CubicFarms Announces $1.26M HydroGreen Sales in North and South Dakota

Jan 20, 2022 | Press Releases

HydroGreen Certified Dealer Grohs International Orders Nine Modules

VANCOUVER, British Columbia, January 20, 2021 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, today announced the sale of nine HydroGreen Grow System modules in North Dakota and South Dakota.

On October 25, 2021, HydroGreen Certified Dealer Grohs International initially committed to selling 12 HydroGreen Grow System indoor growing technologies to its customers in 2022. In the first month of the year, Grohs International has placed orders for nine of the 12 and signed the contract to purchase the modules from CubicFarms, which represents equipment sales valued at approximately CAD$1.26 million.

Total sales commitments to date from members of the HydroGreen Certified Dealer Network include more than 100 modules in 2022, valued at over CAD$21.5 million.

“I was driven to help the small farmer, and still am, but I didn’t realize the magnitude of need for fresh on farm feed,” said Dihl Grohs, founder of the HydroGreen Grow System technology and owner of Grohs International. “It’s bigger than I thought it would be. HydroGreen is essential. My goal wasn’t to create a better fodder system—I was just trying to take the labor away. The team that CubicFarms has put together is what we needed and through R&D, this automated indoor growing technology has evolved as a leader in the industry.”

HydroGreen Certified Dealer Network Installations

Through the Company’s Wyoming-based HydroGreen Certified Dealer, the Company has broken ground at Burnett Land & Livestock Ltd., LLLP (“Burnett”) in Carpenter, Wyoming. Site readiness and construction is well underway at Burnett’s in preparation for 12 commercial scale modules, collectively known as HydroGreen Vertical Pastures™. Burnett’s operations include over 17,000 cattle located on 35,000 acres across the Midwestern and Western United States. Once installed, this will be the largest automated indoor fresh livestock feed system in the world.

Through the Company’s Utah-based HydroGreen Certified Dealer, installation was completed for three HydroGreen Grow System modules from a sale previously announced on November 15, 2021 to Magnuson Cattle Company in Castle Dale, Utah. Installation was completed in December 2021, representing equipment sales valued at approximately CAD$450,000.

“The HydroGreen Certified Dealer Network was created to meet increasing distribution demand for the Company’s HydroGreen technology to help get this technology into the hands of the farmers who need it now,” said Dan Schmidt, President, HydroGreen. “Our dealers bring decades of direct experience working with farmers in the dairy and beef industries and we’re thrilled to offer new Farmer Partners support to get up and running quickly.”

About CubicFarms

CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.

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On behalf of the Board of Directors

“Dave Dinesen”

Dave Dinesen, Chief Executive Officer

This release may contain certain “forward-looking statements” or “forward-looking information” under applicable securities laws. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “target,” “believe,” “plan,” “outlook,” “estimate,” or “expect” and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company including but not limited to statements with respect to CubicFarms’ expected revenue recognition and the completion of the sale and installation of the modules by the customer. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.

Media Contact:
Andrea Magee
T: 236.885.7608

Investor Contact:
Tom Liston
T: 416.721.9531