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 Their Grain Commission license has been revoked.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A little outdated given today's numbers.