Foundation Farms has received a 450 tower vertical farm which will be located in Abbotsford, British Columbia. Gross margin is expected to be $445,000 per year or 98% of sales. The joint venture with Life Leaf Gardens, is expected to generate a net profit of $113,000 per year or 25% of sales and payback on capital is expected to be achieved within the first two years of operation.
Ed Kroeker, CEO of Foundation Farms stated, "We are extremely excited about this new launch. We had great expectations when we launched our first vertical farm earlier this year; those expectations were exceeded. Now, we are capitalizing on our success to build a second project that has five times the revenue capacity of this first vertical farm."
Ed noted that, simultaneously, the company is privileged to welcome their joint venture partner that shares the same vision and carries the tools to get our message out to the whole world. Life Leaf Gardens stated: "We believe that every business, product and personality is a manifestation of someone's heart and soul. We take pride in showcasing these dreams through sight and sound, so they can be shared with the world. Our specialty is creating video and audio alongside one another so that your vision has emotional, resounding effects."
Yves R. Michel, CEO of GMEV added: "I have been excited to witness the growth of Foundation Farms over the past six months and I have great expectations moving forward. This new venture is poised to elevate the company to a very high profile in the vertical farming sector during the next six months. It has a strong financial plan and a high profile joint venture partner to make it happen."