- Green Rise Foods (GRF) has acquired a 16-acre greenhouse range in Kingsville, Ontario, for $15 million
- It executed the transaction through its wholly-owned subsidiary, Bull Market Farms Inc
- With this acquisition, the company has added 11 acres of glass and five acres of double poly greenhouses to its total portfolio of 89 acres
- The company has also increased the number of acres cultivated under fixed contract pricing from 36 acres to 52 acres
- Green Rise is a grower of fresh “Grown in Ontario” produce in 89 acres of greenhouse ranges located in Leamington and Kingsville, Ontario
- Green Rise Foods Inc. was unchanged at $1.69 at 10:41 AM ET
Green Rise Foods (GRF) has acquired a 16-acre greenhouse range in Kingsville, Ontario, for $15 million in cash.
The company executed the transaction through its wholly-owned subsidiary, Bull Market Farms Inc.
The greenhouse range was previously owned by 2073834 Ontario Limited, a company principally owned and controlled by Adam Suder, the Chief Growth Officer of Green Rise.
“We are excited to add a high-yielding greenhouse currently producing and packing mini peppers under fixed contract pricing,” noted Vincent Narang, the company’s Chief Executive Officer.
“The addition of this product sku further diversifies our product base allowing the Company to meet the increasing demand for specialty products,” he added.
With this acquisition the company has added 11 acres of glass and five acres of double poly greenhouses to its total portfolio of 89 acres.
The company has also increased the number of acres cultivated under fixed contract pricing from 36 acres to 52 acres, or 70 per cent of its total managed acreage (up from 62 per cent as compared to the start of the 2022 crop season and 31 per cent from the 2021 crop season).
The strategy of fixed contract pricing and the company’s continued focus on managing expenses is critical to providing stable and consistent cash flows.
Green Rise is a grower of fresh “Grown in Ontario” produce in 89 acres of greenhouse ranges located in Leamington and Kingsville, Ontario.
Green Rise Foods Inc. was unchanged at $1.69 at 10:41 AM ET.