Cult Food Science plans JV with culinary medicine company Peqish
Cellular agriculture platform Cult Food Science has entered into a share exchange agreement with Peqish that will also see the two companies establish a joint venture (JV).
Peqish is a food as medicine ag-tech company that combines technology with scientific and clinical knowledge to develop innovative solutions to support health and wellness.
As part of the agreement, the companies will exchange $187,500 worth of shares with one another.
Once the transaction has been completed, the companies plan to establish a JV for the development and commercialisation of cellular agriculture food products within the medical foods framework, established by Peqish.
If the JV proceeds to the commercialisation phase, Cult Food Science and Peqish expect to establish a new, equally-owned subsidiary company. Cult Food Science will contribute to 100% of the start-up costs, including initial product design and branding expenses.
Peqish will contribute its insights, industry network and knowledge in the culinary medicine and clinical arenas. Its team of clinical and scientific experts will also assist the JV in conducting clinical trials and validating products that have been identified for their adherence to culinary medicine principles. Anthony Marotta, Peqish’s CEO, will serve on Cult Food Science’s scientific advisory board.
In a LinkedIn post, Marotta wrote: “Under this agreement, we will embark on a strategic collaboration to develop and commercialise cellular agriculture food products within the medical foods framework established by Peqish. We are excited to bring together our insights, industry network and knowledge in the culinary medicine and clinical areas with Cult’s core competencies in design research, new ideation and validation, program management, recruitment and investment.”
He added: “We are proud to work alongside the talented team at Cult Food Science and to join their scientific advisory board to bring forth a better future for all”.
The transaction is subject to necessary regulatory approvals, including, as applicable, all required filings with the Canadian Securities Exchange.