Purely Canada Foods Corp

[shtferbrains]

Someone opened an account on twitter about the time this went bad and started posting this msg;

@LamaElly28641 ([url]https://x.com/LamaElly28641)[/url]

Above food owns Purely Canada Foods. Bite Acquisition Corp owns Above. Smart Dine LLC owns Bite, black rock owns 56% of Smart Dine. Blackrock owns over 300k acres on the Regina Plains alone. Right under your noses

[furrowtickler]

Yup , connect the dots .
There should be a full investigation on what’s going on

[SASKFARMER]

The pages of company bankruptcy is a mile long.

[iceman]

The tell will be the grain commissions producer list.

or who isn’t on the list I should say.

Family and friends never make that list.

Iceman

[consuelo]

canada's reputation a being a reliable and trustworthy trading partner around the world has already been severely tarnished before this news. now add this to the pile and we got alot of work to do to get back our reputation.

[westernvicki]

History: January 30 1998 Bill C 26: An act to ammend the Canada grain Act..

The license and bond was to be replaced by voluntary short term insurance and used to support novel and niche traders of commodities.


Short term insurance is used successfully in the USA.


It was call the the SCRIP Special Crops Rural Incentive Program. It was promoted by the MA & Pa grain companies of which we were part of at the time. It would have enabled farmers to be protected and could have included many tradeable commodities in niche markets.


It was bankable.

[westernvicki]

Guess I’m old school but if I can’t deliver somewhere and pull the truck around front and get my cheque within 3 mins of dumping my grain, I don’t do business with them. I may be leaving money on the table but have heard of guys beating down the doors to get a cheque sometimes and it don’t sound like fun.

My input bill at the elevator is also a nice offset to grain I deliver in case the cheque printer don’t work…..

Hate to say, if we were all like you grain company margins would be extremely one sided, and very wide.

The special crop industry has brought competitors to the market that created both market diversity and competition for your commodity.

Today more than ever the FSU states sell cheaper and deliver in a fraction of time, we need diversity to give us marketing options.

Indeed the 1998 SCRIP plan should be rebirthed and demanded, but it will not be, because the same dumb ass farmers, associations and protective companies that defeated it would kill it all the same.

We get what we deserve.

[sumdumguy]

Vicki, is Canaryseed covered by the bond?

[westernvicki]

No canary seed was not covered under the bond.

I stand corrected, thank you; after the ILTA bankruptcy, producers lobbied for coverage, and Canary Seed was included.

In addition, the act was used to protect outstanding grain for a period of one year from the date of delivery, which was reduced to 120 days for all commodities or four months.

[the big wheel]

Someone tell why when we had a majority conservative government all this wasnt changed to insure farmers get paid if not the day of delivery the next? A clearing house situation is not a difficult thing to set up, electronic transfers are almost instant. In fact they made the rules even easier for us to get hosed. The current gov has no clue whats going on or care for that matter but what the hell do we have all these MPs and even our provincial ag people collecting a paycheck representing who? Name an MP or MLA who has spoke up on our behalf about this?????

And as far as land ownership who is overseeing our provincial gov on whos owning sk land? Who watches for under the table payments for land deals to be approved that shouldnt be? Who follows the money in that case of black rock china india russia etc?
Is there anyone or group that follows bank accounts of politicians? JMO asking for many friends.

[jamesb]

Someone opened an account on twitter about the time this went bad and started posting this msg;

@LamaElly28641 ([url]https://x.com/LamaElly28641)[/url]

Above food owns Purely Canada Foods. Bite Acquisition Corp owns Above. Smart Dine LLC owns Bite, black rock owns 56% of Smart Dine. Blackrock owns over 300k acres on the Regina Plains alone. Right under your noses

Ya this is kinda strange. It would be interesting to see the full story come out . the following news is connected too.

Above Food and Bite Acquisition Corp. Announce Completion (globenewswire.com) ([url]https://www.globenewswire.com/news-release/2024/06/28/2906129/0/en/Above-Food-and-Bite-Acquisition-Corp-Announce-Completion-of-Business-Combination.html[/url])


I not one to be offended by new big players in ag in western canada, whether on the buying side or the farming side. That being said, if there is "hidden" outside money coming into the equation that have goals somewhat different that the traditional family farm and processors that have a clear flowchart of ownership. On one hand when I see big money putting assets into the farming sector, I think that we must be in the right business if they see potential. On the other hand massive dollars infusion can really upset the stability if this is not thought thru. Lots of people are going to get burned.

[Herc]

Hate to say, if we were all like you grain company margins would be extremely one sided, and very wide.

The special crop industry has brought competitors to the market that created both market diversity and competition for your commodity.

Today more than ever the FSU states sell cheaper and deliver in a fraction of time, we need diversity to give us marketing options.

Indeed the 1998 SCRIP plan should be rebirthed and demanded, but it will not be, because the same dumb ass farmers, associations and protective companies that defeated it would kill it all the same.

We get what we deserve.

Did u read what I wrote? If we were all like you and thought it was acceptable to wait for a payment for months, or acceptable that I am not at the delivery point watching my grain being graded or sampled, there would be far more pissed off farmers…..two can play that game….

[wrongway]

I've only used the big grain companies since Palliser went under. fortunately they were bonded and I got paid out eventually.
The real kicker was that the carload of flax jumped in price by the time I was paid. Also I filled that friggin thing in -35C weather.
Well the best lessons learned are those that cost you.

[the big wheel]

When we purchase anything we have to have cash on the spot or equivalent of credit card, or we need to give our land as security for things our land should never have to be given for, we need our credit rating looked at, and yet when we sell our grain meaning the other side is buying it, we deliver it they dont even have to pick it up and are supposed to just accept a when ever we can payment system with no knowledge of what the credit ability or asset ability is of the people purchasing? At the very least if our politicians arent smart enough or arent actually concerned about fairness for us there ought to be a credit report, net worth report posted on demand from these buyers daily. We ought to also have availability to assume all assets these people have including personal since that basically is what has been required by farmers thanks to many changes made by our federal and provincial governments that favor the businesses we deal with. take for example filing for a cash advance, you need your life history and current history and have to give everything including the kitchen sink as security.

buyers should have to post daily their net worth, the outstanding payments they have to make, what is their longest not paid for transaction, who they are getting their payments from.

Every situation is different but I would expect most people would have known long before their bond revoked that they were in trouble is this not theft? When your taking peoples grain/property knowing you have no chance of paying for it this would have been going on for months wouldnt it?

[blackpowder]

Some people definitely knew 8 months ago.