Vision Greens, a Canadian-based vertical farm using patented technology and proprietary processes to bring sustainable greens to Canadian consumers, has received $18m in its second capital raise.
The raise is comprised of $10m in equity and $8m in debt capital supplied through The Dorchester Corporation and Farm Credit Canada.
“Our investors are Canadian leaders who see our potential and value in bringing sustainably grown local lettuce that is even better than organic, to consumers across Canada,” said Lenny Louis, CEO of Vision Greens.
With the investment, Vision Greens is expanding its operations to grow up to an additional 1m pounds of saleable lettuce annually. This enables the company to provide Canadians with fresh locally grown, pesticide-free packaged lettuce at an affordable price, year-round.
After more than a year of distributing its greens to Metro and Food Basics stores across Ontario, as well as a variety of foodservice accounts, the company said it is at capacity, which necessitates expansion.
The new growing operation, expected online by mid-2025, will be fully devoted to lettuce and “places the company on an expansion path to deliver its greens across Canada,” Louis said.
Vision Greens product line-up includes Crunchy Green Leaf Lettuce, Fancy Spring Mix Lettuce, Crisp Romaine Lettuce and Cherry Kiss Red Leaf Lettuce. The product is available at Metro and Food Basics stores across Ontario, Summerhill Market, Goodness Me, Mama Earth Organics, and other grocers.
Vision Greens employs a carbon neutral growing process powered by clean energy and water. The operation uses 95% less land and water than traditional crop farms. Vision Greens also produces 36 times fewer carbon emissions than imported lettuce.
