Merit Functional Foods has entered receivership while owing approximately $95 million to its two main creditors — Export Development Canada (EDC) and Farm Credit Canada (FCC), according to court documents. A judge on Manitoba’s Court of King’s Bench appointed PwC as the receiver for the Winnipeg-based plant protein processing company on March 1. According to… Read More
Category: Plant-based protein
Update: Merit Functional Foods was placed in receivership on March 1. Read more here. Creditors for Merit Functional Foods are asking the Court of King’s Bench in Manitoba to appoint a receiver for the plant protein processing company. Export Development Canada and Farm Credit Canada have filed an application for the appointment of a receiver,… Read More
Canada’s federal government has allocated more funding for plant protein development across the country, so what types of investments can we expect to see coming up in this sector? Bill Greuel, CEO of Protein Industries Canada (PIC), spoke with RealAg’s Shaun Haney on the direction PIC is going with this next round of funding. Greuel… Read More
The federal government has committed another $150 million to Protein Industries Canada over the next five years, as the original funding for the innovation cluster expired last year. The protein initiative is one of five clusters receiving funding as part of the $750 million Global Innovation Cluster program that was announced in the 2022 budget… Read More
As consumer trends change, food production adjusts to meet demands. Plant-based products and ingredients have taken up residence on grocery store shelves, and this is a trend that’s likely here to stay. CEO of Protein industries Canada, Bill Greuel, discusses the chatter around plant proteins at industry meetings and the evolving market for plant proteins… Read More
Through the pandemic numerous food perspectives were subject to a shift, with more people cooking at home and grocery scarcity showing up for the first time for many. Just ahead of the pandemic, Beyond Meat, a plant-based protein company, went public to much fanfare. The Canadian Meat Council has, of course, been watching the plant-based… Read More
A $225 million plant protein processing facility is to be built in Strathmore, Alberta. Phyto Organix is set to break ground on the 15-acre facility, which the company says will be net-zero, in fall of 2022. Chris Theal, founder, president, and CEO of Phyto Organix, says the investment will generate over $120 million of annual… Read More
Three Farmers, a company that produces various roasted bean and pulse snacks, just received a sizeable investment totalling $6.2 million between multiple investors including $3 million from Arlene Dickinson’s company, District Ventures Capital. The founded-on-the-Prairies company, led by three farmers and two sisters, embodies one vision that has been built from the ground up, quite… Read More
In an effort to strengthen local food supply chains and to capitalize on the ever-growing plant-based food industry, Protein Industries Canada announced their investment into the collaboration between the food and beverage company, Oat Canada and a global leader in plant-based ingredients, Roquette. The partnership will work towards creating new dairy-alternative products which utilize oat… Read More
Supply chain issues continue to cause disturbances as the U.S. IP soybean market has product but is finding it increasingly difficult to secure transportation to export to the countries with the highest demand. As Canadian producers are working to fulfill contracts around the world, producers south of the border are looking to do the same… Read More
A consortium of investment firms and plant protein industry stakeholders, including Protein Industries Canada, is looking to raise $200 million in equity capital to create a fund that will help finance plant-based food and ingredient processors. Led by Bellwoods Partners and Champlin Advisory, Protein Industries Canada (PIC) says the consortium will work with an advisory… Read More
Manitoba Harvest is partnering with a consortium of industry leaders through Protein Industries Canada (PIC) to develop new hemp and pea varieties with increased protein content, differential starch content, and improved texture. Manitoba Harvest will lend its expertise in food innovation, product development, and formulation, to improve the potency and functionality of hemp and pea… Read More
Protein Industries Canada (PIC) announced a co-investment into pea, canola, and blended pea-canola protein ingredients in new plant-based products. Merit Functional Foods, TWC Nutrition, Daiya Foods, and Grand River Foods are partnering to product the new plant-based products, which could include alternative meat products, alternative dairy products, or other beverages. “Adding value to our crops… Read More
After three years of operation, the Plant Protein Alliance of Alberta (PPAA) is shutting its doors. The organization’s goal was to “raise awareness and create connections to help realize the endless opportunities the plant protein and plant-ingredient industry offer Alberta,” but didn’t receive funding from the provincial government for the current fiscal year, and therefore… Read More
Pontus Protein Ltd., a Vancouver-based company founded in 2018, will be using an aquaponics system to grow water lentils as a source of plant-based protein. Water lentils, which are a part of the duckweed plant family, will be grown in a network of proprietary closed environment vertical aquaponics system farms, utilizing artificial intelligence, to produce… Read More