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Cutting-edge technology will help progressive farmers improve the production, quality, traceability, and marketing opportunities of protein crops in a quickly growing market.
WINNIPEG, Manitoba, September 01, 2021--(BUSINESS WIRE)--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.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210901005328/en/
Richard Berman (US/Canada)