CubicFarm establishes new grow centre in Alberta
The company has acquired modules and assets worth $1.5 million from Swiss Leaf Farms Ltd. in Busby, Alberta.
Langley, B.C.-based agricultural technology company CubicFarm Systems Corp. has established a new food crop grow centre in Alberta by acquiring growing modules and assets worth $1.5 million from Swiss Leaf Farms Ltd. located 50 kilometers north of Edmonton.
In an Oct. 5 news release, CubicFarms said it paid $750,000 in cash to increase its holdings from 50 per cent to 100 per cent, with the remaining balance offset by CubicFarms’ existing investment in Swiss Leaf Farms. As part of this agreement, CubicFarms is hiring owners and operators David and Alyssa Pfaeffli of Swiss Leaf Farm and four current employees to join CubicFarm and continue working onsite at the centre in Busby, Alberta.
Swiss Leaf Farms’ operations will be known as the CubicFarms Alberta Grow Centre.
With 14 CubicFarm System modules currently in operation, the Alberta Grow Centre will accelerate the company’s R&D and continue growing and selling produce locally following the GLOBALG.A.P. set of standards for Good Agricultural Practices. CubicFarms said it will use this expansion to further test its standard operating procedures and accelerate technological advancements for its indoor growing technologies.
“The Alberta Grow Centre is the fastest and most cost-effective way to immediately expand and scale our existing R&D capabilities and better support our customers with large-scale operations,” said CubicFarms CEO Dave Dinesen. “By adding this proven facility and team, we can more than double our cultivar R&D abilities and increase the number of plants we can grow commercially using our patented technologies. This will be a huge benefit to our farmer partners and ultimately to our shareholders.”