- Future Farm Technologies has merged with High Purity Natural Products with plans to grow and produce hemp in the United States.
- Currently, High Purity makes white-label CBD and hand sanitizer while Future Farm producers indoor marijuana.
- Future Farm will acquire 100% of outstanding membership units of High Purity.
Future Farm Technologies, based out of Vancouver, British Columbia, has reported acquiring a CBD-producing company in Southbridge, Massachusetts known as High Purity Natural Products.
High Purity produces white-label CBD and hand sanitizer while Future Farm Technologies specializes in the production of indoor marijuana. Their new plans involve growing and processing hemp in the U.S.
Future Farm will be acquiring 100% of High Purity’s outstanding membership units, which is currently a wholly-owned subsidiary, and will also be providing High Purity’s outstanding membership units 15 million of their common shares.
The two companies released an announcement for their merger on Tuesday.
“Working closely with Future Farm before the merger showed us the strong synergy of our teams and our shared vision for this exciting industry,” shared Mike Matton, current President of High Purity Natural Products.
“The support we have had from Future Farm has helped us more rapidly implement new strategic initiatives in areas such as working closely with other manufacturers who value our marketing and sales expertise, introducing new product lines and expanding operations, including our popular new third-party logistics services. Now that we have completed the merger, we expect those and other efforts to grow even more rapidly and successfully.”
The two companies merging will not result in a reverse-takeover of the company and therefore will not constitute a change in control.
Bill Gildea, CEO of Future Farm Technologies, concluded:
“We are pleased that the great people at High Purity and Future Farm are now together as one outstanding team. The merger with High Purity will accelerate our growth to a cash flow positive, scalable business with multiple revenue streams.”