Local Bounti on track to go public in late 2021

Local Bounti on track to go public in late 2021

The company also announced progress on different building projects.

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October 21, 2021

In a press release, indoor ag company Local Bounti announced a series of updates. 

Per the company’s announcement, Local Bounti has expanded its retail presence by beginning to work with Albertsons, one of the country’s largest grocery chains. The grower’s products will be sold in 84 stores in Utah, Idaho, Montana, Colorado and Oregon. That means the company has its products at over 500 retail locations. 

Additionally, Local Bounti announced that it has built out its main facility in Hamilton, Montana ahead of schedule. The company also acquired 20 acres of land near the location for a planned, but yet to be built, research and development facility. In the release, Local Bounti that is under contract for a facility in Nevada and that two other planned locations - one in Colorado, one in Pasco, Washington - are on track to be completed. 

2021, per the release, also saw the company release its spring mix, bringing its SKU number to eight. There are plans to add spinach, arugula and other products to the mix in the first half of 2022. 

Lastly, the company announced that it and partner Leo Holdings III is “pleased with the solid execution and significant progress achieved by Local Bounti since announcing the business combination and are thankful for the support of investors interested in the continued growth of Local Bounti. Both parties expect the planned business combination to close in the fourth quarter of 2021 to take Local Bounti public.” 

"We are exceptionally pleased with our execution on multiple fronts in rapidly building our business toward fast facility and revenue scale up," said Craig Hurlbert, co-CEO of Local Bounti. "I'm proud of our Local Bounti team in making this happen and it illustrates the strength in our business model and strategy, along with demonstrating the growing appetite our retailer and consumer customers have for longer lasting, sustainably grown fresh produce. Successful completion of these initiatives further paves the way toward our plans to have the best unit economics and growth trajectory of any company in the CEA space.  We also continued the forward progress with our planned business combination with Leo so we can continue our mission as a publicly traded company.”