Post-IPO Debt Funded Agriculture and Farming Startups
The 10 most recent post-IPO debt rounds in agriculture and farming span July 2021 through October 2022, with activity concentrated in Q1 and Q2 2022 — seve…
The 10 most recent post-IPO debt rounds in agriculture and farming span July 2021 through October 2022, with activity concentrated in Q1 and Q2 2022 — seven of the ten rounds closed between January and June of that year. Deal sizes range from Acceleware's $700K raise in Calgary to LSB Industries' $200M round out of Oklahoma City, with AppHarvest ($30M, Morehead, Kentucky) and Advanced Flower Capital ($60M, West Palm Beach) representing the mid-range.
A prominent pattern across the dataset is the prevalence of cannabis-adjacent operators. Vext Science, iAnthus, Advanced Flower Capital, HempFusion, and Body and Mind all carry agriculture and farming classifications, reflecting publicly traded cannabis companies' reliance on post-IPO debt instruments after listing. Canada accounts for four of the ten companies — Vext Science and Body and Mind both from Vancouver, Avivagen from Ottawa, and Acceleware from Calgary — alongside Kropz out of Tunbridge Wells, UK, giving the segment a notably international profile despite US-headquartered companies anchoring the largest individual rounds.
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Frequently asked
What are the largest post-IPO debt rounds in this agriculture and farming segment?
LSB Industries closed the largest round at $200M in March 2022 out of Oklahoma City, followed by Advanced Flower Capital at $60M in May 2022 (West Palm Beach) and AppHarvest at $30M in October 2022 (Morehead, Kentucky). Those three deals represent the upper tier of the 10 rounds shown; the remaining seven fall between $700K and $25M.
How many of these companies are cannabis or hemp operators classified under agriculture?
Five of the ten — Vext Science, iAnthus, Advanced Flower Capital, HempFusion, and Body and Mind — are cannabis or hemp-adjacent operators. Their presence indicates that publicly listed cannabis companies have been a material driver of post-IPO debt activity within the agriculture and farming classification.
When did most of these rounds close, and is there a visible concentration period?
Seven of the ten rounds closed in Q1 or Q2 2022, with three in March 2022 alone: LSB Industries (March 8), HempFusion (March 1), and Avivagen (March 28). The dataset spans from Body and Mind's July 2021 round through AppHarvest's October 2022 raise.
Which cities or countries appear most frequently in this dataset?
Vancouver, British Columbia is the only city with multiple entries — both Vext Science (July 2022) and Body and Mind (July 2021) raised there. Canada accounts for four of the ten companies overall (Vancouver x2, Calgary, Ottawa), while Kropz in Tunbridge Wells, UK is the only European entry; the remaining five are US-based.
How wide is the deal size range, and are there notable outliers?
The range runs from Acceleware's $700K raise in Calgary (April 2022) to LSB Industries' $200M round — a roughly 285x spread. Acceleware is a clear low-end outlier; most of the remaining rounds cluster between $3M and $30M.
Are there any companies in this segment based outside North America?
Kropz, headquartered in Tunbridge Wells, Kent, United Kingdom, raised $11M in May 2022 and is the only non-North American company across the 10 rows shown. All other entries are based in the United States or Canada.
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