$GMEV provided an update to shareholders of past and current achievements and of future plans for the company's vertical farming business. Management is excited to report that the opening of its first vertical farm in May has been a tremendous success. The facility is now into its fourth harvest just four months after startup. The range of crops grown has expanded form 6 different varieties of lettuce and mixed greens for the first crop to 23 different varieties of leafy greens, herbs, fruits/legumes and edible flowers in the current harvest. The local consumer market is responding enthusiastically to this availability of fresh locally produced products. Additional product diversity has included the production and packaging of "smoothie" beverage concentrates. The drying, packaging and sale of dried herbs has also become a popular and lucrative product option.
Management also reported that the success of these first four months has provided several valuable business expansion tools:
A new business partner-Life Leaf Gardens-has agreed to purchase all end products from all future vertical farms built by the company.
A detailed financial and business plan has been prepared for sharing with joint venture farm partners; a standard 450-tower farm like the one recently announced for Abbotsford, B.C. will yield complete capital investment recovery in less than two years.
An on-line store front has been assembled and commissioned to facilitate consumer purchase and delivery of locally produced farm products; brisk activity has been registered on this new portal.
Management is also pleased to report there has been a shift in responses to the company's website enquiries following the production and release of recent marketing videos and the company newsletter, all of which can be accessed through the company's website -www.foundationfarms2021.com. Requests for joint venture partnership opportunities are now coming in daily from across North America.
