Information Presentation - Our Patented Machines Automate Commercial Scale Vertical Farming
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Our Patented Machines Automate
Commercial Scale Vertical Farming
Information Presentation
May 23, 2019
Disclaimers
IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. The information contained in this document has been prepared by CubicFarm Systems Corp. (“Cubic” or the “Company”). The information contained in this document (a) is provided as at the date hereof and
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1
Who We Are & What We Do
CubicFarm Systems Corp is an Ag Tech company focusing on automated commercial scale
vertical farming.
CubicFarms develops, sells, installs and operates vertical farming technology which can be operated in the most extreme weather conditions.
The patented technology incorporated into our bespoke growing machines, combined with our proprietary growing processes accommodates
growing an ever-expanding variety of crops and processed products. These products can then be grown and sold into specific markets
including fresh food, nutraceutical ingredients or as high-quality feed for livestock.
Based near Vancouver, British Columba, Canada, the CubicFarms founders are Dutch born commercial greenhouse growers. The core team
has over 100 years of successful and profitable experience in growing, ag-engineering and operating commercial scale agricultural production
facilities.
CubicFarms has designed and patented the next generation of automated Ag Tech machines to successfully and commercially grow products
in the vertical farming space. The company’s patented machines and processes allow for automated seeding, growing, harvesting, and
processing of wide variety of products for human consumption, ingredients for nutraceutical products and production of a variety of animal
feed.
Learn how from seed to store shelf, CubicFarms is the
world’s foremost automated vertical farming solution.
2
Revenue Generation
CubicFarms has five key revenue generation streams – all leveraging the same technology:
Direct Machine Sales Corporate Farms Joint Ventures
• CubicFarms sells patented vertical farming systems • CubicFarms grows crops for sale to retailers or • CubicFarms strategically invests in joint ventures
directly to customers. nutraceutical product manufacturers at its wholly- with qualified partners to install CubicFarms vertical
owned facility in Pitt Meadows farming systems in other regions
• CubicFarms sells harvesting equipment and other
processing equipment directly to customers • Currently in ongoing discussions with Canadian
and US national partners
Exclusive Dealership Agreements Monthly Recurring Revenue Generation
• To represent CubicFarms Systems to customers in a specific Support subscription to provide:
geographic region
2015 • Consumables:
• Specific sales targets required to maintain exclusivity • Seeds • Software updates
• Nutrients • New crop technology
• Multiple vertical markets in each region (Cannabis, Animal • Packaging • Optimization data
feed)
3
Corporate Timeline
CubicFarms was founded In the first quarter of 2019,
In December 2017,
in October 2015 and In June 2018, CubicFarms raised $12.7m
CubicFarms received its
subsequently raised $110k CubicFarms raised an from our strategic partner,
first cash deposit for a
in seed capital incremental $3.5m Nu Skin, and other
System
investors
2015 2016 2017 2018 2019
In March 2018, the first In November 2018,
Between December 2016 Year to date,
manufactured machines CubicFarms successfully
and October 2017, CubicFarms has
from the CubicFarms completed our first
CubicFarms raised an delivered machines to
factory were delivered commercial install to
incremental $1.7m Utah & Ontario
to Pitt Meadows Swiss Leaf Farms
4
Our System
Centralized Work Space Individual Growing Machines
Each growing chamber opens to the centralized work Expandability Each growing machine is segregated and individually climate
space that accommodates all planting, harvesting and Each CubicFarm System is expandable without controlled to accommodate a wide variety of crops each with
packaging, as well as monitoring of all crops. The machine interrupting current crop production or workflow. One the ideal environment. Each growing machine is controlled by a
brings all crops to the front of each machine frequently to CubicFarms irrigation system can support up to four proprietary app to control lighting schedules, climate, machine
accommodate efficient harvesting and planting. complete systems. speed, and irrigation.
5
Sampling of CubicFarms’ Pipeline Projects
20-Container CubicFarm System Indoor 100-Container CubicFarm System Indoor
6
Our Growing Machine
The undulating path creates multiple “V
shape” areas. A light at the top of each Lights are installed only at the top of each
“V” ensures all sides of the plant are growing machine, on either side of the
bathed in light during each rotation. One environmental ducting.
light can service multiple trays of plants.
