Future Farm Technologies (OTCMKTS:FFRMF) finalized a merger with Massachusetts-based High Purity Natural Products, which is a contract manufacturer for high-quality natural health and hemp-derived wellness products as well as hand sanitizer products.
Future Farm has been supporting High Purity financially
The merge of the two companies represents a huge step Future Farm’s strategy of becoming leading suppliers of high-quality hemp CBD derived health and wellness products. Future Farms has been supporting High Purity financially and through strategic resources for its production of CBD products. The merge will create a leading hemp CBD health and wellness manufacturing company.
High Purity president, Mike Matton, indicated that the collaboration with Future Farm before the merger showed them the strong synergy of their teams and the shared vision in the CBD industry. Matton added that the support they have received from Future Farm has enabled them to expand operations quickly as well as implement new product lines and the new third party logistics service. With the merger completed, Matton added that they expect such efforts will help them grow fast.
Future Farm President Tom Barrette stated that days before completing the merged, they received confirmation of around 25,000 hand sanitizer units. The initial order was from a new client that Future Farm had brought to High Purity, which is a great show how the companies have been working together.
Merger deal to help Future Farm grow revenue streams
On the other hand, Future Farm CEO Bill Gildea lauded the move to bring together the teams of the two companies. Gildea added that the merger will accelerate Future Farm’s growth towards attaining positive cash flow and scaling its business with a range of revenue streams.
According to terms of the merger agreement, Future Farm acquired 100% of high Purity’s outstanding membership units and will become a wholly-owned Future Farm subsidiary. The deal does not comprise a reverse takeover or any main change for Future Farm, and thus, there is no change in its control.
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