Wednesday, February 08, 2017 11:12:33 PM
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Arcturus Growthstar Technologies Inc. (the "Company" or "Arcturus") (OTCQB: AGSTF) (CSE: AGS) is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire a 10-acre operating greenhouse in Florida, which is in a designated zone to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida's stringent criteria for agricultural farmers looking to manufacture Cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied.
In the past 12 months, it has generated over $2,600,000 in revenue with EBITDA of over $400,000, which is expected to continue until Amendment 2 allows for the property to be converted for growing cannabis. Once fully licensed and operational, the property has the capacity to generate seven figures in revenue per month. In the interim we feel we can use our CEA technology to quadruple the current ornamental plant yields, thereby increasing both profit and revenue."
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With this acquisition and the previously announced 10-acre greenhouse acquisition near Orlando, Arcturus has the potential, if fully licensed, to develop 25-acres of cannabis crops. If current state projections for the cannabis market size hold up to their $1.8Bprojection by 2020, Florida will have considerable demand for medical marijuana, even without factoring in the potential for recreational legislation.
http://futurefarmtech.com/florida/
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