Green Life Farms has reached an agreement to purchase Finn Farms, a hydroponic grower located on Florida’s West Coast. The transaction will provide Green Life Farms with full ownership of Finn Farms, including all site and equipment assets. Green Life Farms currently operates a hydroponic greenhouse in Lake Worth, FL, with its second of 13 planned locations currently under construction in Lake City, FL. The Finn Farms location will expand Green Life Farms’ growing and sales footprint into Southwest Florida.
Finn Farms currently owns a 2.5-acre hydroponic greenhouse in Southwest Florida, which has recently completed construction and commissioning. The facility uses Nutrient Film Treatment growing technology supplied by Green Automation, Novarbo, Priva and others. The facility produces a wide range of leafy greens and herbs, including spinach and basil, and is expected to be fully operational and generating revenue in the third quarter of 2021.
Green Life Farms, Inc. will purchase 100% of the assets of Local Greens Company Oy, which is the parent company of the U.S.-based subsidiary Local Greens U.S.A., DBA Finn Farms, of which Green Life Farms is buying 100% of shares. Green Life Farms will own and operate the Finn Farms location, which will retain its brand name for herbs and microgreens. The acquisition allows Green Life Farms to rapidly accelerate its sales and capital growth plans, add technological diversity, and incorporate new intellectual property and licensing rights to its business model. Previously, Green Life Farms announced an expansion plan that included 8 total facilities; based on market demand for its premium lettuce products, the company has updated its expansion plan to 13 farms.
