FutureLand Corp. (OTC: FUTL), a leading provider of strategic real estate investment, grow facilities and material solutions to the medical and recreational global cannabis industry, announced today that it has entered into an agreement to joint venture with Greenleaf Holdings, LLC. to acquire an established Solar Technology group. GreenLeaf Holdings will be acquiring 80% of Amps Electric, Inc. set to close within the next 14 days.
Cameron Cox, CEO of FutureLand Corp. said, “Solar Energy has often been seen as the “holy grail” of energy sources and it has come a long way in the last 10 years. I am very excited about the direction of the company and this play as it pertains to marijuana.”
One truth about cannabis is that is often overlooked by the public is how power hungry it is. Growing in the wild, marijuana just sucks up as much sunlight as it needs. But for indoor and supplemental power needs growers have had to keep pace with the plant. A study by scientist Evan Mills, with the Lawrence Berkeley National Laboratory, revealed that legalized indoor marijuana-growing operations account for 1% of total electricity use in the US, at a cost of $6bn per year. And this number is most certainly rising with the increases of legalized medical and recreational marijuana throughout the United States.
Amps Electric, Inc. is a Massachusetts company that deals in solar energy. Of course, the company supplies solar energy to any power need, but cannabis is going to be a huge addition to their erupting portfolio. Amps currently has annual revenues exceeding $5,000,000 and believes it can achieve as much as $10,000,000 by the years end. Because of the nature of many cannabis grows, being secluded on the one hand, and needing to operate self-sufficiently on the other, it makes a lot of sense for FutureLand to include this opportunity within its canopy of offerings.
In 2014, a report by the Northwest Power and Conservation Council estimated marijuana operations could grow Washington electricity demand between 60 MW and 160 MW over the next 20 years. Regional demand, including producers in Idaho, Montana, Oregon and Washington, could reach almost 250 MW by 2035.
In 2015, Utility Dive reported that Pacific Power experienced 7 localized outages due to demand overloads attributed to marijuana grow operations.
“This is cutting edge technology that is really going to bring down the costs of some major hydroponic grow operations here in the states”, said GreenLeaf principal Maury Winnick. “John Bianchi, of Amps Electric, is a great operator and we are pleased to join forces with him and his company to help create shareholder value in FutureLand Corporation.”
