GoodLeaf’s latest capital finances Canadian expansion

GUELPH — GoodLeaf Farms, Canada’s first and largest commercial indoor vertical farm operation, has successfully closed a financing round that will contribute to the expansion of its vertical farms into Eastern and Western Canada.

The $150-million capital raise includes a further investment from McCain Foods and a new partnership with Power Sustainable Lios — an agri-food investor that supports operators across the food value chain in accelerating growth initiatives that foster a more sustainable and resilient food system. With this financing in place, GoodLeaf will 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.

“Adding one of North America’s most sophisticated agri-food investors to our team alongside McCain, a global food giant, greatly strengthens GoodLeaf’s position as the leader in vertical farming in Canada,” said Barry Murchie, CEO, GoodLeaf Farms. “Together, we are driving sustainable and innovative agriculture technology that is revolutionizing the way we grow food in Canada. Farming indoors frees us from the limitations of Canadian seasons and supports the harvesting of a superior product all year long that tastes garden fresh.”

GoodLeaf’s climate-controlled farms use a system of hydroponics with traditional ebb-and-flood watering to feed nutrient-rich water to the plants, and LED lights that are engineered to mimic the spring sun — ideal conditions for plants to maximize photosynthesis. This helps intensify land use by supporting the harvest of more than 40 crops a year of microgreens, and 20 crops a year of baby greens.

Free of pesticides, herbicides and fungicides, GoodLeaf’s farms also use less than five per cent of the water required in open field farming.

“McCain is at its core an innovative agricultural company and a leader in sustainability, which makes GoodLeaf a great fit with our values,” said Peter Dawe, chief growth and strategy officer, 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.”