CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) has provided a project-based outlook for the remainder of 2022 and a summary of its most significant developments since it began trading on the Canadian Securities Exchange in January this year.
The investment company said its management expects innovative new intellectual property (IP) and ventures to be developed from its collaborations before the end of the calendar year.
In a statement, Lejjy Gafour, CEO of CULT said: "We continue to grow the key aspects of our cellular agriculture ecosystem and collaborate with our portfolio companies in order to evolve the field for the greater good."
“CULT management is pleased with the progress that the company has made thus far, and we are excited about the possibilities that our new undertakings will provide the company in the near future as well as over the long term,” he added.
READ: CULT Food Science says its CEO, Lejjy Gafour, has been appointed to the board of directors of New Harvest Canada
CULT and its partner NewLab are creating a new ecosystem of businesses in the cellular agriculture space to address key gaps within the broader industry, where there is a clear need and validated technology that can be brought forward commercially, the company said.
Regarding its collaboration with New Harvest, CULT said it will continue to enhance the available knowledge and practices for the industry in an open manner, especially in cases where gaps in research knowledge exist that can accelerate the industry.
CULT said it continues to help advance many of the projects and ventures into which it has deployed capital, which may result in more announcements regarding new IP development or product commercialization.
As the company looks toward its longer-term strategy, management will continue to work towards becoming a key aggregator for the cellular agriculture industry as it matures. Through this aggregation-based strategy, CULT said it will strive to set itself apart as a leader in cell-based technology, sustainability, and innovation for food resilience.
Regarding the future of its investment portfolio, CULT said it will continue to assess market opportunities with a focus on sustainability, long-term impact and commercial applicability.
By identifying themes within the cellular agriculture industry and in the broader market, CULT said it will continue to see both clear problem statements and possible solutions that can be brought forward through new IP developments and investments in new companies to help fill identified gaps.
The company listed some of its most notable highlights so far in 2022:
- Provided strategic funding to the first animal-free collagen and gelatin ingredient company, Jellatech;
- Invested in a leading cell-based chocolate innovator, California Cultured, which uses cell culture technology with the goal of creating sustainable and ethical chocolate for consumption around the world;
- Completed a seed investment in De Novo Dairy, a precision fermentation dairy company that aims to create cell-based ice cream, yogurt, and cheese;
- Entered into a letter of intent with Cella Food Systems to help the company accelerate its proprietary, cell-based, product development capabilities;
- Became included in the VegTechÔ Plant-Based Innovation and Climate Exchange-Traded Fund that is listed on the New York Stock Exchange under the ticker symbol EATV;
- Selected Sydsel Africa to join the CULT PRIZE Initiative in order to bolster its research and IP incubation platform;
- Invested in a cell-based milk company, Opalia Co., which is the first Canadian company to produce cow milk from mammary cells;
- Filed a provisional patent application regarding nutritional enhanced cultured meat;
- Filed a provisional patent application regarding the addition of Omega 3 properties into cultured meat;
- Invested in a cell-based oyster company, Pearlita Foods, which is the world’s first cell-based mollusk company;
- Invested in a leading cultivated meat company, MeaTech 3D, that is focused on developing and licensing its proprietary three-dimensional printing and customizable biotechnology manufacturing processes to food processing and retail companies seeking to manufacture proteins in a more ethical manner;
- Invested in Unicorn Biotechnologies Limited, a cell manufacturing company, at the end of April;
- Celebrated the listing of the shares of BSF Enterprise including its wholly owned subsidiary 3D Bio-Tissues Limited, on the London Stock Exchange on May 17, 2022;
- Secured space for the development of an incubation studio in Ontario;
- Invested in Change Foods, is a food-tech start-up company that focuses on animal-free dairy production;
- Invested in Vevolution Media Production and Investment platform;
- Joined the Newlab Cellular Agriculture Venture Studio as a partner and advisor;
- Filed its third patent application to address global food insecurity;
- Joined New Harvest in launching “Open Cell Ag”, a cellular agriculture network of excellence;
- Announced an investment in Compound Foods on June 3, 2022, which is a cell-based coffee alternative production company;
- Signed an LOI to acquire Food Revolution Media in mid-July
The first-of-its-kind in North America, CULT aims to provide individual investors with unprecedented exposure to the most innovative start-up, private or early-stage cultivated meat, cell-based dairy and other cultured food companies around the world.
Contact the author at jon.hopkins@proactiveinvestors.com