Future Farm Technologies Inc. announced it has entered into a Memorandum of Understanding with KOM-Agro Management Services, LLC to jointly develop, construct, equip and operate a business enterprise of breeding, cultivating, processing and selling of medical cannabis within the territory of Puerto Rico.
Future Farm and KOM-Agro will conduct this new business venture as co-owners of Natural Health Solutions, LLC, a limited liability company organized and existing under the laws of Puerto Rico. The company did not specify where it will cultivate the plant locally.
NHS was previously granted a Pre-Qualification of License Approval for the construction, development and operation of an “Establishment for Medical Cannabis for Cultivation” in an area of more than 20,001 square feet, the company confirmed.
The project’s start date is contingent on the Puerto Rico Health Department’s final inspection once construction is complete and NHS is ready to start operations.
NHS currently has until July 31, 2018 to apply for the Final Inspection of the Cultivation Facility. It is, however, a condition to Future Farm closing on this transaction that this date has been extended to Dec. 31, 2018.
“We’re very happy to announce our intent to partner with KOM-Agro for the breeding, cultivation and processing of medical marijuana in Puerto Rico,” said William Gildea, Future Farm’s CEO.
“It is our belief that Puerto Rico remains a strong market opportunity and that our efforts in the territory will help strengthen its recovery efforts,” he said.
“Our partnership with KOM-Agro will be a complement to our business venture with Clínica Verde and allow us to supply, not only our own dispensaries, but other dispensaries located across the island, with quality medical marijuana,” Gildea said.
Future Farm owns several Clínica Verde medical cannabis clinics in Puerto Rico and has broken ground on more that will be completed in coming months.