GoodLeaf Farms secures $78M

GoodLeaf Farms, the first and largest commercial indoor vertical farming company in Canada, has secured $78 million in debt financing, welcoming CIBC and Farm Credit Canada (FCC) as two of its newest lenders.

Concurrently, the company announced it has gained a new equity investment from co-investors Export Development Canada and Power Sustainable Lios – a specialized agrifood investor with a focus on fostering a more sustainable and resilient food system – commenting that the investment would add greater strategic capabilities to its 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,” said Barry Murchie, CEO, GoodLeaf. “We look forward to working closely with these leading institutions in addressing the challenges faced by Canada’s current agricultural system.”

“The traditional sourcing of leafy greens in Canada from California and Arizona is a problem now and will continue to be a problem,” said Murchie in December 2022. “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.”


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