CAN (NS): TruLeaf closes $8.5-million round of financing

TruLeaf, the indoor, multi-level farming company from Bible Hill, Nova Scotia has closed an $8.5-million equity-finance round. TruLeaf develops sustainable farming systems that can be built anywhere that enable fresh, nutrient-dense, pesticide-free produce to be grown locally all year round.

Mike Durland, Former CEO and Group Head of Scotiabank’s Global Banking and Markets division led this funding round along with a small group of strategic investors from Toronto. In addition, Mr. Durland and Neil Murdoch, Former CEO Connor, Clark & Lunn Capital Markets, will become members of TruLeaf’s Board of Directors.

“This new round of financing and the additions to our board will help us to expand the breadth of our product offerings and increase the number of markets that we serve,” said Gregg Curwin, President & CEO, TruLeaf. “Mike and Neil bring a high level of business acumen and strategic expertise that will help us scale our business.”
 
“There are a number of important macro forces which position TruLeaf for success in the coming years,” said Mr. Durland. “Food scarcity, water challenges, the increasing demand for pesticide-free foods, and the environmental impact of large scale farming, all mean that new ways of growing and distributing foods will be key for feeding the world. We want TruLeaf to be a company that achieves a triple-bottom line by creating sustainable - and ultimately carbon neutral - food production, delivering nutrient-rich plants to communities that may not otherwise have access to them, and achieving a strong return for investors and stakeholders. We want to grow the best products for consumers in Canada.”

A native Nova Scotian and Saint Mary’s University graduate, Mr. Durland recently
retired from his executive post at Scotiabank to focus his efforts on fostering growth and investment in innovative companies across the country. Recently, he provided important funding for Saint Mary’s University’s Masters of Technology, Entrepreneurship & Innovation program, which supports an innovation competition held in Halifax each year. Mr. Durland’s interest and passion for TruLeaf was spawned out of his desire to invest in the local Nova Scotia economy.

“This is a complex business that requires a strong and experienced team,” said Jeff Watson, Board Chair, and fellow Nova Scotian. “TruLeaf has developed innovations in technology that put it ahead of new entrants in the industry. With our knowledgeable management team and shareholder group, highly-skilled board of directors, and strong capital position, TruLeaf is now well-positioned to solve a massive global problem.”

For more information:
TruLeaf
90 Research Drive
Bible Hill, Nova Scotia (Canada)
B6L 2R2
1 (902) 843-5160
contact@truleaf.ca
www.truleaf.ca