GoodLeaf Farms, a vertical farming company in Canada, has secured a $78 million syndicated debt financing from CIBC and Farm Credit Canada (FCC).
This funding supports the company's accelerated commercial growth and the continued expansion of its network of indoor farms across Canada, with new farms in Calgary and Montreal opening later in 2023. The new farms in Calgary and Montreal will add 200,000 square feet of production to GoodLeaf's capacity, each able to produce approximately two million pounds of locally grown, fresh leafy greens each year. The completion of the farms will further strengthen GoodLeaf's leadership in Canada, making it the only Canadian vertical farming company to produce nutrient-dense, pesticide-free baby greens and microgreens throughout Canada from coast-to-coast.
In addition to welcoming CIBC and FCC as lenders, GoodLeaf is also pleased to announce that Export Development Canada made an equity investment in the company, co-investing alongside Power Sustainable Lios, adding further strategic capabilities to GoodLeaf's ownership group.
"We are excited to partner with CIBC, Farm Credit Canada and Export Development Canada as we continue to expand our operations and deepen our leadership position in vertical farming," says Barry Murchie, Chief Executive Officer at GoodLeaf. "We look forward to working closely with these leading institutions in addressing the challenges faced by Canada's current agricultural system."
"We are thrilled to support GoodLeaf through its continued growth," says CIBC's Tim Robbins, Market Vice-President, Commercial Banking. "The company's experienced team is developing high-quality products for Canadians in a sustainable and responsible manner, and we are proud to be involved in their journey ahead."
"FCC is pleased to be a part of GoodLeaf expanding its operations, allowing it to provide even more nutritious food to Canadians," says Fred Oickle, Senior Relationship Manager at FCC. "Their growth is a tremendous example of the innovation that is driving the future of food production in Canada."
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