Walmart invests in indoor vertical farming startup Plenty
Published: Jan. 26, 2022 at 12:22 PM CST
NEW YORK (AP) — Walmart says it has taken a stake in agriculture startup Plenty, becoming the first large U.S. retailer to significantly invest in indoor vertical farming as a way to deliver fresher produce to its stores.
Vertical farmers tout their high-quality produce that brings higher yields while using less water and land.
The method also doesn’t use pesticide, and the produce can be grown year round near the point of distribution, increasing the reliability of supply.
Walmart declined to comment on the size of its investment or the financial terms of the deal. But the nation’s largest retailer says it will join San Francisco-based Plenty’s board at the close of the transaction.
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