Affinor Growers is a vertical farming technology and greenhouse operations company that is publicly traded on the Canadian Securities Exchange under the symbol AFI and on the OTCQB under the symbol RSSFF
Affinor is a patented technology developer and supplier of turnkey vertical farming facilities including proprietary greenhouse, growing towers, automation and cultivation processes. In 2021, the worldwide market size of vertical farming was US$4.3 billion and is forecasted to reach US$20 billion by 2028 for a CAGR growth rate of 24.4%. Affinor has developed and patented its own growing towers in Canada, the USA, Colombia and Aruba. Patent pending automated lettuce line production technology is ready for commercial pilot.
Affinor has an aggressive expansion plan to grow strawberries, romaine lettuce, kale and spinach across Western Canada.
OUR STORY
Affinor CEO, Nick Brusatore designed and established manufacturing capacity for Affinor’s growing towers with a local steel manufacturing company in BC. The towers provide a 3-6x increase in yield per square meter depending on the crop. It is the most sustainable and cost-efficient vertical technology. Typical water use is cut by 95%, and soils are remediated onsite. The operation runs on alternative energy, and there are no toxic outputs. Vertical farming technology systems sales revenue is projected at $17,085,000 for 2023.
Affinor is currently growing strawberries at 4 levels in a 15,000 square foot leased greenhouse in Abbotsford BC. The first harvest is expected in March 2022. The premium, soil grown, Delizzimo variety strawberries will be packaged and sold under the company’s own “Eco-spirit” brand. Application for organic certification will follow demand.
Affinor is executing a strawberry production scale-up plan for the Abbotsford property to build an additional 67,000 square feet of 8-level greenhouse facilities (82,000 square feet in total). Affinor signed a strawberry distribution agreement with Berrymobile on Feb 15, 2022. Berrymobile is a Vancouver-based distribution company which supports and promotes fruit farmers in British Columbia. Berrymobile partners with retailers across major grocery banners in the Lower Mainland. The agreement stipulates a wholesale price of $5/lb. Based on an industry established yield of 4.5 pounds per plant per year, the pro forma 2023 revenue from fully scaled strawberry operations is $5,339,520.
Affinor has partnered with Britespan Building Systems Inc. to engineer and build a proprietary greenhouse called the “Atlantis”. The design optimally accommodates Affinor’s technology for use in all climates including heavy snowfall and extreme heat. Affinor is the design partner and exclusive sales representative for Atlantis greenhouses. This new product is expected to accelerate the company’s scaleup and growth plans, as well as creating a new sales revenue stream projected at $9.9 million in 2023.
Affinor Growers’ management is looking for $100+ million in non-dilutive financing to scaleup their current strawberry production and build additional facilities in
Alberta and Saskatchewan to grow romaine lettuce, kale and spinach. The 5-year, Western Canada growth plan is to invest $100 million in new facilities over 3 years to realize $161,485,912 in total revenue by 2027 with 35% Net Income.