Each growing machine is built inside a
Each growing machine has at least 240 custom built, stainless steel (inside and
trays of produce. Trays and inserts are outside), highly-insulated, high-cube
easily swapped out for different crops and container. The walls and ceiling form the
densities to ensure maximum flexibility exoskeleton of the machine for
and productivity. optimization of the interior space.
Produce is grown hydroponically in trays,
A patented conveyor system is used to
without soil. Plants are grown in their
move the trays through the growing
natural horizontal position and utilize
chamber. The speed is managed through
gravity to ensure even distribution of
CubicFarms’ custom app that sets the
water and nutrients, ensuring even growth
speed depending on crop variety and
of every plant on each tray to maximize
activity, such as growing, harvesting or
yield and consistency.
planting.
Each growing machine is supplied with its
A water recycling system is used to
own irrigation requirements, based on the
minimize fresh water consumption and
type of crop, and the stage of crop. All
monitor nutrient levels.
irrigation is provided from our centralized
irrigation system, but individualized via
our proprietary app.
7
Key Verticals: Fresh Vegetables, Nutraceuticals, Animal Feed
Crops grown using a CubicFarm System are intended to be fresh, flavourful and consistent. CubicFarms can grow hundreds of
varieties of leafy greens, herbs, microgreens and many other crop verticals.
8
Benefits of CubicFarms Growing
CubicFarms believes that its growing system provides efficiency, automation, energy, water, and labour savings and eliminates the
need for pesticides – locally.
Traditional Growing
Labour intensive process that puts strain on workers and
Machine significantly reduces labour, and provides
Labour increases farmers’ exposure to liability. Labour sourcing
physically light work by comparison.
challenges persist.
Crops are grown in varying and inconsistent conditions, Crops are grown in consistent growing conditions year-
Quality
creating high variability in crop quality and consistency. round, resulting in consistent crop quality.
Water is recycled, resulting in only 1 litre of water required
Water At least 12 liters of water required per head of lettuce.
per head of lettuce.
Longer growing cycles and growing is limited to certain
Time Growing cycles as low as 5-21 days2.
seasons.
Uses a mixture of insecticides, pesticides, fertilizers and
Uses only fertilizer. Local year-round growing reduces
Environmental GMOs Regional and seasonal growing creates
transportation emissions.
transportation and greenhouse emissions.
Notes: 1) Different packaging may impact the amount of potential labor required; 2) Depending on size and variety required.
9Industry Highlights
As the world population increases, there is both less water and arable land farming 1,2
The world needs to find alternatives to traditional farming for sustainable, long-term crop development
The global vertical farming market was valued at USD2.5bn in 2018 and is anticipated to grow at a 21% CAGR and reach
USD10.0bn by 20253
Major players in the vertical farming space have received ~USD400m4,5,6 in funding from high-profile investors
Backed by: Backed by: Backed by:
Jeff Bezos Eric Schmidt
In 2018, Chinese AgriFood start-ups raised over ~USD7.5bn in capital7
While a number of players have entered the vertical farming industry, CubicFarms has proven that our patented
products and processes set us apart as an industry leading AgTech company.
Note: 1) http://www.bbc.com/future/story/20170405-how-vertical-farming-reinvents-agriculture; 2) https://www.agrilyst.com/stateofindoorfarming2017/ ; 3) https://www.grandviewresearch.com/press-release/global-vertical-
farming-marke; 4) https://www.businessinsider.com/vertical-farming-company-jeff-bezos-plenty-china-2018-1; 5) https://www.fastcompany.com/90239250/bowerys-automated-indoor-farm-is-growing-fast ; 6) 10
https://www.crunchbase.com/organization/aerofarms/funding_rounds/funding_rounds_list#section-funding-rounds; 7) https://agfunder.com/research/china-agrifood-funding-report-2018/Footprint
CubicFarms has installed four systems in Canada and the United States. CubicFarms has a sales pipeline with near term installations
in North America and Internationally. CubicFarms expects to have order volume of 150-300 machines in the next 12 months.
