GoodLeaf Farms receives funding to expand nationally
The $150-million capital raise includes a further investment from McCain Foods and a new partnership with Power Sustainable Lios.
December 9, 2022 By GoodLeaf Farms
GoodLeaf Farms, one of Canada’s commercial indoor vertical farm operation, has closed a successful financing round that will fuel expansion of its technology-driven, innovative indoor vertical farms into Eastern and Western Canada.
The $150-million capital raise includes a further investment from McCain Foods and a new partnership with Power Sustainable Lios — a specialized agri-food investor that supports operators across the food value chain in accelerating growth initiatives that foster a more sustainable and resilient food system. With this financing in place, GoodLeaf will establish a national footprint with new farms in Calgary and in the Montreal area alongside its existing fully automated, 50,000-square-foot farm in Guelph, Ont.
The national expansion will create up to 140 new jobs (70 in each market), many of which are skilled positions, and build on the more than 500 grocery retailers and food service outlets in Ontario that currently offer GoodLeaf products.
“Adding one of North America’s most sophisticated agri-food investors to our team alongside McCain, a global food giant, greatly strengthens GoodLeaf’s position as the leader in vertical farming in Canada,” says Barry Murchie, Chief Executive Officer of GoodLeaf Farms. “Together, we are driving sustainable and innovative agriculture technology that is revolutionizing the way we grow food in Canada. Farming indoors frees us from the limitations of Canadian seasons and supports the harvesting of a superior product all year long that tastes garden fresh.”
GoodLeaf’s new farms in Calgary and Montreal will be highly automated and outfitted with the most advanced technology available in controlled-environment agriculture. Together, these two farms will add 200,000 square feet of production space to GoodLeaf’s capacity, and each will be able to produce approximately two million pounds of locally grown, fresh leafy greens each year. They are also expandable, with the capability to double that capacity quickly as Canadians transition to a superior, domestic source of leafy greens.
Both farms will begin producing microgreens and baby greens in late Q2 and early Q3 of 2023.
With the completion of the Calgary and Montreal farms, GoodLeaf will have national coverage to support consumers from Atlantic Canada to British Columbia.
“The traditional sourcing of leafy greens in Canada from California and Arizona is a problem now, and will continue to be a problem,” says Mr. Murchie. “It requires significant transportation miles, with each passing mile on the road the plants lose nutrients, and there is an increased risk of food spoilage and waste. With our excellent partnerships in both the retail and food service sectors, together we are bringing Canadians a superior domestic alternative in leafy greens whose taste, freshness and overall quality is unmatched. We are leveraging technology and commercial collaboration to secure Canada’s food supply and we’re doing so using sustainable growing practices.”
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