GoodLeaf Farms secures $78M for expansion of indoor VF

Added on 23 May 2023

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GoodLeaf Farms secures $78M for expansion of indoor VF

GoodLeaf Farms, Canada’s largest vertical farming company, has announced securing a $78 million syndicated debt financing from CIBC and Farm Credit Canada (FCC) months after securing a $150M capital financing. This funding will support the company’s rapid commercial growth and expand its network of innovative indoor farms across Canada.

The company plans to open new farms in Calgary and Montreal in 2023, adding 200,000 square feet to GoodLeaf’s production capacity. These farms are projected to produce approximately two million pounds of locally grown, fresh leafy greens annually. Establishing these new farms will consolidate GoodLeaf’s leadership position in Canada, making it the only Canadian vertical farming company producing nutrient-dense, pesticide-free baby greens, and microgreens nationwide.

In addition to securing CIBC and FCC as lenders, GoodLeaf announced that Export Development Canada had made an equity investment in the company, co-investing alongside Power Sustainable Lios. This investment is expected to add strategic capabilities to GoodLeaf’s 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, Chief Executive Officer at GoodLeaf. “We look forward to working closely with these leading institutions to address the challenges faced by Canada’s current agricultural system.”

CIBC’s Tim Robbins, Market Vice-President, Commercial Banking, expressed excitement over the partnership. “The company’s experienced team is developing high-quality products for Canadians sustainably and responsibly, and we are proud to be involved in their journey ahead.”

Fred Oickle, Senior Relationship Manager at FCC, praised GoodLeaf’s innovative approach. “Their growth is a tremendous example of the innovation driving the future of food production in Canada.”