November offered some encouraging signs amid a challenging vertical farming environment. Canada’s GoodLeaf Farms closed a major equity round to double capacity. New facilities came online in North Dakota. Meanwhile, Singapore’s policy reversal and farm closures highlighted regional headwinds. The public markets showed diverging fortunes, with vertical farming stocks reporting mixed Q3 results.
Industry Funding: GoodLeaf Farms Secures $52 Million CAD
The standout funding event this month was GoodLeaf Farms’ C$52 million equity raise (US$37 million), announced November 13. The Canadian vertical farm operator will use the capital to double production capacity at its Calgary and Montreal facilities in 2026.
The round included several strategic investors. McCain Foods, the global frozen food giant, participated alongside Power Sustainable Lios, a growth equity firm focused on sustainable food systems. Farm Credit Canada, the country’s largest agriculture lender, also joined the round.
GoodLeaf will establish an “Agricultural Centre of Excellence” in Guelph, Ontario. The facility will focus on R&D and commercial trials. This marks one of the largest vertical farming funding rounds in North America this year.
Industry News: Farm Openings, Closures, and Asset Repurposing
North Dakota Greenhouse Opens
The MHA Nation celebrated the grand opening of Native Green Grow on November 26. The 412,000-square-foot greenhouse sits on a 40-acre site in Parshall, North Dakota.
The facility uses captured flare gas from reservation oil wells to power year-round production.
Phase 1 targets 1.8 million pounds of produce annually. The project represents a novel approach to vertical farming infrastructure. It converts waste energy into agricultural productivity.
Sensei Ag Acquires Iron Ox Facility
Sensei Ag’s acquisition of a 26-acre greenhouse in Lockhart, Texas gained attention in mid-November. The 283,000-square-foot facility previously operated by now-defunct Iron Ox will be retrofitted with Sensei’s proprietary technology.
The transaction highlights vertical farming’s equipment reuse trend. Bankrupt facilities are finding new operators rather than being dismantled.
Singapore Market Faces Headwinds
November brought sad news from Singapore. Dutch vertical farming company Growy entered provisional liquidation less than a year after opening its 8,000-square-meter Changi facility.
Separately, the Singapore government announced it was scrapping its “30 by 30” food security target on November 4. The goal aimed for local production of 30% of nutritional needs by 2030. The policy shift reflects economic realities around import costs versus local production.
On a more positive note, the 8-storey fish farm left vacant by Apollo Aquaculture’s exit found new operators. AquaChamp and HPC Builders acquired the facility on November 24.
Public Sector Update: Mixed Q3 Results and Malaysian IPO
New Malaysian Stock Joins the Sector
Agroz Inc. now trades on Nasdaq under ticker AGRZ. On November 6, the Malaysian vertical farming company announced plans to expand its vertical farms into the Gulf Cooperation Council and Southeast Asia.
Research company Crystal Research Associates began coverage of the firm, releasing an executive report on November 13 examining AI integration in vertical farming operations. The report focused on computer vision for crop monitoring and predictive analytics for resource optimization. Agroz positions itself as a technology-first operator targeting high-value crops.
Q3 Earnings Showed Diverging Paths
Four listed firms reported Q3 2025 results in November. The outcomes varied widely.
| Company Name | Ticker | Q3 2025 Revenue | YoY Change | Q3 2025 Net Income (Loss) | YoY Change | Source |
| Village Farms International | VFF | $66.7M | +21% | $10.8M | From ($0.8M) loss | Source |
| Local Bounti | LOCL | $12.2M | +19% | ($26.4M) | ($26.4M) vs ($34.3M) loss = 23% improvement | Source |
| Hydrofarm Holdings | HYFM | $29.4M | −33% | ($16.4M) | Loss widened from ($13.1M) | Source |
| Edible Garden | EDBL | $2.8M | +9% | ($4.0M) | Widened from ($2.1M) loss | Source |
Village Farms reported the strongest performance. Revenue jumped 21% to $66.7 million, driven by Canadian cannabis sales. The company returned to profitability with $10.8 million in net income. The Board approved a $10 million share repurchase program.
Local Bounti posted 19% revenue growth to $12.2 million. The vertical farm operator narrowed its net loss by 23% year-over-year. Labor productivity improved 19%, helping drive margin expansion.
Hydrofarm faced challenges with revenue down 33% to $29.4 million. The equipment supplier widened its net loss to $16.4 million. Management continues facility consolidations to preserve cash.
Edible Garden grew revenue 9% to $2.8 million through its CPG strategy shift. However, the net loss widened to $4.0 million from $2.1 million.
Other Public Market Activity
- iPower regained Nasdaq compliance on November 10 following a reverse stock split.
- Urban-gro filed a Form NT 10-Q on November 20, indicating delays in its Q3 report.
- Heliospectra’s rights issue subscription period ended November 19, targeting SEK 49.5 million (US$4.7 million).
Disclaimer
Featured image courtesy of Unsplash.
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