticipate that our facility, which will be conveniently located 1.5 miles from Exit 1 on I-95, will contribute to an increase in the Massachusetts cannabis tourism industry, providing state revenue, tax dollars, and job growth.”
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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