Green Rise Foods has completed its acquisition through its wholly-owned subsidiary, Bull Market Farms of the assets of Mor Gro Farms, comprising a 22-acre greenhouse on a 57-acre property in Kingsville, Ontario.
"As part of the acquisition, we welcome experienced growers and managers that bring decades of experience in growing and distributing fresh produce," Green Rise team explains.
In addition to the Mor Gro Farms greenhouse range, the company acquired 100% of the shares of Mor Gro Sales Inc., a fully licensed marketer of fresh produce.
"We are excited to add 22 acres of producing assets to our stewardship. This is an important acquisition as it increases our cultivation capacity by 60%. Our executive team are focused on integrating the range into Green Rise by streamlining financial reporting, leveraging purchasing and maximizing operational efficiencies in the coming fiscal year," said Vincent Narang, Chief executive officer of the company.
"The increased production allows GRF to increase its buying power and with that the ability to improve the Company's gross margins. The acquisition includes packing technologies which we expect will improve labor costs and product quality," he concluded.