Cellular agriculture platform, Cult Food Science, has recently brokered a share exchange agreement with Peqish, an ag-tech company that specializes in creating food as medicine. The partnership also involves the establishment of a joint venture that aims to develop and commercialize cellular agriculture food products tailored for the medical foods framework established by Peqish.
To formalize the agreement, the two companies will exchange shares worth $187,500 with each other. The next step is to establish the JV, which will benefit from Cult Food Science’s 100% contribution to start-up costs, including product design and branding. Peqish, on the other hand, will provide its knowledge in culinary medicine and clinical arenas as well as its industry network.
The goal is to create food products that have adhered to culinary medicine principles and have passed the clinical trials that will be conducted by the JV. This collaboration bridges two different areas of expertise and provides a vast market for cellular agriculture products in the future.
Anthony Marotta, Peqish’s CEO, said that they are thrilled to be working alongside the talented team at Cult Food Science and to join their scientific advisory board to bring forth a better future for all. Under this agreement, the two companies will embark on a strategic collaboration to develop and commercialize cellular agriculture food products within the medical foods framework established by Peqish.
However, the deal is still subject to regulatory approvals, including required filings with the Canadian Securities Exchange, among others. Once the transaction is complete and the JV is established, the two companies expect to develop a new subsidiary company with equal ownership.
The partnership between Cult Food Science and Peqish creates a unique opportunity to develop food products that combine technology with scientific and clinical knowledge to create innovative solutions to support health and wellness. As the cellular agriculture market continues to expand, this collaboration has enormous potential to succeed in the future.