Guelph, Ontario-based indoor vertical operator GoodLeaf Farms says it received a strategic investment from Farm Credit Canada in a partnership that will strengthen its position in the country’s agricultural ecosystem by advancing innovation, food security and providing locally grown, nutritious products.
GoodLeaf Farms said FCC’s investment caps a 2024 with capacity expansion and strong business growth. With more than 280,000 square feet of production capability across three farms, including recently commercialized farms in Alberta and Quebec, the company broadened its operations across the country, according to a news release. GoodLeaf Farms said it also increased its national retail presence with more than 2,700 locations, driven by growing demand from major grocery and foodservice partners.
The funding round included participation by FCC and key existing shareholders, McCain Foods and Power Sustainable Lios, according to the release. GoodLeaf Farms said FCC’s addition to its institutional shareholder base, which already features Export Development Canada, underscores the strength of its capital foundation and institutional support and highlights a robust platform for continued growth.
“This strategic investment by FCC signals another important milestone for GoodLeaf, bringing valuable expertise and capital to support the important role of vertical farming within the Canadian food system,” said GoodLeaf Farms President and CEO Andy O’Brien. “Our team and Farm Credit Canada have a shared vision to innovate Canada’s agricultural sector through shared knowledge, relationships and expertise. We’re proud to have FCC as a partner and look forward to working together as we execute our strategy.”
GoodLeaf Farms said FCC’s investment emphasizes the rising popularity of microgreens. Originally used solely as a decorative flourish or meal garnish, the copmany said microgreens have become essential ingredients in many food and drink recipes and are widely valued as the star component of healthy salads.
GoodLeaf Farms said it uses vertical farming technologies to reduce water use, and its stacked growing systems maximize land use and reduce the growth cycle to as few as seven days.
“FCC is committed to supporting Canada’s agriculture and food industry through increasing productivity and innovation,” said Douglas Hewson, vice president of investment for FCC Capital. “We are pleased to invest in GoodLeaf as it pursues growth and innovation that has potential to create benefits across the sector. This growing business continues to demonstrate the ingenuity that is driving the future of food production in Canada, and we are excited to be part of its journey ahead.”
