Maximum Yield Industry News October/November 2020 - Page 13

Agtech Startup iFarm Raises Cash for Automated Indoor Farming
iFarm , a startup that provides innovative solutions for growing fresh greens , berries , and vegetables , recently raised $ 4M in funding . The company will use the funding to develop its iFarm Growtune tech platform that enables operations of multiple varieties of vertical farms while quadrupling the number of plants available to iFarm ’ s tech . In addition , iFarm optimized its automated production lines to reduce labor costs and complete experiments with growing strawberries , cherry tomatoes , sweet peppers , radish , and other crops . iFarm has more than 50 ongoing projects with clients in Europe and the Middle East for 2020 including an industrial vertical farm based on iFarm ’ s tech that is due to launch in Finland by the end of 2020 . Its construction was funded through the company ’ s internal crowdfunding platform . The iFarm Growtune platform can determine the plant ’ s weight , any growth deviations or pathologies , and build a system that improves crops ’ quality characteristics on its own .
Rioting Takes Toll on Cannabis Retailers
The recent rioting across America was tough on marijuana outlets as millions of dollars worth of product was stolen and stores were damaged . According to reports , more than 40 marijuana companies across the U . S . suffered an array of vandalism , robberies , or looting . National retailer MedMen , for instance , closed all its shops nationwide during the protests after two of its Southern California stores were looted . Some retailers suffered only cosmetic damage , though it could cost a few thousand dollars to repair . But others lost millions in inventory and aren ’ t yet sure how much of the losses will be covered by insurance — if at all , given marijuana ’ s illegal status under federal law . California operator Nug has five outlets as well as three cultivation facilities . All five locations were targeted during the protests Nug CEO John Oram told Marijuana Business Daily , and the losses reached at least the low millions , not including property damage or lost sales hours .
Maximum Yield 13