The timetable calls for construction to begin in the next thirty days, and revenue to begin in the fourth quarter of 2018. BCWC is provisionally licensed to cultivate cannabis with up to 300 lights, process and extract oil to make edibles, and sell through up to three medical dispensary locations. BCWC may also sell up to 30% of its cannabis to other dispensaries. ArcView Market Research and New Frontier Research each estimate the adult use recreational market in Massachusetts to have annual sales in excess of $1 billion by 2020.
Derek Ross, BCWC’s Manager, comments, “Unlike other states such as Colorado, Washington or California, where adult cannabis use is legal, Massachusetts is located within driving distance to many of the most densely populated states in the US. We anticipate that our facility, which will be conveniently located 1.5 miles from Exit 1 on I-95, will contribute to an increase in the Massachusetts cannabis tourism industry, providing state revenue, tax dollars, and job growth.”
Future Farm made its investment by loaning BCWC $5,003,100 under a Secured Convertible Promissory Note. That Note will convert automatically into a 51% ownership interest in BCWC on the date on which BCWC receives its RMD Certificate from the Commonwealth of Massachusetts. If the Note does not convert, it is due and payable in full on May 1, 2019. In addition, Future Farm has entered into consulting contracts with each of the owners of BCWC for those individuals to advise Future Farm on the development of the BCWC facilities and business. The aggregate consideration for the consulting services to be provided by all of the individuals is the issuance of 2,925,514 Common Shares of Future Farm.
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