FUTURELAND CORP. (OTCMKTS:FUTL) Files An 8-K Other EventsItem 8.01 Other Events.
On Nov. 15, 2016 FutureLand Oregon, LLC entered into an agreement with HSPendleton, LLC and John C. Miller of Groovy Groves, LLC. The company purchased 50% of 265 acres in Wolf’s Creek, Oregon. The company also entered into an agreement to buy 50% ownership in Groovy Groves, LLC by buying out partner John C. Miller for 10,000,000 shares of FutureLand Corp’s common stock. The deal was to be completed upon approval from the OLCC on the transfer of license to FutureLand Oregon, LLC. from John C. Miller. The process has taken longer than expected due to many delays by OLCC. But now all the requisite paperwork is completed and submitted for final approval with the OLCC and we are simply waiting on approval, which we believe is imminent.
The harvest for Groovy Groves, LLC was nearly 400lbs this year and is currently being trimmed, dried, cured and will go out for testing next month with sales expected to be made some time in January 2018. Although we expected quite a bit more product, adjustments are being made to heavily increase yields for next year. Upon getting the transfer of license, Groovy Groves LLC will apply for a renewal that will include a plan to get a hybrid Tier 2 license with 5,000 square feet of indoor and 20,000 square feet of outdoor. This will allow us to grow year-round. Ultimately, everything may switch to indoor by the following year, but this is the current plan. With the way the laws are written right now we should be able to use the same footprint we currently have for the 20,000 square feet of outdoor and at least double the number of plants we had this last year. Additionally, we should be able to get multiple harvests in the indoor facilities in the coming year and are prepared to make several modifications which should see 10X more product in 2018.
About FUTURELAND CORP. (OTCMKTS:FUTL)
FutureLand, Corp., formerly known as AEGEA, Inc., operates its business through its subsidiary, FutureLand Properties LLC. FutureLand Properties LLC is an agricultural land lease company catering to the industrial hemp, legal medical marijuana and recreational cannabis market. The Company focuses on approximately 240 acres of prime property in southern Colorado. The Company has other developmental land use plans for other projects being pursued as well. The Company has not generated any revenues.