Power Sustainable Lios-backed GoodLeaf Farms nabs C$78m in funding

• The C$78 million syndicated debt financing was provided by CIBC and Farm Credit Canada
• Export Development Canada has also made an undisclosed equity investment in GoodLeaf
• GoodLeaf last year raised C$150m in financing from Power Sustainable Lios

GoodLeaf Farms, a portfolio company of Power Sustainable Lios, has secured a C$78 million syndicated debt financing from CIBC and Farm Credit Canada (FCC).

Export Development Canada (EDC) has also made an undisclosed equity investment in GoodLeaf.

GoodLeaf is a Guelph, Ontario-based producer of vertically grown, local, sustainable, pesticide-free leafy greens and microgreens.

The debt and equity funding will support GoodLeaf’s accelerated commercial growth and the continued expansion of its network of indoor farms across Canada, with new farms in Calgary and Montreal opening later in 2023. The new farms will add 200,000 square feet of production to GoodLeaf’s capacity, each able to produce approximately two million pounds of locally grown, fresh leafy greens each year.

GoodLeaf last year raised C$150 million in financing from Power Sustainable Lios, a North American agri-food private equity investment platform affiliated with Power Corp of Canada. McCain Foods also invested in the deal.

Based in Toronto, CIBC is a banking and financial services company, while Regina, Saskatchewan-based FCC provides customized financial services to farming operations.

Ottawa-headquartered EDC is the federal government’s export credit agency.