GoodLeaf Farms has closed a successful financing round that will fuel the expansion of its indoor vertical farms into Eastern and Western Canada.
The $150-million capital raise includes further investment from McCain Foods and a new partnership with Power Sustainable Lios—a specialized agri-food investor that supports operators across the food value chain in accelerating growth initiatives aimed at fostering a more sustainable and resilient food system.
With this financing in place, GoodLeaf plans to establish a national footprint with new farms in Calgary and in the Montreal area alongside its existing fully automated, 50,000-square-foot farm in Guelph, Ont.
The national expansion will create up to 140 new jobs (70 in each market), many of which are skilled positions, and build on the more than 500 grocery retailers and food service outlets in Ontario that currently offer GoodLeaf products.
"McCain is at its core an innovative agricultural company and a leader in sustainability, which makes GoodLeaf a great fit with our values," says Peter Dawe, chief growth and strategy officer from McCain Foods. "The technology used in GoodLeaf's farms replicate springtime's ideal growing conditions every single day, ensuring we have a local supply of fresh, tasty and nutritious greens year-round. We have been a leading partner in supporting GoodLeaf's growth journey and are excited to continue to our support as it expands across the country."
GoodLeaf's new farms in Calgary and Montreal will be highly automated and outfitted with the most advanced technology available in controlled-environment agriculture. Together, these two farms will add 200,000 square feet of production space to GoodLeaf's capacity, and each will be able to produce approximately two million pounds of locally grown, fresh leafy greens each year. They are also expandable, with the capability to double that capacity quickly as Canadians transition to a superior, domestic source of leafy greens.
Both farms will begin producing microgreens and baby greens in late Q2 and early Q3 of 2023.