Future Farm Technologies (FFT.CN) (FFRMF) has been a top performing marijuana stock over the last month, rallying almost 30%.
Today, investors have another reason to be excited after the company announced a joint venture with Cannatech LLC, a Massachusetts cannabis consulting company. This joint venture will grow, research, develop, and sell premium hemp extracts that contain a broad range of cannabinoids and natural hemp derivatives.
Cannatech has been cultivating hemp and growing high CBD strains, which have tested in the 15-26% range, while staying compliant with state and federal law.
Under the agreement, Cannatech will provide multiple compliant high CBD hemp strains to Future Farm. It will also provide hemp strain lineage and breeding options to better develop hemp strains that thrive in the southeastern United States.
Focused on Florida
Earlier this year, Future Farm acquired 15-acres of land in Florida. The joint venture plans to cultivate in Florida, where Future Farm is working on closing an acquisition of another 10-acres of land.
We are favorable on Florida’s hemp market. The state is the latest state to pass legislation allowing for the growing of hemp.
Earlier this month, Florida Governor Rick Scott signed the Industrial Hemp Pilot Projects bill (Senate Bill 1726) into law. The bill gives Florida A&M University and the University of Florida permission to conduct research pilot projects on growing and selling hemp.
A Story to Watch
Future Farm has had a busy month. Last week, the company completed its first sale of cannabis oil from its California extraction facility.
In late August, the company announced that it was opening a second location and doubling the size of its vertical growing project in Baltimore.
We are favorable on these recent developments and so is the market. The shares have come off its recent highs and we are favorable on this pullback. Investors should be keeping an eye on how this one performs today!
Source: Technical 420