CubicFarms Systems Corp. Announces C$3.8 Million Sale of Commercial Scale Systems to Farming Customer in Indiana

VANCOUVER, BC, - CubicFarm® Systems Corp., a technology company developing and deploying technology to feed a changing world, announced today that its automated, controlled-environment growing technology has been selected by Vertical Acres Farm LLC ("Vertical Acres"), an Indiana-based produce company, to grow commercial quantities of fresh produce for the region.

 

The Company's commercial agreement with Vertical Acres is for the sale of 21 CubicFarms machines, including 17 cultivators, three propagators, and one fertigator, for a complete CubicFarm installation.  

 

The agreement, which includes a deposit received from Vertical Acres, represents approximately C$3.8 million in anticipated revenue to the Company. The technology is expected to be installed in Indiana in the first half of 2021.

 

The Company's patented CubicFarms technology will enable Vertical Acres to grow high-quality foods, with predictable crop yields indoors, all year round.

 

CubicFarms CEO Dave Dinesen, commented: "We are looking forward to our partnership with Vertical Acres to help them successfully grow high-quality, great tasting, local produce in Indiana, and for the neighbouring regions. Our patented technology should enable them to maximize their production per cubic foot, while greatly reducing the physical footprint of their traditional farming operations."

 

Vertical Acres owner Fred Schakel, said: "We evaluated a large number of indoor growing systems and chose CubicFarms as the optimal commercial-scale fresh produce system solution. We love the idea of the perfect growing environment, the fraction of water it takes to grow our greens, and the freedom from contaminants that the Cubic system affords. We are excited that we will be able to supply our local community with fresh, perfect greens every day of the year without the influence of bad weather always weighing on our production model. With CubicFarms' excellent technology, we are truly looking forward to this partnership."

 

 

The Company also announced that pursuant to a non-brokered private placement (the "Offering"), the owners of Vertical Acres have agreed to purchase 225,500 common shares of the Company at a purchase price of C$0.78 per common share for gross proceeds of C$175,500.

 

The Company intends to use the proceeds of the Offering for general working capital purposes.

 

Closing of the Offering is subject to approval of the TSX Venture Exchange.

 

Mr. Schakel commented, "After performing significant due diligence on the Company's technology, we are excited to further demonstrate our conviction in CubicFarms through this investment in its business."   

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.