International Consolidated Companies (OTC: INCC), a publicly traded company focused on acquiring and operating businesses and technologies that will help drive efficiencies in the medical marijuana market, recently announced that it leased a 5-acre property from FutureWorld Corp (OTC: FWDG) for the purposes of establishing marijuana cultivation facilities.
FutureWorld, together with its subsidiaries, focuses on the identification, acquisition, development, and commercialization of cannabis related products, such as industrial hemp. In addition, the company provides personal and professional THC and CBD test kits, pure CBD oil solutions, smart sensor technology, communication network, surveillance security, and data analysis for smart cultivation and consultation for industrial hemp and legal medicinal cannabis.
International Consolidated Companies, through its subsidiaries, plans on submitting a Tier 1 license application to grow 3,600 marijuana plants once the required letter of intent and site plan are completed over the next couple of weeks. After approvals are in place, management plans on building a 10,000 sq. ft. greenhouse structure – the first of three buildings – by the end of the second quarter. The company believes that the greenhouse may be capable of generating $10 million per year in annual revenue after its fully operational and licensed by the state.
In the future, the company plans on upgrading the facility to a Tier 2 project permitted to grow upwards of 6,000 marijuana plants once it shows regulators that it can grow and sell successfully for two quarters. The final stage – a Tier 3 facility – could produce approximately $33 million in annual revenue if built and approved by regulators, demonstrating just how much potential the business has over the long-term.
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