Pitt Meadows
Pitt Meadows, British Columbia
Growing machines: 121
Status: Operational. 12 machine
expansion underway (completion July, Nu Skin Enterprises
2019) Vinyard, Utah
Growing machines: 7
Status: Operational
Confidential Partner
Vancouver, British Columbia
Growing machines: 1 Del Fresco Pure
Status: Installation Pending Kingsville, Ontario
Growing machines: 14
Status: Operational
Zenabis
Langley, BC
Cannabis Propagation Machine: 1
Status: delivered
Confidential Partner Swiss Leaf Farms
Richmond, British Columbia Edmonton, Alberta
Growing machines: 12 Growing machines: 14
Status: Installation Pending with Status: Operational, expansion order
deposit received expected by end of 2019
Note: 1) An additional 14 growing machines have been ordered for Pitt Meadows and are expected to be installed in [Q3 2019].
11Pitt Meadows
CubicFarms owns an 11 growing machine system in Pitt Meadows, British Columbia. This was the first CubicFarm System to be
installed and operational. Selected facility details are provided below.
Facility Details
Growing – 11
Number of Machines Germination – 2
Irrigation – 1
Research and development
Intended Use Supply of leafy greens for Greater Vancouver Area
Cultivation of wheatgrass for selected customers
CubicFarms has ordered 14 incremental growing machines for Pitt
Meadows which are expected to be installed by Q3 2019
Expansion Plans
CubicFarms has incremental bare land available at Pitt Meadows that
could be utilized to expand the facility further
1.2m heads of lettuce per annum;
6.0m plugs of basil;
Current Facility Capacity 150,000lbs of microgreens; or
Any combination thereof could be produced annually at the current Pitt
Meadows facility
1,300,000 heads of lettuce per annum;
8,300000 plugs of basil;
Expanded Facility Capacity 160,000 lbs of microgreens; or
Any combination thereof could be produced annually in the expanded
section of the Pitt Meadows facility
12Edmonton
Swiss Leaf Farms currently has 14 CubicFarms growing machines installed in Edmonton, Alberta and are planning to order an
expansion system by the end of 2019.
13Key Partners
Del Fresco Pure Nu Skin Enterprises
Del Fresco is family-owned greenhouse grower that has been in business since the In January 2019, CubicFarms received a $10.0m strategic investment from Nu Skin,
1950s a NYSE-listed nutraceutical company
They currently grow tomatoes, peppers, cucumbers, beans, strawberries, and As part of the strategic investment, CubicFarms signed a binding term sheet under
eggplants for sale to retailers in Ontario which CubicFarms and Nu Skin will work together to market and sell CubicFarms’
systems in China
Del Fresco is seen as an innovator and thought-leader in the agriculture industry
Nu Skin has purchased a system which has been installed in Vinyard, Utah, at the
‒ Del Fresco selected the CubicFarms technology after evaluating several vertical
Groviv headquarters, which was Nu Skin’s first investment in vertical farming
farming alternatives
CubicFarms continues to collaborate with Nu Skin on R&D in developing many
additional nutraceutical product that can be grown in a CubicFarm
CubicFarms Installation at Del Fresco in Kingsville, Ontario CubicFarms Demonstration Machine at Groviv Headquarters – Division of Nu Skin
To add photo of Nu Skin system or machine
14The Future
CubicFarms intends to remain at the forefront of innovation in vertical farming technology through initiatives led by the CubicFarms
R&D team at the Pitt Meadows facility.
Today The Future
Focus on expansion of CubicFarms’ footprint around the
A unique, undulating-path growing system with patents in a globe through a mix of 1) outright machine sales, 2) wholly-
dozen countries including Canada. owned machine installations and 3) joint ventures 4)
Additional crop verticals 5) Further Automation.
Continuous testing and trials are ongoing at the Pitt Large potential crop footprint to include crops that are not
Meadows facility leading to new crop types, quicker traditionally grown in vertical farms.
growth cycles and new germination methods.
