Canadian cannabis firm acquires Massachusetts CBD producer

Vancouver, British Columbia-based Future Farm Technologies says it has finished its consolidation with High Purity Natural Products, a Southbridge, Massachusetts, company that makes white-label CBD and hand sanitizer.

The companies announced their merger Tuesday.

Future Farm Technologies specializes in indoor marijuana production but plans to grow and process hemp in the United States.

The companies said in a statement the merger “immediately implements a major step in Future Farm’s core strategy: becoming a leading supplier of top-quality health and wellness products, including those which feature hemp-derived CBD and other compounds.”

The terms of the merger include Future Farm acquiring 100% of outstanding membership units of High Purity, which is now a wholly owned subsidiary. Future Farm is also giving High Purity’s outstanding membership units a total of 15 million common shares of Future Farm.

Another Future Farm Technologies subsidiary, Future Farm Maine, is planting on its hemp farms in Amity and Hersey.

Future Farm Technologies trades on the Canadian Securities Exchange as FFT.