New Age Farm Inc. (NF: CNX) has acquired a further 24,000-square-foot greenhouse structure to augment the previously announced addition of a 21,000-square-foot greenhouse (see news release dated Nov. 29, 2016). By adding these two structures, totaling 45,000 square feet, to the existing 5,600 square foot state of the art facility completed in 2016Q4, New Age Farm’s Tier 2 and Tier 3 tenant-growers will be able to grow at full, 100% allowable I-502 capacity, year-round. The entire 45,000 square feet of greenhouse structure combines Cravo, Nexus and Hired Hand Green components for state of the art capabilities and 14 foot high trusses provide an ideal environment for growing large plants.
By operating at full capacity, our current tenant-growers will have potential for gross annual revenue from their crops of up to $32 million. New Age Farm’s potential revenues come from invoicing its tenant- growers. An increase in crop revenue means a direct increase in invoiced revenue for New Age Farm. Year-round growing of crops maximizes the revenue potential for New Age Farm and its tenant-growers.
The Company’s CEO, Carman Parente expanded: “When at full capacity and at maximum yield, our current Tenant Growers can generate approximately $32 million per year in gross revenues including flower sales, extracted oils, lotions, food additives, etc. Our Master Growers are on site to assist our tenant-growers achieve the best possible crop yields as well as using their distribution channels to assist in their product sales. We are looking forward to seeing our tenant-growers operating year-round at full capacity in 2017.”
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