COR said it had received the largest investment ever for an American producer that will be used for research, expansion, and the implementation of environmental initiatives.
California-based producer California Olive Ranch (COR) said Wednesday it had received the largest equity investment in the history of the U.S. olive oil industry.
The equity investment of $35 million was made by what the company called “major US-based institutional and existing investors.” COR said the investment will help make American-made olive oil a player on the global stage.
This investment will accelerate the future of the American olive oil movement, innovate our sustainable harvesting methods and revolutionize our production technology.
The funds will be used for expansion to accommodate the rapidly increasing demand for California-made olive oil. In a press statement, COR said it will double its acreage, provide more jobs and “provide family farms with resources to plant more olive trees and grow their businesses,” through insights gleaned from further research studies.
The investment will also support COR’s environmental efforts and a portion will support the company’s “ongoing research within the organic space,” according to a representative.
COR’s regenerative agriculture project seeks to reduce the company’s carbon footprint. Every new acre acquired through the financing deal will be planted using techniques the company said will make its operations “the first large-scale implementation of regenerative agriculture for permanent plantings.”
“With the support of our investors, this round of funding supports the planting of new acreage for California Olive Ranch, but is also an investment in the future of olive oil,” said Gregg Kelley, COR’s CEO. “This investment will accelerate the future of the American olive oil movement, innovate our sustainable harvesting methods and revolutionize our production technology.”