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GoodLeaf Farms welcomes CIBC and Farm Credit Canada as lenders in financing its national expansion

May 24, 2023

GoodLeaf Farms, one of the largest vertical farming companies in Canada, has announced that it has secured a US$78 million syndicated debt financing from the Canadian Imperial Bank of Commerce (CIBC) and Farm Credit Canada (FCC).

The funding will support the company's accelerated commercial growth and the continued expansion of its network of innovative indoor farms across Canada, with new farms in Calgary and Montreal opening later in 2023. The new farms in Calgary and Montreal will add 200,000ft2 of production to GoodLeaf's capacity, each able to produce approximately two million pounds of locally grown, fresh leafy greens each year. The completion of the farms will further strengthen GoodLeaf's leadership in Canada, making it the only Canadian vertical farming company to produce nutrient-dense, pesticide-free baby greens and microgreens throughout Canada from coast-to-coast.

In addition to welcoming CIBC and FCC as lenders, GoodLeaf has also revealed that Export Development Canada made an equity investment in the company, co-investing alongside Power Sustainable Lios, adding further 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," commented Barry Murchie, CEO at GoodLeaf. "We look forward to working closely with these leading institutions in addressing the challenges faced by Canada's current agricultural system."

"We are thrilled to support GoodLeaf through its continued growth," added CIBC's Tim Robbins, Market Vice-President, Commercial Banking. "The company's experienced team is developing high-quality products for Canadians in a sustainable and responsible manner, and we are proud to be involved in their journey ahead."

"FCC is pleased to be a part of GoodLeaf expanding its operations, allowing it to provide even more nutritious food to Canadians," stated Fred Oickle, Senior Relationship Manager at FCC. "Their growth is a tremendous example of the innovation that is driving the future of food production in Canada."

GoodLeaf's indoor vertical farms use innovative technology to grow microgreens and baby greens in Canada year-round, no matter the season, climate or weather. The plants are grown locally to maximize the taste, freshness and nutrient value of the produce. GoodLeaf's farming process uses a hydroponic system with traditional ebb-and-flow watering to feed nutrient-rich water to the plants, and specialized energy-efficient LED lights that are engineered to emulate the light spectrum of the spring sun – creating ideal growing conditions for plants year-round.

GoodLeaf microgreens and baby greens are available in most leading retailers in Ontario, sold in more than 600 locations including Loblaws, Sobeys, Metro, Zehrs, Real Canadian Superstore, Foodland, Longos, Valu-Mart, Your Independent Grocer, Fortinos, Whole Foods, Voilà and other independent grocers across the province, as well as a growing list of restaurants.

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