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CULT Food Science Portfolio Company De Novo Dairy Receives Venture Funding

TORONTO,- CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), an innovative investment platform with an exclusive focus on cellular agriculture that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming and aquaculture crises, announces that its portfolio company, De Novo Dairy ("De Novo"), has secured funding from UM6P Ventures (the "Funding"). The Funding is expected to enable De Novo to accelerate the release of its first product into the African market in 2023. Additionally, the Company has appointed two new members to its strategic advisory board (the "Advisory Board") – Dr. Lenore Newman and Dr. Evan Fraser.

CULT previously announced its investment in De Novo in February of 2022. De Novo is planning for the Funding to not only enable the launch of its first cultivated dairy product in Africa but also to allow it to expand into the US in the future. Details regarding the Funding are featured in an article published by on September 20, 2022. It explores the current and future endeavours of De Novo, the Funding, and how cellular agriculture could be the future of the food system.

New Strategic Advisors

Dr. Lenore Newman is the Director of the Food and Agriculture Institute at the University of the Fraser Valley in BC, and has previously held a Canada Research Chair in food security. She mentors companies and acts in an advisory role for a variety of agri-tech start-ups. Dr. Newman was also a member of the BC Premier's Task Force on food security, and still advises the government on policy. She has written multiple books and other publications and is a key leader in the North American food space.

Dr. Evan Fraser is the Director of the Arrell Food Institute and a professor of Geography at the University of Guelph. He works to bring together teams with the idea of developing strategies to produce and distribute accessible, healthy, and nutritious food while preserving the environment. Dr. Fraser is a researcher and co-author on over one hundred academic papers and book chapters. He also has played a leadership role on multiple teams that have raised over one hundred million dollars in research funding and has mentored about 50 graduate students. Dr. Fraser was a Canada Research Chair from 2010-2020.

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