Large opportunity to grow new crops and add additional
CubicFarms’ R&D team is continually working to improve value through increased automated harvesting and
efficiency and automation processes for the benefit of our processing to create higher value products in
customers and clients. nutraceutical ingredients .
15Management Team
CubicFarms has a world-class management team with experience in agriculture, manufacturing, management, sales, and finance.
Daniel Burns Dave Dinesen Dani Palahanova Leo Benne John de Jonge
Chairman President & CEO Chief Financial Officer Chief Growing Innovation Chief Design Officer
Daniel was the first certified Dave is an expert in global Dani is an adaptable financial Leo is currently Chief Growing John is a seasoned agriculture
director in British Columbia operations management and leader with a background in Officer at Zenabis Global Inc. and manufacturing executive
(ICD.D) and one of the first in corporate client acquisition leading the finance and
Leo gained advanced knowledge John first entered the agriculture
Canada accounting functions of
Formerly the Chief Executive of modern horticultural methods industry in 1995 when he
international companies listed on
Daniel is well versed in public Officer of BackCheck, Dave grew at Rijks Middelbare purchased Artex Barn Solutions
the TSX and NYSE
markets having created a capital the company from a small Tuinbouwschool in Holland
While at Artex, John oversaw the
pool company on the TSX business based in Surrey, British She has held a number of senior
Leo has been at the forefront of shift of manufacturing from
venture exchange Columbia to an industry-leading finance and management roles
the development of the Canada to China
company operating on three at successful mining and
Daniel is a member of the Law CubicFarms technology
continents exploration companies including
Society of BC and the Certified Formerly the head of Bevo, Leo
Asanko Gold Inc., and Auryn
Professional Accountants of Dave has been working to
Resources Inc grew Bevo to become the
Ontario. He holds MBAs from develop CubicFarms since 2015
leading plant propagator in North
University of Toronto and St Dani is a CPA, CGA
America
Gallen, Switzerland
16Selected Financials and Intellectual Property
Fully Diluted Shares Outstanding1 Value Other Financial Metrics1 Value
Basic Shares Outstanding [84,117,828] Insider Ownership [41.3]%
Plus: Options [13,760,670] Cash $[12.7]m
Plus: Warrants [14,590,096] Debt $[0.8]m
Equals: Fully-Diluted Shares Outstanding [112,528,594]
Patent Status Locations
Australia , Canada, China, Eurasia (covering eight countries), Europe (covering 37 EU countries), Japan, New Zealand, Saudi Arabia, South
Granted
Africa, South Korea, United States
Pending United Arab Emirates, India, Oman
Note: 1) As of May [], 2019
17Investment Highlights
Revolutionary, Patented Technology Developed Leveraging Joint Venture Strategy Provides Annuity-Type Earnings,
centuries of Agriculture Experience Cashflow and Facilitates Growth
Four Systems Installed Across North America.
Sales Pipeline Covering Four Continents
Experienced Management with Expertise in Agriculture, Seed-to-Store-Shelf Brand program developed and selling
Management, Manufacturing and Engineering regionally. In discussions for a national network of local
CubicFarms for supply & distribution
18Contact Us CubicFarms.com
Appendix
20Production Yields
The table below showcases the production yields of CubicFarms’ machines for lettuce, basil, and microgreens.1
Lettuce Basil Microgreens
Number of Machines 1 14 1 14 1 14
Crops Per Cycle (units) 6,240 87,360 20,640 288,960 1,440 20,160
Cycles Per Year ~17 (21 days per cycle) ~36 (10 days per cycle) 52 (7 days per cycle)
Wastage Rate 5% 5% 5%
Net Annual Crops (units) ~103,000 ~1,410,000 ~716,000 ~11,529,000 ~71,000 1,162,000
CubicFarms is also currently exploring crops in the nutraceutical and ingredients businesses. Once yield data is available for these crops, they will be added to this slide.
Note: 1) The projected economics are based on observations of production at the Pitt Meadows facility.
