Canadian MJ grower buys Maine hemp farm for CBD production

A Canadian company that specializes in indoor marijuana production is going outside – buying a Maine hemp farm to ramp up its CBD oil production.

Future Farm Technologies of Vancouver said in a news release it has acquired a 120-acre industrial hemp farm in Amity, Maine. Terms weren’t disclosed.

Derek Ross, the farm operator and Future Farm partner, has harvested the farm’s first crop of 5,000 hemp plants, which is being dried for CBD extraction.

In the news release, Ross said “our goal is to be the largest hemp farm in the northeast in 2018,” with the entire crop devoted to the production of CBD oil.

Future Farm, which trades on the Canadian Securities Exchange as FFT, specializes in cultivation technologies and LED lighting for indoor growing. It also produces cannabis in British Columbia.

Though hemp growing is legal nationwide in Canada, CBD extraction from hemp is not, leading Canadian companies to look south to produce hemp-derived CBD products.

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