Cult Food Science (CSE: CULT)An investment platform focused on cellular agriculture, announces that it has signed A mandatory Letter of Intent (LOI) to acquire consumer brands and formulations Because, Animals Inc.A farming and plant based pet food company.
According to CULT, the acquisition will join its internally developed pet food brands to form the company’s new pet food division. The division aims to develop and commercialize farmed pet food products in collaboration with its portfolio companies and will position CULT for direct-to-consumer and national retail sales.
“We can rethink our entire food system, starting with what we put under the noses of our dogs and cats every day.”
Through the transaction, CULT says it will acquire Cause, animal consumer brand assets, related patents, non-scientific intellectual property, and product formulations.
Because the original co-founder of animals Joshua Errettwho joined CULT in 2022 as vice president of development, will continue to work on the development and commercialization of the animal consumer brand business under a different name within CULT Food Science. The startup will continue to innovate in the pet food industry separately from CULT.
“Eliminating factory-farmed meat in the foods we feed our companion animals will have a huge impact on our society, with ripples through our food chain, economy and of course the environment,” says Errett. “We can reimagine our entire food system, starting with what we put under the noses of our dogs and cats every day. I am personally dedicated to this cause, as today’s announcement makes clear. I look forward to continuing my important work at this amazing brand.”
Remaking pet food
Founded in 2018, Reason, Animal has launched specifically to grow cultured meat for the pet food industry. Its first farmed products, yet to be released, include cultured rat meat for cats and cultured rabbit treats for dogs. The company also sells a line of plant-based pet treats and nutritional supplements. To date, Because, Animals has raised $6.7M In the seed fund.
Enter the pet food market
Headquartered in Canada, CULT’s global portfolio of cultivated companies includes Ohio Valley, Umami Meats and Novel Foods. Earlier this month, investor Marc Lustig acquired 15% of the company, becoming its largest individual shareholder.
Because of the acquisition of CULT, animals will support it The goal is to make cell-based products a part of consumers’ daily lives.
“Agriculture and climate have a complex relationship with pet food,” said CULT CEO Lejji Ghafoor. “Common pet foods are often produced using animal meat that is considered unfit for human consumption. Or, in the case of certain types of fish, using inputs that are going to become more scarce in the future due to climate change.”
He continued, “At the same time, some of our pets may struggle to meet their nutritional needs if you try to eliminate every animal product from their diet. Products grown using cellular agriculture and precision fermentation are the only solutions that are also for our pets. can create a sustainable and nutritious future. They are part of our everyday lives, and we deserve sustainable and healthy options for food just as much as we do.”