Purely Canada Foods Corp

[ColevilleH2S]

PSA about Purely Canada Foods Corp. Their Grain Commission license has been revoked. Here's the screenshot from the Commission's Twitter account.

[TASFarms]

Oh no.

[blackpowder]

Been rumblings for a while I think.
Hope nobody out much.
Wish there was a way to find out sooner.
They always were 6 weeks to pay.
Tough for small companies to trade in unhedge-able crops.
Anyone hear what happened?

[bucket]

Are they not linked to another company that had issues?

[blackpowder]

Merged with Above Food and Ingredients in 20.
$11.50 on April 29.
$.90 today.
Gotta love mergers and acquisitions where someone raids all the cash.
Or start-ups doing same thing.

[Herc]

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…..

[RD414]

So who owns Purely Foods

[shtferbrains]

Is this the same group that reneged on the oat contracts when the price tanked from the highs about 2 yrs ago?

[jdg364]

I believe kambeitz farms near Regina is/was apart of this group?

[ajl]

Looks like they bet big on the fake meat and dairy industry and lost. Big surprise.

[sumdumguy]

Will the Grain Commission cover farmers with claims?

[blackpowder]

Only up to the size of the bond.
When WA went, I got half.
A little outdated given today's numbers.

[TraderJoe]

yes, this is the company that tried to invoke "Force Majeure" on the Gluten Free oat contracts 2 years ago. They are a subsidiary of Above Foods, owned by the Kambeitz group .... there has been more than a few stories of bad dealings with that bunch, but this one is in the tens of millions owed to the oat growers... heard through the RUMOUR mill that they bounced employee paychecks last week and that they had offered the Gluten Free guys shares in the company to drop the lawsuit! LOL looks like that would have been a bad deal to take...

[biglentil]

When Ilta went under from what I understand the lentil deliveries got reimbursed in full, canary growers got a goose egg.

[iceman]

I believe kambeitz farms near Regina is/was apart of this group?

So does this make 3 or 4 publicly traded companies Lionel has brought to the market and blown them up?

Another smoke and mirrors job

Iceman Out