Langley-based vertical farm provider CubicFarm Systems Corp. has inked a deal that could send its farming systems to India.
Aright Greentech Canada Ltd. has entered a $2.4 million agreement for 14 production systems that will supply produce to retail outlets in Abbotsford and Chilliwack.
The initial production site in Abbotsford, set to be in operation by August 2021, will see CubicFarms and Aright India partner to assess CubicFarms machine production capabilities for a number of crop types. This could see Aright purchase additional systems for use in India.
The deal is the latest for CubicFarms, a public company that reported sales of $5.1 million in its fiscal year ended June 30. Its current presentation to investors cites sales agreements worth $24 million, all backed by deposits.
Pioneered by the Benne family, well-known greenhouse propagators, the vertical farming systems produce fresh produce, plants, livestock feed and nutraceuticals.
Speaking to a venture capital forum in Vancouver last year, CubicFarms CEO Dave Dinesen said the combination of founders with a proven track record and the ability to scale up has given investors confidence.
“It was a combination of we know how to grow stuff, and we’ve got a competent management team that knows how to scale up, raise capital, execute,” he said.
That’s paid off in sales, which have confirmed the company’s potential. In addition to its own systems, CubicFarms has reseller agreements for other brands and also sells produce under the Thriiv label.