21Exclusivity Agreements
CubicFarms has entered into licensing agreements with several partners to become exclusive users and sellers of the CubicFarm
System in different territories. The details of these agreements are outlined below.
Exclusivity Overview Minimum Machine Purchases
CubicFarms has entered into several licensing agreements with confidential
partners 450
416 416 416 416
These licensing agreements grant the licensees exclusivity of use of the 400 391
CubicFarm system in their specific territory or industry 354
366
350
In order to maintain exclusivity, licensees must meet minimum annual
purchase requirements 300
250
200 191
179
150
100
50
16
-
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
22Capital Raised and Capitalization Table
To date, CubicFarms has raised ~$18.0m in equity capital.
Post-Split Post-
Pre-Split Shares Post-Split Pre-Split Share Post-Split Share Money Shares
Round Issued Shares Issued2 Price Price2 Capital Raised Outstanding2
Seed Round (May 2016) 1,000,000 46,000,000 $0.10 $0.0022 $0.1m 46,000,000
Class A Preferred (Dec 2016)1 64,209 2,953,614 $8.95 $0.1946 $0.6m 54,344,768
Class A Preferred (Oct 2017)1 125,142 5,756,532 $8.95 $0.1946 $1.1m 60,101,300
Class B Preferred (June 2018) 92,758 4,266,868 $38.00 $0.8261 $3.5m 64,368,168
Strategic Investments (Feb/Mar 2019) N/A 12,695,188 N/A $1.0046 $12.7m 82,271,936
Total $18.0m
Most Recent Valuation Summary – Strategic investments (Feb/Mar 2019) Capitalization
Security Total Outstanding2 Percentage
Post-Split Pre-Money Fully Diluted Shares Outstanding2 99,537,514 Common Shares 75,096,488 67.9%
Class B Preferred Shares3 7,175,448 6.5%
Times: Strategic Investment Issue Price $1.0046
Stock Options4 13,760,670 12.4%
Equals: Strategic Investment Valuation5 $100.0m
Warrants4 14,590,096 13.2%
Total Fully-Diluted 110,622,702 100.0%
Notes: 1) Have been converted into common shares; 2) Post-split 46:1 of Cubicfarms’ shares effective December 19, 2018; 3) Class B preferred shares will be converted to common shares to the extent that the stock is
listed on a public exchange; 4) See slides 23 and 24 for a full calculation of outstanding stock options and warrants by category; 5) Valuation is pre-money and fully-diluted 23Media Coverage
CubicFarms has received coverage and interest from various news outlets. A selection of this coverage is provided below.
Advancements in automated commercial scale vertical farming
https://www.hortidaily.com/article/9050452/advancements-in-automated-commercial-scale-vertical-farming/
Food safety through high tech farming
https://www.citynews1130.com/video/2018/12/03/food-safety-through-high-tech-farming/
DelFrescoPure goes year-round with indoor vertical farm
https://www.thepacker.com/article/delfrescopure-goes-year-round-indoor-vertical-farm
‘It’s a blizzard outside and we’re growing lettuce’: Busby area farmers grow vertical
https://www.cbc.ca/news/canada/edmonton/vertical-farm-swiss-busby-1.5001463
“Cloverdale CEO to talk farm tech at TEDxChilliwack in April”
https://www.langleyadvancetimes.com/entertainment/cloverdale-ceo-to-talk-farm-tech-at-tedxchilliwack-in-april/?fbclid=IwAR3rM6XB9RBxtQ0sPWPcci-
HCx25ZNRy32WgimliXx484VpSdT0lqANKu1k
“You can grow a tonne of lettuce”
https://www.cbc.ca/news/canada/edmonton/you-can-grow-a-tonne-of-lettuce-1.5003459?fbclid=IwAR1BZLNgCdeE1UVzgJ1WOnpeACaVEOavHYz0ma_--
cGNIUGDi9qHx7b4L5Y
“Containerized farming division now a standalone company”
http://cubicfarms.com/wp-content/uploads/2019/01/FARMA_039_1225.pdf
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