Farmers Edge and Merit Functional Foods to Launch Pilot Program for Plant-Based Proteins
01 September 2021 - 2:00PM
Business Wire
Cutting-edge technology will help progressive farmers improve
the production, quality, traceability, and marketing opportunities
of protein crops in a quickly growing market.
Farmers Edge Inc. (“Farmers Edge” or the “Company”) (TSX: FDGE),
a global leader in digital agriculture, and Merit Functional Foods
(Merit) have launched a pilot program aimed at improving the
production, quality, traceability, and marketing opportunities of
Canadian protein crops. Merit is a Canadian producer of non-GMO pea
protein and is first to market in the world with non-GMO canola
protein. The new program will improve the efficiency,
sustainability, and competitiveness of the ingredients produced by
Merit, thereby increasing returns for growers and creating a
reliable food supply to meet an increasing demand. Plant-based
eating is on the rise globally, and the market for plant proteins
continues to grow rapidly.
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Farmers Edge and Merit Functional Foods
to Launch Pilot Program for Plant-Based Proteins (Photo: Business
Wire)
Over 240 foodtech companies received funding in the first
quarter of this year, and a recent report indicates that the
industry hit a total value of $35.6 billion in 2020, and that value
is expected to grow significantly in the coming years. This
partnership will leverage the power of connected field sensors and
big data analytics to create a high-tech solution that enhances
predictive modeling, digital traceability, and connectivity within
the agri-food supply chain. The pilot’s marketing element will
focus on matching buyers to producers, executing contracts, and
searching out or monitoring regulatory and other standards. A fully
digitized, streamlined process makes it easy for producers to
participate in the program and access higher-value global markets,
which leads to increased farm income.
As the demand for plant protein rises, so does the demand for
transparency in the market and the ability to trace the origin of
foods back to the farm. Traceability audits have gone from a
one-page checklist to a binder of paperwork to verify crop
production data. Farmers Edge provides a comprehensive digital
platform that includes crop types, plant dates, applications,
predicted yields, harvested yields, historical practices, and other
field data. This information is automatically stored in an
organized, secure, and consistent format, where traceability
becomes a clear-cut process. Farmers Edge growers can diversify
their portfolio of market opportunities to meet the evolving needs
of consumers, and food companies can more easily source top-quality
ingredients with the verified records they need for labelling and
marketing.
“This new program designed by Farmers Edge is the perfect match
for Merit’s plant protein ingredient solutions,” says Dan Kraft, VP
of Operations for Merit. “We can source the highest quality,
non-GMO ingredients for our customers, while rewarding growers for
their modern farming practices. The transparency of this platform
provides food companies and consumers with assurance that their
food was produced in a way that meets regulatory standards and best
aligns with their values and expanded expectations.”
“This collaboration with Merit adds another layer of value to
digital adoption,” says Wade Barnes, Farmers Edge CEO and Founder.
“As a farmer myself, I know how much effort is required to meet
increasing demands for transparency and traceability. Our unique
infrastructure equips growers with tools to manage data digitally,
to track applications automatically, and to generate reports more
effortlessly. Consumers can easily track the food on their plate
back to the farm that it came from, and that provides peace of
mind.”
About Farmers Edge
Farmers Edge is leading the next agricultural revolution with
the industry’s broadest portfolio of proprietary technological
innovations, spanning hardware, software, and services. Powered by
a unique combination of connected field sensors, artificial
intelligence, big data analytics, and agronomic expertise, the
company’s digital platform turns data into actions and intelligent
insights, delivering value to all stakeholders of the agricultural
ecosystem. Farmers Edge disruptive technologies accelerate digital
transformation on the farm and beyond, protecting our global
resources and ensuring sustainable food production for a rapidly
growing population. For more information, please visit
www.farmersedge.ca and SEDAR (www.sedar.com).
About Merit Functional Foods
Established in 2019, Merit Functional Foods is committed to
exceeding expectations for plant-based protein, providing the
market with the highest quality protein ingredients and blends that
offer unmatched purity, exceptional taste, and excellent
solubility. Merit has built a state-of-the-art 94,000-square-foot
production facility in Winnipeg, where it produces a portfolio of
non-GMO pea and canola protein ingredients with outstanding
functional and nutritional values. For more information, visit
meritfoods.com.
Forward-Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflects the Company’s current expectations regarding future
events. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Company’s control, that could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under “Forward-Looking Information” and “Risk
Factors” in the Company’s Annual Information Form dated March 29,
2021 and under the “Risk Factors” section in the Company’s
management discussion and analysis filed August 12, 2021, each of
which are available on the Company’s website
(www.farmersedge.ca/investor-relations/) and on SEDAR
(www.sedar.com). The Company does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210901005328/en/
Media: Richard Berman (US/Canada) richard@verbfactory.com
647-294-8372
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