GoodLeaf completes CAD 150m financing round for vertical farm expansion

Indoor farming company, GoodLeaf Farms, has closed a CAD 150 million (approx. $109.8 million) financing round to fuel the expansion of its vertical farms into Eastern and Western Canada.

The capital raise includes further investment from McCain Foods and a new partnership with Power Sustainable Lios, an agri-food investor. With the financing in place, GoodLeaf hopes to build a national footprint with new farms in Calgary and the Montreal area, alongside its existing 50,000-square-foot farm in Ontario.

The national expansion will create up to 140 new jobs, according to the company.

“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 of GoodLeaf Farms.

He continued: “Together, we are driving sustainable and innovative agriculture technology that is revolutionising the way we grow food in Canada”.

Murchie added that farming indoors will free the company from “the limitations of Canadian seasons”.

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

“The technology used in GoodLeaf’s farms replicates 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 our support as it expands across the country.”

GoodLeaf says that its new farms in Calgary and Montreal will add 200,000 square feet of production space to its capacity, and each will be able to produce approximately 2 million pounds of locally grown, leafy greens each year.

Both farms are expected to begin producing microgreens and baby greens around the end of Q2 or beginning of Q3 2023.