Future Farm Stock (CNSX:FFT) (OTCMKTS:FFRMF) A Prime Bounce Play

Future Farm Stock (CNSX:FFT) (OTCMKTS:FFRMF) is likely to continue its solid performance after bouncing back following a harrowing plunge in 2019. The stock has bottomed out from one-year lows in what appears to be a change in direction. The bounce-back has coincided with an uptick in sentiments in the overall cannabis market.

Future Farm Stock Price Analysis

Renewed investor interest stems on the company confirming it is preparing Maine-grown hemp biomass and seeds for processing and market. The company is also nearing completion as part of ongoing harvesting in Maine. Management changes have also come into play as the company looks to take advantage of new ideas in what is expected to be a busy year.

The stock has since bottomed out from the $0.02 level and shows signs of edging higher in the wake of sentiments in the broader stock market turning bullish. A bounce back to the $0.03 level should open the door for the stock to continue powering higher ahead of the $0.05 resistance level.

Future Farm stock needs to rise and find support above the $0.05 level to reaffirm its break out credentials from all-time lows. Failure to take out the $0.05 resistance level could leave the stock susceptible to further drops given the underlying long-term downtrend.

In our view, Future Farm stock has reached a bottom and due for a correction high as short sellers continue to get squeezed.

About Future Farm stock

Future Farm Technologies casts itself as a leading supplier of hemp-derived CBD products. The company is currently engaged in the processing of hemp crop grown in Maine as it also continues to pursue hemp-related opportunities across the U.S. It is also involved in the development of cannabis strains in Canada.

Directors Appointment

Following the completion of the company’s annual general meeting, four new directors have been appointed to the board expected to impart new ideas. The directors who will hold office until the next annual meeting include William Gildea, Craig Stanley, and newly appointed Thomas Barrette. Mr. Barrette is a great addition as he joins Future Farm Technologies with vast experience in working with companies facing challenges pertaining to sophisticated financing and strategic partnerships.

When it comes to operational efficiency, Future Farm Technologies has completed the drying and curing phase of its hemp and seeds in Maine. The fact that the yields exceeded the company’s apparatus for seed extraction processing and storage points to what could turn out to be a fruitful year.

Maine Bumper Hemp Harvest

The company has since confirmed plans to acquire more robust seed extraction and cleaning equipment as it seeks to ramp up its cannabis extraction process. Future Farm Technologies is also planning for additional resources that will support storage as well as transportation of larger industrial scales.

“These early findings are great news for us, and as we look to meet the needs of our robust pipeline of carefully curated and diverse customers. The abundance of the product enables us to service the demand for seeds, biomass, oils, extracts, and contract manufacturing,” said William Gildea, CEO of Future Farm.

Future Farm Technologies starts the year with more than 5 million worth of high-quality Cherry Wine hemp seeds after a successful harvest late last year. In November, the company sent 25 acres of hemp to its Belfast facility for processing in preparation of three more cycles of harvesting hemp.

The hemp harvest positions the company to be one of the biggest beneficiaries following the release of new hemp regulations. The company thus remains well-positioned to pursue economic opportunities in new markets.

Bottom Line

While things have not been rosy for Future Farm stock over the past year, they are starting to look up. The harvesting of 25 acres worth of hemp means the company is well-positioned to take advantage of strong demand for hemp seeds and other products this year.

Future Farm stock price action has already shown signs of improvement with the stock bottoming out from one-year lows on huge volume, signaling the building up of momentum players jumping in. In our view, the bumper hemp harvest in Maine has the potential to strengthen the company’s hemp production capacity, consequently strengthening market sentiments. Likewise, the stock looks set to continue its solid performance after starting the year on a roll.

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Disclosure: We have no position in Future Farm stock and have not been compensated for this article.