Courtesy / Future Farm Technologies
A composite image shows Future Farm Technologies' state-of-the-art scalable extraction technology.
January 3, 2018
Large hemp operation planned for Aroostook County
Courtesy / Future Farm Technologies
Future Farm Technologies, a British Columbia-based company, has purchased 120 acres in the Aroostook County town of Amity and plans to lease another 100 acres to grow industrial hemp for producing cannabidiol, a deritative used in medical marijuana treatments.
A Canadian company plans to launch a large, industrial hemp operation in the Aroostook County town of Amity.
The Portland Press Herald reported that Vancouver, British Columbia-based Future Farm Technologies (CSE: FFT) purchased 120 acres and plans to lease another 100 acres, with an option for another 1,000 acres, to grow industrial hemp for producing cannabidiol, a derivative used in medical marijuana treatments.
“We are thrilled to be able to acquire this prime land to farm hemp as we will leverage our oil extraction techniques into the cannabidiol business,” Future Farm Technologies CEO Bill Gildea said in a news release announcing the 120-acre purchase.
It’s unclear how much of the Amity land Future Farm planned to devote to hemp cultivation. But in November, the company projected the farm could produce $10.8 million (Canadian dollars) in revenues, based on an assumption of 1,700 hemp plants per acre on the 120-acre farm and estimated revenues of $90,000 per acre, according to the news release announcing the company’s purchase.
Maine’s hemp cultivation comprised 30 acres statewide last year. Maine’s Department of Agriculture, Conservation and Forestry issued 33 licenses in 2017 to cultivate hemp.
Scalable business plan
Future Farm Technologies indicated in its news release that it will be pursuing other opportunities in Maine.
“With Maine's current favorable economic climate for hemp in place, the company is moving aggressively to acquire more land and is in discussion with existing farm operators to farm another 200-acres of organic hemp on existing farmland in Maine,” it stated in November.
In May 2017 the company reported that its business model “includes developing and acquiring technologies that will position it as a leader in the evolution of ‘controlled environment agriculture’ (CEA) for the global production of various types of plants.” It also stated that its “scalable, indoor CEA systems ... utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment.”
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