The company, which is controlled by Israeli businessman Michael Mirilashvili, said it intends to raise $20m. with the goal of expanding activities to the North American market.
The offering will be made through a reverse merger with blank-check company A-Labs Capital IV Corp., which will acquire all Vertical Field securities and continue Vertical Field’s business under its existing brand.
Vertical Field develops a unique advanced technology that allows agricultural crops to grow on vertical walls in containers placed adjacent to the point of sale in retail chains and restaurants, providing maximum quality and fresh produce, the press release said.
It has long-term agreements with supermarket chains such as Rami Levy and Victory in Israel and leading retail chains in various countries.
Vertical Field’s technology enables soil-based cultivation without pesticides in recycled containers and allows for cultivation with less waste than conventional agriculture. It uses 90% less water and grows precise quantities in a controlled environment with shorter growing cycles.
The technology allows vegetables to be grown 365 days a year so that produce is always “in season,” the company said.
Vertical Field’s current crops include several varieties of lettuce, basil, parsley, kale and mint. It plans to add mushrooms and strawberries by the end of 2021.
About 15 Israeli companies are now traded on the TSX Venture Exchange. Last month, Israeli ad-tech company Adcore became the first Israeli company to have its stock graduate from that smaller market to the larger Toronto Stock Exchange.
“We chose to raise money through TSX Venture to have the resources necessary to enter the North American market, one of the largest in the field of retail and vertical agriculture,” Vertical Field CEO Guy Elitzur said. “This strategy is in line with Canada’s stock-market trend of investing in agriculture and food technology and is the most appropriate location at this phase.”