VANCOUVER, BC--(Marketwired - Apr 20, 2017) - Future Farm Technologies Inc. (the "Company" or "Future Farm") (OTCQB: FFRMF) is pleased to announce that it is sold out of its exclusive line of Scorpion LED COB Grow Lights, which recently passed Intertek's ETL certification process. Intertek is one of the world's largest testing, inspection and certification companies and its ETL Mark is proof of product compliance to North American safety standards. With the ETL testing complete, Future Farm is now able to implement its planned sales and marketing strategy into the fast growing North American cannabis cultivation market.
With its ETL certification, Future Farm's Scorpion line of LED indoor grow lights is approved for retail sale across all of North America, which opens up its biggest market for rapid growth. Future Farm's ETL approved LED COB Grow Lights cover a broad spectrum of wattages (including 120W, 245W, 315W, 375W, 495W, 560W) for growing clones or flowering plants. The Company is well positioned to satisfy any cultivator's needs, from the small grower to the large industrial scale grower.
With twenty-six U.S. states and the District of Columbia broadly legalizing marijuana use, the increased demand on energy consumption in pro-cannabis territories is expected to skyrocket, continuing the trend towards LED "grow light" solutions that reduce energy costs while increasing yields. Analysts forecast the global LED lighting market for horticulture application to grow at a CAGR of 22.55% during the period 2016-2020.
"The cultivation of cannabis is an energy-intensive industry," said William Gildea, CEO of Future Farm. "A recent study revealed that legalized indoor marijuana-growing operations account for 1% of total electricity use in the United States, at a cost of $6 billion1 annually. As the cannabis industry continues its rapid global expansion, cultivation facilities are increasingly turning to LEDs to reduce energy costs and boost profits, and we intend to be a part of this growing market."
"Our Scorpion Grow Lights have been in high-demand, and having ETL certification means Future Farm can carry the needed inventory to meet the demand," says Rob Huston of Future Farm's LED Canada Division. "A lot of time and research has gone into this product and I am very happy that we have passed Intertek's high certification standards. We have had amazing feedback from many experienced cultivators considering the switch to LED, and are impressed by the results of our Scorpion COB fixtures. Now that the certification is complete, we can move forward with our distribution plans."
About Chip On Board (COB):
LEDs compete with traditional lighting sources in a number of ways, including greater energy efficiency, longer lifetime, and smaller size. However, the one drawback that has vexed many lighting designers is cost, which is a key reason why LED manufacturers continue to innovate to improve economies of scale. One of the newest packaging solutions designed to help lower costs is Chip on Board ("COB") light source modules, in which the LED chips are in the form of a semiconductor chip that is neither encased nor connected but directly mounted onto a PCB or, more generally, a substrate. This packaging style also provides several related benefits, such as greater design flexibility, better light distribution, and simpler manufacturing processes.
1Lawrence Berkley National Laboratory
About Future Farm
The Company's 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. Future Farm provides scalable, indoor CEA systems that 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. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com which caters to B2B customers is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com which caters to both large and small agriculture green houses and controlled cultivation centers.
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.