Future Farm Technologies (OTC:FFRMF) (CNX:FFT) has seen yet another price jump in its stock after the company announced a closing date for its acquisition of the 10-acre operating greenhouse, acreage that was previously announced and a stock price raiser for the company.
At the time of writing, the stock has jumped 52% to $1.58, putting it up to $0.54 from the previous close of $1.04. The company began seeing price jumps within this range around the middle of last week after several announcements from the company, including one about the acquisition of more land on which to farm cannabis. The stock saw a jump from $0.77 at the close of December 21 trading, to $1.10 at December 22’s open, the rise continuing on to where the stock currently sits now at $1.58.
The closing date for Future Farm’s land deal is set for January 4, 2018. This land will help to position the company firmly within the growing Florida cannabis market, which has been estimated to grow to $1 billion in annual sales by 2020.
Another reason behind Future Farm’s current stock price jump is likely to do with the company receiving its largest investment yet, at US$4 million, from Yorkville Advisors Global, LP. This investment is also what has led to Future Farm finally being able to close on its 10-acre land deal – so it looks like things are really starting to fall into place for Future Farm.
The company stock is in a good position to continue growing as it has already been doing, having firmly planted itself within the cannabis market now (assuming that the cannabis industry is indeed going to be as successful as everyone says it is going to be). Future Farm is well positioned to take full advantage of the already-in-operation greenhouse that is on the land the company is securing. This gives the company the option to continue using the greenhouse in its current state, which is growing ornamental plants that are sold to big-box stores all throughout North America, as well as to use it for cannabis production once it receives the appropriate licensing to do so. With ownership of this greenhouse, Future Farm is well prepared for any future farming that it sees fit to take on.
Featured Image: twitter
