GoodLeaf Farms Nets a $150M Capital Round From McCain Foods & Power Sustainable Lios

A successful funding round for GoodLeaf Farms has been completed. McCain Foods has committed more funds to the $150 million capital round, and Power Sustainable Lios has entered into a new collaboration. In addition to its current 50,000-square-foot farm in Guelph, Ontario, GoodLeaf will construct other farms in Calgary and the Montreal region to expand throughout the country. The newest technology in controlled-environment agriculture will be used on GoodLeaf’s new farms in Calgary and Montreal. Late Q2 and early Q3 of 2023 will see the start of microgreens and baby greens production at both sites. Each will have the capacity to generate about two million pounds of locally grown, fresh leafy greens annually. They can fast double that capacity and are extensible as well. Products from GoodLeaf are sold in the majority of well-known stores in Ontario.

The successful closing of GoodLeaf Farms’ financing round will support the company’s revolutionary, technology-driven indoor vertical farms’ development in Eastern and Western Canada. McCain Foods has increased its involvement in the $150 million capital issue, and a new collaboration with the specialist agri-food investor Power Sustainable Lios has also been formed. With this funding secured, GoodLeaf will expand across the country by building new farms in Calgary and the Montreal region in addition to its current fully automated, 50,000-square-foot farm in Guelph, Ontario. The national expansion will add to the more than 500 grocery stores and food service establishments in Ontario that already sell GoodLeaf goods by creating up to 140 new employment (70 in each area), many of which are skilled professions.

Commenting on the announcement, Barry Murchie, chief executive officer of GoodLeaf Farms says, “Adding one of North America’s most sophisticated agri-food investors to our team with McCain, a global food behemoth dramatically reinforces GoodLeaf’s position as the leader in vertical farming in Canada. Together, we are advancing agricultural technology that is sustainable and cutting-edge and transforming how food is grown in Canada. Farming inside liberates us from the constraints of Canadian seasons and enables the year-round production of a superior product that tastes just picked from the garden.”

The brand-new GoodLeaf farms in Calgary and Montreal will be highly automated and furnished with the most cutting-edge equipment for agriculture in controlled environments. Each will have the capacity to generate about two million pounds of locally grown, fresh leafy greens annually. Late Q2 and early Q3 of 2023 will see the start of microgreens and baby greens production at both sites.

According to Peter Dawe, Chief Growth & Strategy Officer of McCain Foods, “McCain is at its heart an inventive agricultural company and a pioneer in sustainability, making GoodLeaf a wonderful fit with our beliefs. We always have a local supply of fresh, delectable, and nutrient-dense greens thanks to the technology utilized in GoodLeaf’s farms to imitate the optimum growth conditions of spring. We have been a key partner in helping GoodLeaf grow, and we are eager to keep doing so as it spreads across the nation.”

Image provided by GoodLeaf Farms